A Chinese broker's channel checks after the autumn sugar conference show flat overall baijiu sell-through during the Mid-Autumn and National Day peak season, with distillers keeping supply disciplined and channel inventories flat to slightly lower. The broker expects industry inventory and wholesale prices to stabilize into year-end and recommends select names on share-gain and base-effect logic.
Baijiu holiday demand was unexciting but supply discipline is supporting prices and inventories, keeping the broker constructive on Moutai, Fenjiu, Jinshiyuan, Yingjia, Gujing and ZJLD.
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