On October 9th morning session, the Shanghai Composite Index rose 1.24% to 3,931.07 points. The liquor sector closed down 0.86% at midday to 2,232.28 points, with 20 liquor stocks declining.

Looking at individual stocks, Kweichow Moutai Co.,Ltd. closed at 1,427.92 yuan per share, down 1.11%; Wuliangye closed at 120.4 yuan per share, down 0.89%; Shanxi Fenjiu closed at 188.09 yuan per share, down 3.05%; Luzhou Laojiao closed at 128.87 yuan per share, down 2.31%; Yanghe closed at 67.60 yuan per share, down 0.50%.

Kaiyuan Securities believes that the current pace and extent of liquor market sales improvement depends on two core factors: the progress of social inventory destocking and liquor companies' distribution strategies. If liquor companies can further lower payment collection requirements and slow down shipment pace, it will effectively alleviate channel inventory pressure and lay the foundation for sales recovery.