HK Stock Market Move | ZJLD (06979) rises over 3% as the Mid-Autumn and National Day dual-festival peak season approaches; institutions are bullish on liquor companies bottoming out and stabilizing.

ZJLD (06979) rose over 3%, up 3.5% as of press time, at HK$7.84, with a turnover of HK$16.5636 million. On the news front, a CICC research report pointed out that as the Mid-Autumn and National Day dual festivals approach, channel inventory pressure has eased somewhat, and sell-through during the peak season is expected to outperform current cautious expectations. Huachuang Securities noted that in Q2, liquor companies generally relieved pressure on channels, and reporting pressure is expected to be further released. In the second half of the year, under a low base, more liquor companies' sell-through and financial reports are expected to turn positive. For the full year, liquor companies are moving from passive response to proactive adjustment. The opportunity lies in expectations bottoming out and stabilizing after Moutai's wholesale prices stabilize. In terms of cycle rhythm, in 26H1, liquor companies will proactively adjust with glimmers of hope emerging, and in 26H2, an inflection point is expected to gradually become clear with progressive improvement.