Moutai Wholesale Price Continues to Rise; E Fund CSI Liquor Index ETF (03189.HK) Gains Nearly 1% Against Trend in Morning Trading

NewTimeSpace News: February 5, 2026–Liquor stocks climbed against the trend in morning trading, with individual stocks such as JinHui Liquor and Huangtai Liquor rising together. E Fund CSI Liquor Index ETF (03189.HK) opened higher, gaining nearly 1% against the trend.

HKEX data shows this fund is the first exchange-traded fund in the Hong Kong market focused on the mainland liquor industry, closely tracking the CSI Liquor Index. The CSI Liquor Index uses the CSI All Share Index as its sample space and selects listed companies involved in liquor production as constituent stocks, providing diversified investment targets for the market. Its top ten holdings include leading liquor enterprises such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao.

On the news front, the all-around recovery of Moutai's wholesale price is the direct catalyst. Recently, Feitian Moutai's wholesale price has gradually moved away from previous lows, showing an upward trend under the push of the pre-Spring Festival consumption peak season. Third-party pricing platforms show that on February 4, the 2026 Feitian Moutai original case (53%vol/500ml) was quoted at 1,665 yuan per bottle, up 40 yuan from the previous day. Looking at a longer timeframe, Feitian Moutai's price has risen significantly over the past half month, with the current price up 125 yuan from the 1,540 yuan per bottle on January 21.

CITIC Securities stated that the liquor industry is currently in a "five-bottom stage" comprising policy bottom, inventory bottom, sell-through bottom, wholesale price bottom, and production-sales bottom. Meanwhile, capital markets exhibit the characteristics of "three lows and one high"–low expectations, low valuations, low public fund holdings, and high dividends–creating strong resonance. Combined with the approaching Spring Festival consumption peak season, the inflection point of the current liquor industry adjustment period is already in sight.

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