E Fund (HK) CSI Liquor Index ETF (03189.HK) Up 5.47% as Discount Closes

NewTimeSpace News: As of 14:06 on November 12, E Fund (HK) CSI Liquor Index ETF (03189.HK) rose 5.47% to a latest price of HK$1.196. The ETF has so far traded 655,600 units today, with turnover of HK$782,042 and an average price of HK$1.193; its turnover rate is 0.857%. It has fallen 2.92% week to date. The net asset value per unit is HK$1.1894, and assets under management stand at RMB77.41 million (about HK$91.02 million). (Note: NAV and AUM are as of November 11; AUM is denominated in renminbi and converted at RMB1 = HK$1.17581; the week-to-date change is based on the close of HK$1.232 on November 6, the last trading day of the prior week.)

JD.com published its full-period Nov 11 liquor report in the early hours of November 12: from October 8 to November 11, liquor sales on the platform grew 25% year on year, with Moutai, Wuliangye and Luzhou Laojiao up 10%, 13% and 10% respectively, Jinsha up 85% and Xijiu's aged liquor up 240%. Among individual products, Moutai's 2024 Feitian full-case offering rose 98% in value, the eighth-generation Wuliangye 23% and Zhenjiu's Zhen 30 full case 230%, while Moutai, Wuliangye and Fenjiu took the top three brand places. Separately, i-Moutai moved 16 products, including Jingpin Moutai and aged Moutai 15 and 30, to all-day dynamic replenishment from November 11, with other products keeping the original allocation model. At its November 10 third-quarter results briefing, Kweichow Moutai said per-tonne prices across its range had returned to levels matching real consumer demand and that its cost-expense profit margin sits within a reasonable decade range, adding that 2027 sorghum feeding has finished with no new base-liquor capacity added. Prices remain under pressure: November 12 quotes put Feitian Moutai's 2026 loose bottle at RMB1,670 and the full case at RMB1,685, with Wuliangye's eighth-generation Puwu at RMB745. The CSI Liquor Index stood at 6,672.43, up 0.33%, at 14:10, with Kweichow Moutai up 0.11%, Wuliangye 0.48% and Luzhou Laojiao down 0.18%, while the Hang Seng Index was down 1.08%.

E Fund (HK) CSI Liquor Index ETF (03189.HK) is the Hong Kong dollar counter of the fund, sharing the same portfolio as the renminbi counter 83189. The fund tracks the CSI Liquor Index, whose constituents are Shanghai- and Shenzhen-listed companies engaged in liquor production and sales, reflecting the overall performance of listed liquor companies. The product listed on February 16, 2023, with a management fee of 0.8% per year.

Guohai Securities believes the shift to a consumer-facing channel model has not diluted Moutai's scarcity; by combining self-operated with social channels and online with offline sales, it helps remove irrational premiums in the distribution chain and reinforces real consumption value. With 2027 sorghum feeding completed and no new base-liquor capacity added, fourth-quarter volumes are expected to be limited, which should keep wholesale prices stable, while i-Moutai's move from timed scrambles to everyday sales is turning it from a grab-and-go platform into a regular purchase channel.