ZJLD (06979) shares rose more than 4%, up 4.11% as of press time to HK$8.24, with a turnover of HK$21.2378 million, according to Zhitong Finance APP.

On the news front, based on recent exchanges with CICC, demand in the baijiu industry during this year's Mid-Autumn Festival and National Day was generally weak, while Zhenjiu delivered a standout counter-cyclical performance. The bank expects sales momentum to grow by more than 15% year-on-year, mainly due to the continued realization of the advantages of the Dazhen model and the initial results after Zhen Fifteen introduced the "Yueyuehong" model in the first half of the year. In addition, Zhenjiu significantly reduced channel inventory over the past year, and merchants' enthusiasm for stockpiling has improved somewhat. The bank expects manufacturer shipments to be better than sell-through.

Lidou continued the rapid expansion momentum from the first half of the year. The bank expects holiday sell-through to grow by more than 30% year-on-year, mainly driven by the sub-high-end price segment Lidou Gaoliang 1975 and the mass-series products in the 200 yuan price range.