The A-share liquor index rose against the market today, with the EFunds Guotai Liquor ETF (03189) rising by more than 2%. This ETF is the only liquor-themed ETF in Hong Kong, closely tracking the CSI Liquor Index. As of the time of writing, the EFunds Guotai Liquor ETF rose by 2.46% to 1.334 Hong Kong dollars. On the news front, last night, Shanxi Fenjiu and Yingjia Gongjiu released their annual and quarterly performance reports. According to the 2025 annual report released by Shanxi Fenjiu, the company achieved operating income of 38.718 billion yuan, a year-on-year increase of 7.52%; net profit attributable to shareholders of listed companies was 12.246 billion yuan, a slight increase of 0.03% year-on-year. On the same night, Yingjia Gongjiu simultaneously disclosed its first quarter report for 2026, becoming another important catalyst for the sector's rise. The report shows that the company's total operating income for the first quarter was 2.23 billion yuan, an 8.91% year-on-year increase; net profit attributable to shareholders was 835 million yuan, a 0.73% year-on-year increase. Analysts believe that against the backdrop of the liquor industry still in the bottoming out phase, this slightly increasing performance is interpreted by the market as a positive signal. Shenwan Hongyuan Securities pointed out that the future trend of the liquor industry is consolidation with shrinking volume, shifting from the big eating the small to the big eating the big, and the inevitable strong differentiation of listed companies. Despite the overall contraction, the top companies that remain in the long term still have room for growth. Looking ahead to 2026, if the fundamentals are repaired as expected, it is predicted that the end of 2026 to 2027 will see a double boost in valuation and performance, with high-quality liquor companies already in a strategic positioning period.