Securities - Page 217

– Shanghai Composite Index reaches 3674.4 points on August 13, 2025 – highest close since December 2021 – Breakthrough surpasses previous 2024 peak amid sustained bullish market conditions – Technology and green

– China’s A-share margin financing balance exceeds 2 trillion yuan for first time since 2015, signaling strong market confidence – Pharmaceutical and machinery sectors lead with over 240 billion yuan in net

Executive Summary Kweichow Moutai (贵州茅台), China’s premier baijiu producer, has announced two significant positive developments that are poised to reshape its market trajectory and influence broader Chinese equity sentiment. These catalysts underscore