Chinese liquor stocks rally against the market; Huangtai Liquor hits limit up

A sector-wide baijiu rally on a down day for the broader market points to rotation into a defensive, domestically-demand-driven consumer group rather than a change in the wider tape. The breadth — from Huangtai at limit-up to larger names like Shede and Shuijingfang — matters more than any single ticker, since it suggests the bid was thematic, not stock-specific. Whether that rotation holds when the broader market stabilizes is the open question.