Chinese baijiu stocks extend rally; Huangtai Liquor hits fourth straight limit-up

The breadth of the move — gains across Shede Spirits, Jinshengzi, Tianyoude and others, not just Huangtai's limit-up streak — suggests this is a sector-level re-rating rather than a single-name squeeze. That matters because baijiu demand has been a proxy for Chinese consumer confidence, so a sustained equity rally here would signal expectations of a demand recovery, not just trading momentum. Whether the buying broadens beyond these mid-tier names and holds once the limit-up dynamic fades is the open question.