On Sept. 11 at a Sichuan investor online reception and interim-results briefing, Luzhou Laojiao Chairman Liu Miao said channel inventory depends on total stock and sell-through velocity. Since H2 last year the company has tightened linkage between channel quotas and bottle-opening sales under a “sales-driven allocation and quota-linked sell-through” scheme, and channel inventory has steadily fallen. With ongoing improvement in sell-through and the rolling H2 base being digested, inventory should

Liu Bing, executive committee member and business director at China Galaxy Securities, said index investing may be entering a 'super cycle' — a long-term trend that is redefining industry fundamentals. He said the second half of the China ETF market will favor institutions that first build adviser-service infrastructure, urging a layered ETF service ecosystem that shifts ETFs from single-product sales to full-lifecycle allocation with buy-side advisers embedded; overseas experience shows advisers are a major source of incremental ETF flows, and the rollout of active ETFs should broaden strategies and ease product homogeneity.

The Bank of Russia held its key rate at 14% on Friday, rebuffing corporate calls for cuts. With parliamentary elections one week away, the Kremlin will closely monitor turnout and results as a gauge of public anxiety and fatigue after four-and-a-half years of the Ukraine conflict. The bank said the economy grew modestly in Q3 2026 but current price pressures have risen sharply in recent months. Russia's $2.6 trillion economy slowed markedly last year under high policy rates, Western sanctions, attacks on economic targets in Ukraine and a stronger ruble; 2026 growth is expected to be only marginally above zero. Firms say borrowing is unprofitable at current rates and only a cut below 12% would restore investment.