Baijiu Bulls and Bears: A Deep Dive into Shanxi Fenjiu vs. Kweichow Moutai

China's baijiu culture runs deep, with unique terroirs producing legendary spirits like Moutai, one of the world's three major distilled liquors alongside Scotch whisky and Cognac. The baijiu sector, a rare 'core asset' in A-shares, boasts stable earnings growth, stellar long-term returns, and quality ownership structures, drawing foreign, institutional, and retail investors alike.