中信证券：预计二季度白酒业绩持续承压

Core Viewpoint - CITIC Securities predicts that the performance of the liquor industry will continue to be under pressure in the second quarter of this year due to regulatory changes and weakened demand [1] Group 1: Industry Performance - In the second quarter, policies further standardized the criteria for government banquets, leading to a noticeable decline in liquor demand after the Dragon Boat Festival [1] - During the 618 shopping festival, both offline retail and online e-commerce platforms increased subsidies for liquor products, resulting in a certain degree of price decline for some batches [1] - The overall expectation is that the liquor industry's performance will remain under pressure in the second quarter [1]