低端白酒遇冷，五家酒企业绩腰斩

Group 1: Industry Overview - The white liquor industry is experiencing significant challenges, with major companies reporting substantial declines in performance, including *ST Yedao with a loss of 13.8 million and Jinzongzi Liquor with a loss of 90 million [1] - Notably, Moutai has shown resilience, achieving growth amidst the overall industry downturn, indicating that the situation is more complex than it appears [3] Group 2: Investment Traps - Investors often fall into four cognitive traps during market fluctuations: the obsession with "holding stocks for appreciation," the impulse to "only chase hot stocks," the illusion that "the strong will always prevail," and the fantasy of "buying the dip" without data support [4][5][6] Group 3: Institutional Investor Behavior - Institutional investors are adept at creating illusions to mislead retail investors, often engaging in behaviors that mask their true intentions, such as reducing trading frequency to create a false sense of withdrawal [7][9] - The analysis of institutional participation levels reveals that any market rebound can be fleeting if institutions are not actively involved [11] Group 4: Principles for Investment - Three essential principles for investment include ignoring market sentiment, focusing on underlying capital logic rather than price fluctuations, and avoiding subjective judgments about high and low price levels without data support [12] Group 5: Future of the White Liquor Industry - The white liquor industry faces severe challenges, with an average inventory turnover period of 900 days and over 58% of distributors increasing their inventory [13] - Opportunities may arise as companies like Jiu Gui Jiu explore new channels and enhance terminal sales, with the effectiveness of these strategies to be determined by data [13]