中信证券：白酒行业正在快速筑底 关注消费转暖机会

Group 1 - The core viewpoint is that the liquor industry is rapidly bottoming out, with leading companies likely to seize the opportunity to adjust channel structures and enhance market development capabilities [1] - If consumer demand gradually improves, leading liquor companies that have made proactive adjustments to their channels are expected to enjoy more development opportunities [1] - The beer industry is anticipated to maintain a steady growth trend in sales in the second half of the year, despite the impact of alcohol restrictions, due to a lower sales base [1] Group 2 - Considering the industry's ton price, the expected revenue growth rate for the industry is projected to be in the range of 2% to 5% [1] - Overall profit margins are expected to remain flat year-on-year [1]