中信证券：白酒行业正在快速筑底

Group 1 - The liquor industry is rapidly bottoming out, with leading companies likely to seize the current period to quickly adjust channel structures and enhance market development capabilities [1] - If consumer sentiment gradually improves, leading liquor companies that have made proactive adjustments and upgrades to their channels are expected to enjoy more development opportunities [1] - The beer industry is projected 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 base [1] Group 2 - Considering the industry's tonnage, the expected revenue growth rate for the industry is projected to be in the range of 2%-5%, with overall profit margins remaining stable year-on-year [1]