中信证券：预计今年三季度是白酒行业动销、价格、市场信心压力最大的阶段

Core Viewpoint - The liquor industry is rapidly bottoming out, with expectations for the industry's fundamental bottom to appear in the third quarter of 2025, influenced by various factors such as inventory, pricing, policy impacts, consumer scenario recovery, and listed company reports [1] Group 1: Industry Analysis - The third quarter of this year is anticipated to be the most challenging period for industry sales, pricing, and market confidence [1] - The second half of this year is expected to exert significant pressure on the financial performance of listed liquor companies [1] - A gradual recovery trend is expected thereafter, indicating potential bottom-fishing opportunities in the liquor industry [1] Group 2: Beer Industry Insights - The beer industry is projected to maintain stable performance in the third quarter, despite a lower base in the second half of the year [1] - The impact of alcohol restrictions is considered in the stability of beer company reports [1]