中信证券：看好酒类行业底部配置机会

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, recovery of consumption scenarios, and financial reports from listed companies [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 clear trend of gradual recovery is anticipated thereafter, indicating potential bottom-fishing opportunities in the liquor industry [1] Group 2: Beer Market Insights - The beer market is expected to maintain stable performance in the third quarter, despite a lower base in the second half of the year, due to the impact of the liquor restriction policy [1]