华泰证券：白酒行业双节表现平淡，压力边际去化

Core Viewpoint - The liquor industry is experiencing a continued adjustment trend during the National Day and Mid-Autumn Festival, with overall pressure persisting and a divergence in performance among companies [1] Industry Summary - The industry is showing a year-on-year decline in sales, although some regions have seen slight improvements on a month-on-month basis [1] - The consumption scenarios are varied, with a recovery in mass banquet consumption, while government and business consumption remains under pressure, and gift consumption has decreased [1] - In terms of price segments, high-end liquor is experiencing a weak recovery in demand during the peak season, while mass-priced products are leading in sales performance; the next-highest price segment continues to face significant pressure and divergence [1] - Current industry inventory levels are stabilizing, with some liquor companies marginally reducing inventory to alleviate operational pressure [1] Outlook - Major liquor companies are focusing on long-term healthy development during this adjustment phase, with fundamentals stabilizing; combined with promotional policies supporting consumption, the industry may gradually enter a phase of positive recovery [1] - It is recommended to consider bottom-fishing in strong fundamental leading companies [1]