Zhong Zheng Wang·2025-10-09 01:17Core Viewpoint - The liquor industry is experiencing a continued adjustment trend during the National Day and Mid-Autumn Festival, with overall sales under pressure and a year-on-year decline in performance [1] Industry Summary - The liquor industry shows a continued divergence, with leading brands performing relatively stable while overall sales are still declining year-on-year, although some regions show slight month-on-month improvement [1] - High-end liquor is witnessing a weak recovery in demand during the peak season, while mass-market products are leading in sales performance; however, the mid-high-end segment remains under pressure with significant divergence [1] - Current industry inventory is stabilizing, with some liquor companies reducing inventory marginally to alleviate operational pressure [1] Outlook - In this round of adjustment, leading liquor companies are focusing on long-term healthy development, with fundamentals stabilizing and promotional policies providing support; the industry may gradually enter a phase of positive recovery [1] - It is recommended to consider bottom-fishing strong fundamental leading companies [1]