Zheng Quan Shi Bao Wang·2025-10-16 00:25Core Viewpoint - The report from CITIC Securities indicates a significant decline in the sales of liquor during the National Day and Mid-Autumn Festival holidays, with an overall drop of 20%-30% in the white liquor market [1] Regional Performance - There is a notable regional disparity in sales performance: traditional liquor consumption provinces such as Henan, Shandong, and Jiangsu showed a relatively stable performance, with declines less severe than the national average [1] - In contrast, provinces like Guangdong and Anhui experienced a sales decline exceeding 20% [1] Brand Performance - Leading liquor brands performed relatively well, with stable sales for products like Moutai 1935, Fenjiu series, Honghualang, and Shuijingfang across multiple regions [1] - High-end business-oriented products were more significantly impacted by the sales decline [1] Future Outlook - The domestic economy is expected to gradually stabilize and recover, suggesting that cyclical industries like liquor may re-enter a high growth phase [1] - It is recommended to take advantage of the current low valuation opportunities for investment [1]