中信建投：双节白酒动销符合预期，珍惜当前低位布局机会

Core Viewpoint - The overall sales of white liquor during the holiday period have declined by 20%-30%, with significant regional disparities observed [1] Regional Performance - Traditional white liquor consumption provinces such as Henan, Shandong, and Jiangsu showed relatively stable performance, with sales decline better than the national average [1] - In contrast, regions like Guangdong and Anhui experienced a sales decline exceeding 20% [1] Brand Performance - Leading brands such as Moutai 1935, Fenjiu series, Honghualang, and Shuijingfang maintained stable shipment volumes across multiple regions [1] - High-end business-oriented products were more significantly affected by the sales decline [1] Future Outlook - The domestic economy is expected to gradually stabilize and recover, which may lead to a resurgence in high growth for cyclical industries like white liquor [1] - Current low valuation presents an opportunity for strategic investment [1]