宏观数据回升助力白酒板块上行，易方达白酒(03189.HK)单日大涨5.17%，估值修复机会备受关注

Core Viewpoint - The E Fund Baijiu ETF (03189.HK) has surged by 5.17% as of November 10, 2025, nearing its September high, indicating strong market performance in the Chinese baijiu sector [1] Group 1: Fund Performance - The E Fund Baijiu ETF is the first exchange-traded fund in Hong Kong focused on the mainland baijiu industry, closely tracking the CSI Baijiu Index [1] - The CSI Baijiu Index selects stocks from listed companies involved in baijiu production, providing diverse investment options [1] - Major constituents of the ETF include leading baijiu companies such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao [1] Group 2: Market Conditions - The National Bureau of Statistics reported a 0.2% year-on-year and month-on-month increase in the Consumer Price Index (CPI) for October [1] - The Producer Price Index (PPI) showed positive changes both year-on-year and month-on-month, influenced by improved supply-demand dynamics in certain domestic industries and international commodity price transmission [1] Group 3: Industry Outlook - Wanlian Securities noted that the baijiu industry is currently in a destocking phase, with performance under pressure in 2025; however, market pessimism has been largely priced in [1] - The combination of low valuations and high dividends is expected to support stock prices, with limited downside potential for the baijiu sector [1] - A rebound in the baijiu sector is anticipated under improved conditions [1]