天风证券：建议关注白酒板块修复机会，看好三大主线

Core Insights - The report from Tianfeng Securities indicates that during the 2025 Double Eleven period, the liquor industry is experiencing a "volume increase and price decline" phenomenon, with traditional e-commerce platforms seeing famous liquor prices drop below critical levels due to inventory pressure from distributors and platform subsidies [1] Industry Trends - The decline in prices is primarily driven by the inventory pressure faced by distributors leading to aggressive selling and the use of subsidies by platforms to attract customers [1] - Emerging channels such as instant retail and Douyin are experiencing growth, reflecting a shift in consumer behavior towards "buy now, drink now" scenarios [1] Company Strategies - Liquor companies are actively launching anti-counterfeiting measures by publishing authorized "white lists" and unauthorized "black lists" to stabilize prices, aiming to balance online traffic with offline channel interests [1] - In the medium to long term, the industry needs to shift from price wars to value reconstruction, focusing on high-quality price-performance products and refined channel operations [1] Investment Opportunities - Current leading liquor companies offer attractive dividend returns, and there is an expectation for gradual recovery in mass consumption [1] - The report suggests focusing on three main investment themes: ① Strong beta stocks ② Concepts related to the recovery of mass liquor price levels ③ Strong alpha stocks [1]