中信建投：白酒需求磨底后静待春节行情

Core Viewpoint - The report from CITIC Securities indicates that the recent decline in Moutai's price is temporarily suppressing the performance of the sector, while December's policy environment may provide potential catalysts for consumption [1] Group 1: Alcohol Industry - The liquor industry is experiencing a continuous bottoming out in sales [1] - The demand for liquor is expected to stabilize and wait for the Spring Festival market after reaching a bottom [1] Group 2: Consumer Goods - The current valuation of food and beverage is at a relatively low historical level, indicating clear bottom logic for high-quality assets like liquor [1] - The consumer goods sector is focusing on three main lines: improvement in the restaurant supply chain and supermarket customization, high growth in health-oriented and functional products, and optimization of the cost cycle [1] - It is anticipated that the consumer goods sub-sector will continue to outperform the liquor sector [1]