连续4年下跌！白酒指数再创年内新低，元旦消费能热起来吗？

Group 1 - The white liquor index has experienced a "roller coaster" market trend this year, dropping nearly 20% by December 30, marking four consecutive years of decline [2] - Major white liquor companies, including Gujing Gongjiu, Xijiu, and Luzhou Laojiao, held key meetings to disclose annual results and strategic plans for 2026, signaling a proactive approach amidst industry adjustments and high inventory levels [3] - The upcoming New Year and Spring Festival are expected to boost white liquor consumption, although demand may show differentiation, with strong support for banquet needs but a reduction in corporate gifting [3] Group 2 - The overall supply-demand gap in the white liquor industry still exists, but policy measures are expected to gradually stimulate domestic demand, leading to resilient sales during the Spring Festival [3] - Companies that can navigate through cycles need strong brand moats, resilient high-end products, and channel control, with a positive outlook for leading firms like Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional players like Gujing Gongjiu and Shede [3]