行业跟踪报告：CPI催化，白酒预期先行

Investment Rating - The report suggests a positive outlook for the baijiu industry, indicating a potential market style shift benefiting the sector as CPI data improves [3][6][9] Core Insights - October CPI data shows a year-on-year increase of 0.2%, the highest since February 2025, indicating a recovery in domestic demand, particularly in the service sector [7][9] - The baijiu industry is expected to see a bottoming out of sales and inventory adjustments within the next 2-3 quarters, with Q3 reports showing significant revenue declines [8][9] - Valuations for baijiu companies are currently low, with a dividend yield of 3.74%, making them attractive compared to the broader market [9] Summary by Sections CPI and Market Sentiment - The October CPI data reflects a positive trend, with core CPI rising by 1.20% year-on-year, signaling improved market confidence and domestic demand expectations [7][9] Industry Performance - The baijiu industry is experiencing a phase of adjustment, with Q3 revenues down 18% year-on-year and net profits down 22%, indicating a need for several quarters for full recovery [8][9] Valuation and Investment Opportunities - Current valuations for baijiu stocks are at historically low levels, with the sector offering a higher dividend yield compared to the broader market indices, suggesting potential for capital appreciation [9]