CPI 催化，白酒预期先行 白酒行业更新 股 票 研 究 [Table_Report] 本报告导读： 10 月 CPI 释放积极信号，核心 CPI 同比增幅为 2024 年 3 月以来最高，服务业相关领 域景气持续修复。白酒行业震荡磨底，临近年末有望受益于市场风格切换。 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 业 跟 踪 报 告 股票研究 /[Table_Date] 2025.11.11 [table_Authors] 2025-11-12 [Table_Summary] 投资建议：近期 CPI 数据驱动市场预期转暖，临近年末白酒有望受 益于市场风格切换。随着行业动销见底，报表、库存加速出清，批 价下跌激发需求，建议关注成长及先出清标的山西汾酒、古井贡酒、 迎驾贡酒、今世缘、珍酒李渡、舍得酒业、金徽酒，以及稳健和股 息标的贵州茅台、五粮液、泸州老窖。 10 月 CPI 释放积极信号，驱动内需预期修复。据统计局，10 月我国 CPI 同比+0.2%转正、环比+0.2%，同比增幅为 2025 年 2 月以来最高， 分拆来看主要受食品烟酒和交通通信拖累（同比分别-1.6%、-1.5 ...

Core Viewpoint - The Central Bank of Chile has revised its economic growth and inflation forecasts, indicating a more challenging economic environment than previously expected [1] Economic Growth Projections - The upper limit of the economic growth forecast for 2025 has been raised to 2.25%-2.75% [1] - Internal demand expectations have been increased from 3.2% to 4.3% [1] - Investment projections have been adjusted from 3.7% to 5.5%, driven by large projects, favorable financial conditions, and business confidence [1] - Consumption expectations have been raised from 2.6% to 3% [1] - Personal consumption forecasts have been increased from 2.2% to 2.7% [1] Inflation Expectations - The inflation forecast for the end of 2025 has been raised to 4% [1] - The timeline for inflation to reach the target of 3% has been pushed back from the first half of 2026 to the third quarter of 2026 [1] - The delay in reaching the inflation target is attributed to higher-than-expected core inflation, strong private spending, high wage pressures, and a local currency weaker than depreciation expectations [1]