北京商报讯（记者 刘一博 冯若男）10月21日尾盘，三大指数集体上涨，沪指3916.33点上涨1.36%。白酒板块2298.72收盘微涨0.90%，其中14只白酒股上涨。 从个股来看，贵州茅台收盘价达1462.26元/股，上涨0.30%；五粮液收盘价达120.52元/股，上涨0.05%；山西汾酒收盘价达189.72元/股，下跌0.97%；泸州老窖收盘价134.21元/股，上 方正证券发布研报称，近期第113届秋季糖酒会在南京召开。当前白酒板块经历长期回调，估值已显著回落，市场预期处于低位，优质资产底部逻辑清晰。在外部扰动重新显现，催动内需重要性 责任编辑：王翔 ...

Group 1: White Liquor Industry Characteristics - The current pressure on prices is greater than the pressure on volume in the white liquor industry [1] - Most companies' short-term performance increasingly relies on market share improvement in core markets and is driven by mid-tier and lower-tier products [2] - Leading liquor companies are innovating their business models to cope with cyclical pressures by transforming scenarios, customer groups, and expanding white liquor cultural experiences to find new growth points [3] Group 2: Market Valuation and Investment Recommendations - The valuation of the white liquor sector has dropped to historical lows, enhancing the margin of safety, while companies are increasing shareholder returns through higher dividend rates and share buybacks [4] - Investment institutions recommend focusing on three types of quality targets: prominent brands with low valuations and stable demand, regionally strong operators with refined operations and potential for profit margin improvement, and companies with significant growth potential [4] Group 3: New Consumption Trends - In contrast to the performance of white liquor stocks, the new consumption sector has become a market focus this year, with segments like beauty, IP economy, and leisure snacks experiencing significant growth [5] - The Chinese consumer market is showing structural differentiation driven by three key factors: continuous policy benefits supporting new consumption sectors, generational shifts with "Generation Z" becoming the main market force, and varying growth stages among companies [5]