Core Viewpoint - The liquor sector showed mixed performance with a slight overall increase, while individual stocks experienced varied movements, indicating a potential recovery in the industry by 2026 according to CICC's forecast [1] Industry Summary - On November 11, the Shanghai Composite Index closed at 4002.76 points, down 0.39%, while the liquor sector index closed at 2359.06 points, up 0.39% [1] - CICC predicts that the liquor industry will see a gradual improvement starting in the first half of next year, with leading companies benefiting the most due to their strong fundamentals and market share logic [1] Company Summary - Kweichow Moutai closed at 1458.99 CNY per share, down 0.23% [1] - Wuliangye closed at 120.78 CNY per share, down 0.02% [1] - Shanxi Fenjiu closed at 199.56 CNY per share, up 0.29% [1] - Luzhou Laojiao closed at 141.64 CNY per share, down 0.60% [1] - Yanghe Brewery closed at 70.80 CNY per share, down 1.05% [1]

11月7日，市场震荡调整，三大指数均冲高回落。 资金流向来看，据Wind数据，截至11月7日，该ETF上周连续五日获资金净流入，累计"吸金"超4500万 元。 食品饮料ETF天弘（159736，场外C类001632）跟踪中证食品饮料指数，仓位布局高端、次高端白酒龙 头股，兼顾饮料乳品、调味、啤酒等细分板块龙头，前十权重股包括"茅五泸汾洋"、伊利、海天等。 中金公司预计，2026年白酒报表有望出清改善，上行拐点逐步清晰。预计明年上半年开始行业开始迎来 梯次修复，其中基本面率先修复且具有长期份额逻辑的龙头酒企获益最大。 热门ETF中，截至11月7日收盘，食品饮料ETF天弘（159736）收平，成分股中，粤桂股份涨超3%，中 粮糖业、东鹏饮料、巴比食品等多股跟涨。 中信建投证券指出，食品饮料行业逐步寻底，珍惜当前白酒低位布局机会。展望未来，国内经济有望逐 渐企稳回升，以白酒为代表的顺周期产业有望重新步入高增长通道。 据大河财立方，11月6日，贵州茅台举行2025年第三季度业绩说明会，贵州茅台董事、代总经理王莉表 示，9-10月，茅台1935酒终端动销同比显著增加，其他系列酒产品渠道存销比也呈下降态势。贵州茅台 副总 ...

Core Viewpoint - Zhenjiu Lidu (06979) reported a significant decline in revenue and profit for the first half of 2025, but analysts remain optimistic about a potential recovery in the second half due to product upgrades and market demand recovery [1] Company Summary - Zhenjiu Lidu's revenue for the first half of 2025 was 2.497 billion RMB, a year-on-year decrease of 39.58% [1] - The company's net profit attributable to shareholders was 575 million RMB, down 23.54% year-on-year [1] - Dongwu Securities highlighted the company's clear product matrix and long-term brand and quality upgrade strategy, suggesting that organizational efficiency and channel potential will gradually become evident [1] - Analysts expect a significant narrowing of revenue decline in the second half of 2025, supported by market recovery and product expansion [1] Industry Summary - Huatai Securities noted that the valuation and sentiment in the liquor sector are currently low, but the overall fundamentals are stabilizing [1] - The upcoming Mid-Autumn Festival is expected to boost demand in the liquor sector [1] - Government policies aimed at boosting domestic demand are continuously being implemented, providing support for the industry [1] - The liquor industry is entering a phase of healthy recovery, with leading companies focusing on long-term sustainable development [1]

Group 1 - The core viewpoint of the article highlights that Zhenjiu Lidu (06979) experienced a stock price increase of 4.16%, reaching HKD 10.27, with a trading volume of HKD 302 million [1] - Zhenjiu Lidu reported a mid-year revenue of RMB 2.497 billion for 2025, reflecting a year-on-year decrease of 39.58%, while the profit attributable to shareholders was RMB 575 million, down 23.54% year-on-year [1] - Dongwu Securities noted that the company's product matrix is clear, and the long-term layout for brand and quality upgrades is expected to gradually show organizational efficiency and channel potential [1] Group 2 - The forecast for the second half of 2025 indicates that the revenue decline is expected to narrow significantly, supported by the recovery in demand and the expansion of the Dazhen distribution [1] - Huatai Securities pointed out that the valuation and sentiment in the liquor sector are currently low, with the overall fundamentals stabilizing as the Mid-Autumn Festival approaches [1] - The government’s ongoing focus on boosting domestic demand and the implementation of consumption-promoting policies are expected to provide support for the sector [1]