Group 1 - The stock of Zhenjiu Lidu (06979) has dropped over 3%, currently down 3.52% at HKD 9.32, with a trading volume of HKD 61.597 million [1] - Guosen Securities indicates that the mid-year reports of liquor companies reflect demand pressure, and the lack of consumption scenarios is expected to further impact channels and companies in the third quarter [1] - Market expectations for the annual growth rate of liquor companies have been significantly revised downwards, although there is a slight recovery in liquor market activity compared to the previous month as the peak season approaches and the marginal impact of policies diminishes [1] Group 2 - CITIC Securities states that the liquor industry is in a bottoming phase, predicting that the fundamental bottom of the industry may appear in the third quarter of 2025 [1] - The third quarter of this year is expected to be the most challenging period for liquor companies in terms of sales, pricing, and market confidence [1] - Despite the current pressures, there is a clear trend of gradual recovery anticipated in the second half of the year, leading to potential bottom-fishing opportunities in the liquor industry [1]