Core Viewpoint - The white liquor sector is experiencing a resurgence, with the Zhongzheng White Liquor Index showing significant gains, indicating renewed investor interest and confidence in the market [1][3]. Group 1: Market Performance - On November 10, the Zhongzheng White Liquor Index saw all constituent stocks rise, with notable gains from Shede Liquor and Jiugui Liquor, both hitting the daily limit, while leading brands like Luzhou Laojiao and Gujing Gongjiu rose over 5% [1]. - The current price-to-earnings ratio (PE-TTM) for the white liquor sector is approximately 18.7 times, which is at a low level compared to the past five years, indicating a clear valuation advantage [6]. Group 2: Economic Indicators - In October, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, while the Producer Price Index (PPI) also saw its first month-on-month increase of the year, suggesting a reduction in deflationary pressures and a mild recovery in consumer demand [3]. Group 3: Investment Opportunities - Analysts believe that the most challenging period for the white liquor industry has passed, with external constraints on consumption expected to ease, making it a favorable time for investment [6][15]. - The white liquor sector is seen as a more stable investment compared to other high-risk stocks, with expectations of steady performance and recovery in stock prices as inventory levels normalize and prices rebound [6][15].

万联证券指出，当前白酒行业处于库存去化阶段，2025年业绩承压，但市场已经对悲观预期有所消化， 低估值+高分红为股价提供支撑，我们判断白酒板块向下空间有限，预期好转的情况下有望迎来反弹行 情。 易方达白酒(03189.HK)紧密跟踪中证白酒指数，是全球首只白酒主题ETF，聚焦中国白酒行业龙头企 业。 该基金是香港市场首只专注内地白酒行业的交易所买卖基金，紧密跟踪中证白酒指数。中证白酒指数以 中证全指为样本空间，选取涉及白酒生产业务相关上市公司股票作为成份股，为市场提供多样化的投资 标的。前十大权重股包括贵州茅台、五粮液、泸州老窖等头部酒企。 消息面上，国家统计局披露，10月居民消费价格指数（CPI）同比上涨0.2%，环比上涨0.2%。受"反内 卷"带动国内部分行业供需关系改善、国际大宗商品价格传导等因素影响，工业生产者出厂价格指数 （PPI）同比、环比均呈现积极变化。 来源：智通财经 Wind数据显示，2025年11月10日收盘，易方达白酒(03189.HK)强势飙升5.17%，逼近9月高点。跟踪指 数成份股同样表现强劲，舍得酒业、酒鬼酒等多支成分股涨停。 ...