更严峻的是消费环境的变化。中信证券最新研报指出，今年国庆中秋双节期间，白酒动销同比下滑约15%至20%。报告 直言，三季度是全年压力最大的阶段——竞争白热化，限酒令余波未平，市场信心持续承压。曾经"越跌越买"的豪言， 如今听来竟有些悲壮。 在资本的舞台上，有些公司曾是聚光灯下的主角，风光无限，被奉为"神坛上的王者"。可几年过去，光环褪去，人们开 始称它们为"老登股"——既老且"登"（谐音"灯"），仿佛一盏即将熄灭的老灯。这类股票往往有两个共同点：一是曾经 辉煌到被顶礼膜拜，二是如今已跟不上时代的节拍，业绩疲软，增长乏力。 白酒行业，正是这一群体的典型代表。曾几何时，白酒是A股的"信仰资产"，机构重仓、散户追捧，茅台被尊为"股 王"，其他行业龙头哪怕再强，也只能被称为"某某茅"。那时的白酒，不仅是消费品，更像是金融硬通货，价格越炒越 高，市值一路狂飙。 可短短三四年，风云突变。曾经的"YYDS"如今步履蹒跚。行业整体产能过剩已是公开的秘密，终端动销疲软，价格倒 挂频现。今年半年报显示，一线品牌尚能勉强稳住阵脚：茅台、五粮液微增，汾酒、泸州老窖勉强持平；但二线品牌的 日子就难看了，营收下滑、利润缩水，甚至有企业开 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the performance and strategies of the A-share ETF market in China, particularly focusing on the actions of the national team and the macroeconomic environment affecting the market [1][2][14]. Core Insights and Arguments - **ETF Holdings and Changes**: As of mid-2025, the national team holds approximately 1.3 trillion RMB in A-share ETFs, representing 42% of the total market size, an increase of about 5 percentage points from the end of the previous year. Significant increases were noted in broad-based ETFs, particularly the CSI 300, which saw an increase of over 30 billion shares [2][14]. - **Sector Performance**: The national team increased holdings in sectors such as pharmaceuticals and liquor while reducing positions in healthcare, food and beverage, and 5G communication ETFs. Notably, the chemical and liquor ETFs experienced substantial net inflows in August [2][14]. - **Market Liquidity**: The central bank maintained a net injection of nearly 500 billion RMB, with a focus on MLF operations, leading to a slight increase in money market rates. The credit spread narrowed by approximately 4 basis points [5]. - **Stock Market Activity**: The overall A-share market saw a 1.9% increase, with daily trading volumes approaching 3 trillion RMB. Net inflows into the market reached 130 billion RMB, driven by accelerated financing [6][15]. - **Retail Investor Behavior**: Retail investors showed increased market participation, with direct inflows of 113.4 billion RMB and a shift to net inflows of 68 billion RMB through public and private funds [7][15]. - **Leverage and Foreign Investment**: Leverage funds saw a significant net inflow of 105.3 billion RMB, marking a new high for the year. Foreign investment also increased, with northbound trading accounting for 14% of total trading volume, indicating a growing interest in the Chinese stock market [8][9][10]. Additional Important Insights - **Fundraising and New Issuance**: Public funds raised over 20 billion RMB in new shares, with passive products dominating the market. The flexible allocation funds reached a record high of over 70% in equity positions [11][15]. - **ETF Performance**: The performance of various ETFs showed divergence, with broad-based ETFs experiencing outflows while industry-specific ETFs saw significant inflows, particularly in TMT and cyclical sectors [12][15]. - **Market Indicators**: The "stock-exchange hedging" indicator reached a warning zone, suggesting potential market corrections, while the AH hedging index indicated that A-shares were outperforming H-shares but had not yet entered a warning zone [13]. This summary encapsulates the key points discussed in the conference call, highlighting the current state of the A-share ETF market, investor behavior, and macroeconomic influences.