2月25日，中信证券姜娅团队一份研报指出，马年春节消费延续分化表现，整体符合预期，其中酒店、 景区、高端酒等呈现较优景气度，受出行分流的部分影响，零售、票房等表现总体一般。我们维持观 点，消费自身修复行进之中、企稳中有分化，短期消费的整体beta性机会关注财政刺激类政策的可能 性。建议2026年重点关注权益市场的财富效应传导、供给端优化推动的率先经营拐点机会，长期配置继 续重视结构变化。 ...

Core Viewpoint - The white liquor industry is experiencing a significant downturn characterized by a decline in both volume and price, high inventory levels, and deep market segmentation due to new regulations and weak consumer demand [2][5][21]. Market Conditions - The second quarter of the year has been the worst in recent years, with overall sales down approximately 15% [1]. - The white liquor market is facing dual pressures from a traditional off-season and new alcohol restrictions, leading to a notable decline in both volume and price [2][4]. - High-end liquor has been hit hardest by policy impacts, showing the most significant decline in both volume and price, while mid-range products are maintaining volume at the expense of price [2][5]. Consumer Behavior - Consumer demand is weak, with a noticeable drop in the quantity and quality of liquor consumed during social events [5]. - The market for traditional gift sets has been diluted by alternative products, reducing the seasonal demand for white liquor [3]. Regional Performance - The most significant declines in sales have been observed in Henan and Shandong provinces, with Henan experiencing a 20% drop in sales and high-end liquor sales down by approximately 30% [12][14]. - Other provinces like Anhui, Hebei, and Shaanxi also show declines around 10%, with Anhui's sales dropping by 20% in June [15]. Industry Dynamics - The industry is witnessing a shift towards real consumption, with many distributors facing losses and limited sales momentum [2][7]. - The trend of "price without market" is prevalent, as many companies have abandoned volume control strategies due to excessive inventory [8][10]. - The competitive landscape is intensifying, with various unconventional sales tactics emerging, such as "damaged goods" and misleading promotions [18][19]. Future Outlook - The third quarter is expected to remain challenging, with signs of increased competition and a potential shift towards a more diversified and mainstream market [21]. - The overall sentiment in the industry suggests that conditions will continue to worsen, with a consensus that the market will face increasing difficulties [19][20].