中国白酒追踪 - 黄金周期间销售依然疲软；宴会需求成唯一增长支柱-China Spirits Tracker_ Sales remained weak during Golden Week; banquet demand as the only growth pillar

8 October 2025 | 1:19AM HKT Equity Research China Spirits Tracker: Sales remained weak during Golden Week; banquet demand as the only growth pillar Golden week holiday season (National holiday and Mid-Autmn festival) liquor consumption momentum likely remained weak on YoY basis as we expected in key regions (Hunan, Anhui, Henan etc.), per our regional channel checks. We noted banquets remains the only growth pillar for spirits names which generally outperformed compared to other consumption scenarios during ...