糖酒会反馈：至暗已过，底部布局，静待花开

Summary of the Conference Call on the Liquor Industry Industry Overview - The liquor industry, specifically the white liquor segment, experienced a year-on-year demand decline of 20-30% in Q3, but there was a significant improvement compared to Q2, primarily due to the recovery of business banquets and consumption during the Mid-Autumn Festival and summer holidays [1][2][3]. Key Insights and Arguments - Business demand has been severely impacted by the macroeconomic environment and hotel restrictions, leading to a significant decline [3]. - The demand for mass-market white liquor priced between 100-300 RMB has remained relatively stable, indicating that the industry is currently in a state of rigid demand compression [3]. - Several white liquor companies, such as Gujinggong and Jinhui, have notably refrained from requiring downstream channels to meet repayment targets for the first time, which may result in reported performance being lower than actual demand, reflecting characteristics of the industry's cyclical bottom [4][5]. Brand Performance - Moutai has maintained a strong market position, with its flagship products, including the sauce-flavored product 1,935 and Feitian Moutai, substituting some competitive products [6]. - Fenjiu has gained recognition for its product structure and flavor advantages, showing relatively stable performance [6]. - Jinhui has managed to maintain stable performance during the downturn by increasing its market share and upgrading its products [6]. - Brands like Shede, Pearl, and Yanghe, which made adjustments earlier, are now in a recovery phase and are expected to achieve positive growth in the future [6]. Future Expectations - The white liquor market is expected to see good demand during the 2026 Spring Festival, with significant reductions in reporting pressure starting from Q2 [7]. - The overall industry performance is anticipated to be better than in 2025, and if the macroeconomic environment improves, leading companies will have greater flexibility [7]. - It is recommended to increase allocations to the white liquor sector, as a more pronounced improvement is expected in the coming year [7].