According to the China Galaxy Securities Research Report, the liquor industry is still in the phase of scale contraction. Liquor companies are taking the initiative to remove inventory against the backdrop of sales pressure, and it is expected that the adjustment trend will continue in the fourth quarter. To continue to explore alpha opportunities in the context of weak beta, we can focus on three major directions: 1. In the ultra-high-end price range, Maotai still has good sales performance due to its strong brand power; 2. Below the 300 yuan price range and light bottles of wine, with banquets, light business, and self-drinking consumption scenarios as the core, are less impacted by the macroeconomic cycle, and still have good growth potential; 3. Companies that are still in the stage of pan-regional expansion of their brands can partially hedge against the impact of the downward cycle of the industry.

According to the China Galaxy Securities Research Report, the liquor industry is still in the phase of scale contraction. Liquor companies are taking the initiative to remove inventory against the backdrop of sales pressure, and it is expected that the adjustment trend will continue in the fourth quarter. To continue to explore alpha opportunities in the context of weak beta, we can focus on three major directions: 1. In the ultra-high-end price range, Maotai still has good sales performance due to its strong brand power; 2. Below the 300 yuan price range and light bottles of wine, with banquets, light business, and self-drinking consumption scenarios as the core, are less impacted by the macroeconomic cycle, and still have good growth potential; 3. Companies that are still in the stage of pan-regional expansion of their brands can partially hedge against the impact of the downward cycle of the industry.