Tianfeng Securities: Recommend focusing on the recovery opportunities in the liquor sector, bullish on three major themes.

The research report of Tianfeng Securities stated that during the 2025 Double Eleven period, the liquor industry showed a differentiation trend of "increase in quantity but decrease in price": the prices of famous liquors on traditional e-commerce platforms broke through the bottom line, mainly due to the dumping behavior of distributors under inventory pressure and platform subsidies; while emerging channels such as instant retail and Douyin showed growth against the trend, reflecting the transformation of consumption scenes towards "buy and drink immediately". Liquor companies have intensively launched anti-counterfeiting actions, aiming to stabilize prices by publishing authorized "white lists" and unauthorized "blacklists" to balance online traffic with offline channel interests. In the medium and long term, the industry needs to shift from price wars to value reshaping, focusing on high-quality products with high price-performance ratio and refined channel operations. Currently, the dividend return of leading liquor companies is promising, and mass consumption is expected to gradually recover. It is recommended to pay attention to the sector's recovery opportunities. Three major themes are favored: 1) strong beta targets; 2) concept targets for the recovery of mass liquor price bands; 3) strong alpha targets.