TF Securities: It is expected that the performance growth rate of the liquor zone may see a reversal starting from the second half of 2025.

Jinshi data, March 12 news, TF Securities said that a new round of Favourable Information policies will be introduced, and the subsequent white wine zone is expected to usher in a reversal. 1. Policy: Starting at the end of September 2024, the government frequently introduced a series of fiscal and monetary policy, etc., and currently the CPI and PPI indices are at historical lows, the strong barriers to entry and irreplaceability of the white wine zone are still there, and the subsequent economic and consumption improvements may stimulate the central PE of the zone; 2. Fundamentals: The low point of performance lags behind the high point of channel inventory, and the current zone has begun to enter the relatively bottom phase of performance growth. The market has fully downgraded the performance growth expectations of the zone. We expect that the performance growth of the zone may usher in a reversal in the second half of 2025.