（以下内容从中国银河《25Q3业绩总结专题报告（酒类）：白酒供给加速出清，啤酒盈利持续改善》研报附件原文摘录）核心观点25Q3业绩总结：1）白酒：供给端加速出清，板块进入深度调整阶段。白酒板块25Q3收入/归母净利润分别同比-18.5%/-22.2%，继25Q2以来加速探底，主要归因于6月以来餐饮消费政策叠加宏观需求走弱导致终端动销明显承压，同时渠道库存压力较大，上市公司主动降低发货速度、为行业...
Source Link（以下内容从中国银河《25Q3业绩总结专题报告（酒类）：白酒供给加速出清，啤酒盈利持续改善》研报附件原文摘录）核心观点25Q3业绩总结：1）白酒：供给端加速出清，板块进入深度调整阶段。白酒板块25Q3收入/归母净利润分别同比-18.5%/-22.2%，继25Q2以来加速探底，主要归因于6月以来餐饮消费政策叠加宏观需求走弱导致终端动销明显承压，同时渠道库存压力较大，上市公司主动降低发货速度、为行业...
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