The Galaxy Securities Research Report points out that leading wine companies set the 2026 strategy, and countercyclical adjustments go hand in hand with long-term changes. 1) Countercyclical adjustment. Major wine companies all mentioned that the short-term industry will continue to face objective downward cyclical pressure, so they regard maintaining the price system and stabilizing channel profit margins as key tasks. Specific measures include vigorously developing large single products with high channel profit margins and increasing cost investment to increase dealer enthusiasm. 2) Promote long-term transformation. First, the demand side continues to cultivate new industrial customer groups and young customer groups; second, the product side develops products that meet new consumer trends; and the third is to embrace new channel changes, including maintaining relationships with e-commerce platforms and actively cooperating with instant retail channels. In summary, the research report believes that in 2026, the industry will be in the process of bottoming out, that is, the decline in terminal demand narrows, and the supply side of listed companies will continue to clear the supply side, but long-term value will be further revealed as industry adjustments are gradually put in place. At the same time, wine companies that look forward to long-term changes in their layout are expected to achieve excess profits in the next upward cycle.

The Galaxy Securities Research Report points out that leading wine companies set the 2026 strategy, and countercyclical adjustments go hand in hand with long-term changes. 1) Countercyclical adjustment. Major wine companies all mentioned that the short-term industry will continue to face objective downward cyclical pressure, so they regard maintaining the price system and stabilizing channel profit margins as key tasks. Specific measures include vigorously developing large single products with high channel profit margins and increasing cost investment to increase dealer enthusiasm. 2) Promote long-term transformation. First, the demand side continues to cultivate new industrial customer groups and young customer groups; second, the product side develops products that meet new consumer trends; and the third is to embrace new channel changes, including maintaining relationships with e-commerce platforms and actively cooperating with instant retail channels. In summary, the research report believes that in 2026, the industry will be in the process of bottoming out, that is, the decline in terminal demand narrows, and the supply side of listed companies will continue to clear the supply side, but long-term value will be further revealed as industry adjustments are gradually put in place. At the same time, wine companies that look forward to long-term changes in their layout are expected to achieve excess profits in the next upward cycle.