According to the CITIC Securities Research Report, leading wine companies have recently held important meetings one after another to convey their determination to adjust, reform, and rebalance channels, which is conducive to the long-term healthy development of the industry. Since the fourth quarter of this year, leading liquor companies have taken measures such as continuously controlling delivery, reducing the burden on dealers, and promoting open bottle sales to reduce channel inventory. Taking into account many factors such as the gradual stabilization of sales, one more day of the 2026 Spring Festival holiday, and the Chinese New Year consumption scenario, it is determined that actual sales of 2026 Spring Festival liquor are expected to remain stable; there is no need to be overly pessimistic. Also, considering the clear trend of subsequent gradual recovery, I am optimistic about the bottom allocation opportunities in the liquor industry. The beer industry is expected to recover moderately from the bottom in 2026. The industry as a whole is trending towards stable volume and price increases. It is recommended to focus on industry leaders with firm implementation of structural upgrade strategies, strong channel control, and brand premium capabilities.

According to the CITIC Securities Research Report, leading wine companies have recently held important meetings one after another to convey their determination to adjust, reform, and rebalance channels, which is conducive to the long-term healthy development of the industry. Since the fourth quarter of this year, leading liquor companies have taken measures such as continuously controlling delivery, reducing the burden on dealers, and promoting open bottle sales to reduce channel inventory. Taking into account many factors such as the gradual stabilization of sales, one more day of the 2026 Spring Festival holiday, and the Chinese New Year consumption scenario, it is determined that actual sales of 2026 Spring Festival liquor are expected to remain stable; there is no need to be overly pessimistic. Also, considering the clear trend of subsequent gradual recovery, I am optimistic about the bottom allocation opportunities in the liquor industry. The beer industry is expected to recover moderately from the bottom in 2026. The industry as a whole is trending towards stable volume and price increases. It is recommended to focus on industry leaders with firm implementation of structural upgrade strategies, strong channel control, and brand premium capabilities.