CICC: It is expected that the white wine balance sheet will be cleared and improved by 2026. The upward turning point is gradually becoming clear.

The report from Zhongjin Company predicts that the performance of the liquor industry is expected to improve in 2026, with a clear upward trend gradually emerging. The impact of demand-side policies will continue to weaken, and consumption scenarios will see steady recovery on the basis of significant suppression. Furthermore, deepening consumer policies are expected to drive demand growth. With a low base this year, year-on-year growth is expected to turn positive, and the industry is expected to start gradual recovery in the first half of the year. On the supply side, innovation and expansion of increment are the main focus. Zhongjin Company predicts that inventory risks will be basically resolved, and innovation based on user demand is expected to increase further. More companies will embrace immediate retail and other online channels.