CITIC Securities: The actual sales of liquor during the Spring Festival in 2026 are expected to remain stable, and we are optimistic about the bottom allocation opportunities in the liquor industry.

The research report of Citic Securities stated that the liquor industry is about to usher in the peak season of Spring Festival marketing activities, with channels continuing to learn and absorb multi-dimensional reform experiences of leading enterprises in channels and products after the distributors' conference. Citic Securities believes that the industry may refocus on market cultivation and consumer education under new reforms and directions, promote sales and reduce the burden for distributors. Taking into account factors such as the gradual stabilization of sales, one more day of the Spring Festival holiday in 2026, and the consumption scene of liquor during the Spring Festival, Citic Securities believes that the actual sales of liquor during the 2026 Spring Festival are expected to remain stable, without the need for excessive pessimism. Considering the clear trend of gradual recovery in the future, it is optimistic about the bottom allocation opportunities in the liquor industry. It is expected that the beer industry will experience a moderate recovery in its bottom position in 2026, and it is recommended to focus on industry leaders with strong channel control and brand premium capabilities.