CITIC Securities: Baijiu has a Beta repair opportunity, suggesting a focus on increasing allocations to leading brands.

On February 25th, a research report by the Jiang Ya team of Citic Securities pointed out that the consumption during the Chinese New Year of the Horse continued to show differentiation, overall meeting expectations. Hotels, tourist attractions, high-end liquor, etc. showed better economic prospects, while retail and box office performance was generally average due to the impact of travel diversion. We maintain the view that consumer recovery is progressing and stabilizing, with differentiation present. In the short term, attention should be paid to the possibility of fiscal stimulus policies for overall beta opportunities in consumption. It is recommended to focus on the wealth effect transmission in the equity market in 2026, and opportunities for leading operational turning points driven by supply side optimization. Long-term allocation should continue to focus on structural changes.