CITIC Securities: Extended peak season under El Nino and Structural migration are core trends. Large packaging water will enjoy dual demand benefits.

The research report from CITIC Securities stated that looking ahead to 2026, if a moderate or stronger El Nio occurs in the summer and autumn, nationwide widespread high temperatures and an extended peak season for beverage sales will become a highly certain trend. The period from June to September is already the peak sales season for bottled water throughout the year, and continued high temperatures will further increase the demand for large packaging water for households and catering services. Combined with the industry's long-term trend of high prosperity in large-scale packaging, large-scale packaging water will experience a dual benefit in demand.