Guotai Haili: Liquor stocks may see a turning point before demand side, highlighting the industry reshaping the "bond-like asset" attributes.

Guotai Junan Securities released a research report stating that policy variables are accelerating the consolidation in the liquor industry, with the industry moving towards a performance bottom. It is expected that the performance bottom will be reached as early as the first half of 2026. Combined with high-frequency signals such as batch pricing, liquor stock prices are expected to see a trend reversal before demand. At the same time, as the industry logic is being disrupted and reshaped, the logic of market share will gradually replace the logic of quantity and price. In the long run, grasp the "bond-like asset" attributes of liquor.