CITIC Securities: Considering the clear trend of gradual recovery in the future, optimistic about the bottom allocation opportunities in the liquor industry.

The research report from CITIC Securities points out that the liquor industry is about to enter the peak season of marketing activities during the Spring Festival, with channels continuing to learn and absorb the multi-dimensional reform experience of leading enterprises in channels, products, etc. after the distributor conference. We believe that the industry may refocus on market cultivation and consumer education under new reforms and directions, promote sales and reduce the burden on distributors. Taking into consideration factors such as steady sales, the extra day during the 2026 Spring Festival holidays, the consumption scene of liquor during the Spring Festival, we believe that actual liquor sales during the 2026 Spring Festival are expected to remain stable, without the need to be overly pessimistic. Considering the clear trend of gradual recovery in the future, we are optimistic about the bottom allocation opportunities in the liquor industry. It is expected that the beer industry will gradually recover mildly in the bottom position in 2026, and it is recommended to focus on industry leaders with strong channel control and brand premium capabilities.