CITIC Securities: Optimistic about bottom allocation opportunities in the liquor industry.

The research report from Citic Securities stated that the liquor industry is bottoming out. Considering factors such as current inventory, prices, policy impacts, recovery of consumption scenarios, and the release of financial reports by listed companies, it is judged that the fundamental bottom of the industry is expected to appear in the third quarter of 2025. It is forecasted that the third quarter of this year will be the stage when the industry faces the most pressure in terms of sales, prices, and market confidence. The second half of this year is expected to be the stage with the greatest pressure on the financial performance of listed liquor companies. Taking into account the clear trend of gradual recovery, it is considered a good opportunity to allocate at the bottom of the liquor industry. The beer industry has a lower base in the second half of the year, and it is expected that the performance in the third quarter will remain stable.