CITIC Securities: Optimistic about the recovery of the liquor sector, recommends increasing allocation to the liquor industry on dips

NightAirdropper · 2026-02-26T04:24:15+00:00

CITIC Securities research report indicates that by the 2026 Spring Festival, baijiu sales will be concentrated during the peak season, brand recognition will increase, and famous liquor sales will outperform other brands, with steady sales expected throughout the year. The baijiu industry is at the bottom, and it is recommended to increase allocations at low levels. The beer industry will recover from the bottom, with a focus on leading companies with brand premium capabilities.

NightAirdropper

2026-02-26 04:24:15

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CITIC Securities research report states that the 2026 Spring Festival continues the characteristics of the past 2-3 years: on one hand, consumers’ awareness of brands has significantly increased, with top-tier liquor sales outperforming mid- and lower-tier brands; on the other hand, white liquor sales are more concentrated during the Spring Festival peak season, and post-holiday sales are expected to gradually stabilize. Overall, a solid Spring Festival provides a foundation for stable sales in 2026. Considering that the white liquor industry has been adjusting for many years and is at a long-term cycle bottom with low market expectations and low holdings, any marginal improvement is expected to greatly boost investor sentiment, favoring a recovery in the white liquor sector. It is recommended to increase holdings in the white liquor industry during dips. CITIC Securities forecasts that the beer industry will experience a mild recovery at the bottom in 2026, with an overall trend of stable volume and rising prices. Focus should be on leading companies with strong strategic execution of structural upgrades, robust channel control, and brand premium capabilities.

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