CITIC Securities: Believes that the liquor industry will inevitably usher in a new upward cycle, and recommends increasing the allocation of high-quality assets in the bottom range of the liquor industry.

Jinshi data news on March 3rd, CITIC Securities pointed out that the liquor industry is currently in the bottoming phase of the third major cycle in the past thirty years. Although the industry's fundamentals still need to continue to be under pressure in the short term, from the investment perspective, since the fourth quarter of 2024, macro policies and market expectations have clearly turned around, boosting consumption as the top priority for economic work in 2025. The demand of the liquor industry and the macroeconomy have a strong correlation. In the future, with the gradual recovery of the economy and significant improvement in demand, we believe that the liquor industry will usher in a new upward cycle. Top liquor companies that continuously enhance their brand power based on consumer cultivation will perform better, and industry differentiation will become more extreme. It is recommended to increase the allocation of high-quality assets in the bottom range of the liquor industry.