Galaxy Securities: Top Liquor Companies Set Strategic Tone for 2026, Counter-Cyclical Adjustment and Long-Term Transformation Run in Parallel.

Galaxy Securities research report pointed out that top liquor companies have set their strategic goals for 2026, balancing counter-cyclical adjustments with long-term transformation. 1) Counter-cyclical adjustments: major liquor companies have mentioned that the industry will continue to face downward pressure in the short term, so they will focus on maintaining price systems and stabilizing channel profit margins. Specific measures include vigorously developing high-margin single products in high channels and increasing expenditure to boost distributor motivation. 2) Advancing long-term transformation: first, nurturing new industry customer groups and young customer groups on the demand side; second, developing products that meet new consumption trends on the product side; third, embracing new channel changes, including maintaining good relationships with e-commerce platforms and actively cooperating with instant retail channels, etc. In conclusion, the research report believes that the industry will be in a bottoming process in 2026, with the decline in end demand narrowing and listed liquor companies continuing to clear their supply side. However, as the industry adjusts gradually, long-term value will further emerge, and liquor companies that have forward-looking strategies for long-term transformation are expected to achieve excess returns in the next upward cycle.