CITIC Securities: The liquor industry is quickly bottoming out, patiently waiting for recovery.

CITIC Securities believes that the liquor industry is quickly approaching the bottom, and leading enterprises should seize the current opportunity to quickly adjust their channel structure and improve their market development capabilities. If consumer demand gradually improves, leading liquor companies that have actively adjusted and upgraded their channels in this round are expected to enjoy more development opportunities. The beer industry has a lower base in the second half of the year, but considering the impact of alcohol restrictions, it is expected that the performance in the third quarter will remain stable.