白酒股逆势大涨！券商：复苏预期逐渐升温，板块已无悲观必要

Group 1 - The core viewpoint is that the food and beverage sector is nearing a bottom in its fundamentals, with expectations for recovery gradually increasing [1][2] - Industry headwinds have largely been released, and the impact of alcohol bans is slowing down [1] - Some companies are proactively reducing supply to achieve supply-demand balance, thereby alleviating channel pressure and releasing channel risks [1] Group 2 - Policy expectations are strengthening, which is expected to boost demand in related consumption areas [1] - The overall valuation of the sector has dropped to a low point, and fund holdings in food and beverage remain relatively low, indicating a favorable chip structure [1] - The current period until the Spring Festival in 2026 is anticipated to be the most pressured for industry pricing, with sales performance feedback showing strong improvement [2] Group 3 - The main theme for the food and beverage industry in 2026 is a recovery from the bottom, closely related to macroeconomic conditions [2] - The adjustment period for liquor companies has led to a slowdown in performance growth as demand declines are transmitted from end-users through channels to manufacturers [2] - Recommended investment directions include high-end liquor brands with strong market positions and resilient regional leaders benefiting from upgraded consumption trends [2]