中泰证券：软饮料行业基本面韧性更优，关注两条主线

Core Viewpoint - The beverage consumption peak season has ended, with leading companies reporting stable third-quarter results and further strengthening their advantages. The macro environment may see a profit turning point by 2026, supported by consumer policies to boost domestic demand. However, it will take time for the mid-term household balance sheets to recover. The soft drink industry shows resilience against environmental disturbances, with a robust fundamental outlook. [1] Industry Summary - The beverage industry is expected to continue benefiting from cost advantages in raw materials and packaging, with a focus on competitive strategies and new product developments among companies. [1] Company Summary - It is recommended to prioritize leading companies in the structural growth segments within the beverage sector, particularly in functional drinks and sugar-free tea. [1]