方正证券：关注2026年白酒企业目标制定 其他烈酒有望出现行业性机会

Group 1 - The core viewpoint is that the liquor industry, particularly the baijiu sector, is undergoing a significant transformation with a focus on inventory reduction and quality improvement, while the beer sector faces challenges due to weak demand recovery [1][2] - The baijiu sector has experienced a three-phase development in 2025, characterized by operational adjustments, deep market corrections, and a trend towards accelerated industry clearing [1][2] - Major liquor companies are prioritizing stable operations for 2026, moving away from aggressive channel growth, and are expected to continue inventory reduction and price recovery as economic conditions improve [2][3] Group 2 - The beer sector has seen a decline in sales volume due to external factors such as weak dining channel performance and restrictions, although average selling prices (ASP) have slightly increased due to cost advantages [2] - The overall revenue growth for the beer sector from Q1 to Q3 of 2025 was low single digits, while profits showed nearly double-digit growth, indicating a disparity between revenue and profit performance [2] - The consumption structure of liquor in China is heavily dominated by baijiu, but there is potential for growth in other liquor categories, particularly whisky and huangjiu, as market dynamics evolve [3]