银河证券：头部酒企定调2026年战略 逆周期调节与长期变革并行

Core Viewpoint - Leading liquor companies are setting their strategic direction for 2026, focusing on both counter-cyclical adjustments and long-term transformations [1] Group 1: Counter-Cyclical Adjustments - Major liquor companies acknowledge that the industry will continue to face objective pressures from a cyclical downturn in the short term [1] - Maintaining price systems and stabilizing channel profit margins are prioritized, with specific measures including the development of high-margin flagship products and increased investment to enhance distributor motivation [1] Group 2: Long-Term Transformations - On the demand side, companies aim to cultivate new customer segments, particularly younger demographics [1] - On the product side, there is a focus on developing products that align with new consumption trends, such as Moutai's provincial formula liquor, Wuliangye's low-alcohol products, and Fenjiu's fruit-flavored liquor [1] - Embracing new channel transformations is essential, including maintaining good relationships with e-commerce platforms and actively collaborating with instant retail channels [1] Group 3: Industry Outlook - The report suggests that by 2026, the industry will be in a bottoming process, characterized by a narrowing decline in terminal demand and continued supply-side adjustments among listed liquor companies [1] - As industry adjustments progress, long-term value is expected to become more apparent, with companies that proactively position themselves for long-term transformations likely to achieve excess returns in the next upward cycle [1]