中信证券：考虑到后续逐步复苏趋势明确，看好白酒行业底部配置机会

Core Viewpoint - The liquor industry is expected to enter a peak marketing season during the Spring Festival, with distributors learning from leading companies' multi-dimensional reforms in channels and products [1] Group 1: Market Dynamics - The industry is likely to refocus on market cultivation and consumer education under new reforms and directions, promoting sales and alleviating burdens on distributors [1] - Considering various factors such as stable sales, an additional day off during the 2026 Spring Festival, and consumption scenarios, actual sales of liquor during the 2026 Spring Festival are expected to remain stable, indicating no need for excessive pessimism [1] Group 2: Future Outlook - A gradual recovery trend is anticipated, with a positive outlook on bottom-fishing opportunities in the liquor industry [1] - The beer industry is expected to experience a mild recovery from a bottom position in 2026, with a recommendation to focus on industry leaders that possess strong channel control and brand premium capabilities [1]