GUOTAI HAITONG SECURITIES·2026-02-01 04:25Investment Rating - The report assigns an "Accumulate" rating for the industry [2] Core Insights - The liquor sector is experiencing increased sales and rising prices, with a focus on the upcoming Spring Festival inventory demand for snacks and dairy products [4] - The investment strategy emphasizes growth as the main theme, highlighting opportunities arising from supply and demand clearing [10] - Key recommendations include selecting stocks with price elasticity and those expected to clear inventory, as well as focusing on beverage and snack sectors benefiting from favorable travel conditions [10][11] Summary by Sections Investment Recommendations - The report suggests focusing on stocks with price elasticity such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, along with those expected to clear inventory like Yingjia Gongjiu and Gujing Gongjiu [10] - Beverage stocks benefiting from good travel conditions include Dongpeng Beverage and Nongfu Spring, while undervalued high-dividend stocks like China Foods and Master Kong are also recommended [10] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan, Yanjinpuzi, and Three Squirrels [10] Liquor Sector Insights - The liquor sector is seeing a surge in sales as the Spring Festival approaches, with Moutai's price rising significantly due to various factors including real estate policies and increased consumer demand [11] - The report anticipates a peak in sales activity in February, with core products like Moutai and Wuliangye expected to drive demand [12] - The mid-term outlook suggests a need for inventory clearance, with companies likely to adopt strategies of price adjustments or volume control to maintain channel resilience [13] Consumer Goods Insights - The report predicts a peak in inventory demand for snacks and dairy products in January 2026, benefiting from a low base compared to the previous year [14] - The allocation of equity funds in the food and beverage sector has decreased, while allocations in snack and dairy segments have increased [15] Profit Forecast and Valuation - The report includes a detailed profit forecast and valuation table for key stocks, indicating expected earnings per share (EPS) growth and price-to-earnings (PE) ratios for various companies [17]