中金2026年展望 | 食品饮料：复苏深化，聚焦高质量增长（要点版）

Group 1: Industry Overview - The food and beverage industry has entered a new normal in 2023, with a weak overall consumption environment, emphasizing high quality-price ratios, functionality, health, and emotional consumption trends [3] - Leading companies are focusing on stable operations and high-quality development, improving shareholder returns and operational quality [3] - The liquor industry continues to experience weak demand, compounded by new regulations, leading to significant adjustments in supply and demand [4] Group 2: Liquor Industry Insights - The liquor sector is expected to see a turning point in the first half of 2026, with a focus on leading companies that show early recovery in fundamentals and long-term growth potential [4][7] - The impact of policies on business demand is gradually weakening, and consumer demand is expected to stabilize, leading to a potential recovery in liquor sales [7] - The strategic focus of liquor companies has shifted from inventory pressure to exploring new growth opportunities, particularly targeting younger consumers [8] Group 3: Consumer Goods Trends - Overall demand for mass-market food is stabilizing at low levels, with sub-sectors showing varied performance; trends of quality-price ratio, health, and emotional value consumption continue [4][10] - The beer industry is experiencing stable sales among leading domestic brands, with a focus on upgrading products and improving efficiency [11] - The snack food sector is seeing significant channel differentiation, with growth in membership stores and snack wholesale channels, while traditional channels face pressure [11] Group 4: Beverage Sector Developments - The soft drink industry is benefiting from travel, innovation, and investments in frozen products, maintaining steady growth despite increased competition [12] - The dairy industry is expected to see a mild recovery in 2026, driven by potential consumer stimulus policies and improved supply-demand balance [12] - The condiment sector is facing stable demand in 2025, with expectations for innovation among leading companies in 2026 [13]