According to the CICC research report, it is expected that the 2026 liquor report will be clearly improved, and the upward inflection point will gradually become clear. The impact of demand-side policies will continue to weaken. The consumption scenario will usher in a steady recovery on the basis of drastic suppression. At the same time, deepening consumption policies is expected to drive up demand. Under this year's low base, the year-on-year correction is expected. It is expected that the industry will begin a gradual recovery starting in the first half of the year. On the supply side, innovation and expansion are the main lines. CICC expects hidden inventory risks to be basically eliminated. Among them, innovation based on user demand is expected to increase further, and more companies will embrace online channels such as instant retail.

According to the CICC research report, it is expected that the 2026 liquor report will be clearly improved, and the upward inflection point will gradually become clear. The impact of demand-side policies will continue to weaken. The consumption scenario will usher in a steady recovery on the basis of drastic suppression. At the same time, deepening consumption policies is expected to drive up demand. Under this year's low base, the year-on-year correction is expected. It is expected that the industry will begin a gradual recovery starting in the first half of the year. On the supply side, innovation and expansion are the main lines. CICC expects hidden inventory risks to be basically eliminated. Among them, innovation based on user demand is expected to increase further, and more companies will embrace online channels such as instant retail.