According to the Huatai Securities Research Report, although the performance of the liquor industry during the 2026 Mid-Autumn Festival peak season is under pressure, there are still highlights such as inventory removal and low price market stabilization. The industry may already be at the bottom of this round of industry adjustments; before the 2027 Spring Festival, the industry will be in a vacuum of off-season performance. Against the backdrop of low chip structure, market expectations, and stronger expectations of policy and capital rotation, favorable implementation such as external policy boosting and marginal optimization of fundamentals can significantly boost sector performance. The industry may follow the pace of recovery in the first phase of expected recovery and low fundamental base recovery. Open.

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