Huatai Securities: Baijiu Industry May Already Be at the Bottom of This Cycle

36Kr has learned that a recent research report from Huatai Securities indicates that although the baijiu industry faced pressure during the 2026 Mid-Autumn Festival peak season, there are bright spots such as inventory destocking and prices stabilizing at low levels, and the current industry adjustment may already be at the bottom. Before the 2027 Spring Festival, the industry will be in an off-season earnings vacuum. Against a backdrop of low chip concentration and low market expectations, and with expectations of policy and capital rotation growing stronger, the implementation of favorable developments such as external policy support and marginal improvements in fundamentals could significantly boost sector performance. The industry may follow a recovery pattern in two stages: first, expectation-driven recovery before the 2027 Spring Festival, and second, a fundamental recovery from a low base during the 2027 Spring Festival and Mid-Autumn Festival peak seasons.