Huatai Securities Says Baijiu Industry May Have Hit Cycle Bottom

This is a sentiment marker as much as a sector call: a major domestic brokerage publicly naming a cycle bottom while peak-season sales are still weak implies the bear case is already priced into expectations. The distinction between an expectation-repair phase and a later fundamental rebound matters, because it concedes that earnings visibility remains poor until the low-base comparison period. For baijiu-adjacent RWA and consumer-asset exposure, the open question is whether inventory destocking and a firmer price floor hold through the next peak season, or prove to be a temporary pause in a longer downcycle.