Zhongtai Securities pointed out that with the end of the peak beverage consumption season, leading companies' three quarterly reports ended smoothly and their advantages were further strengthened. Looking ahead to 2026, the macro environment may usher in a profit inflection point. A series of consumer policies will boost domestic demand. If considering the medium-term residents' balance sheet, it will take some time to repair, and the soft drink industry's demand boom is not afraid of environmental disturbances, and the fundamentals are more resilient. It is recommended to select leaders in the energy drink and sugar-free tea industry on the structural growth circuit within beverages; on the profit side, the cost dividends of raw materials and packaging materials in the beverage industry are expected to continue, and continue to monitor the competitive strategies of various companies and the development of new products.

Zhongtai Securities pointed out that with the end of the peak beverage consumption season, leading companies' three quarterly reports ended smoothly and their advantages were further strengthened. Looking ahead to 2026, the macro environment may usher in a profit inflection point. A series of consumer policies will boost domestic demand. If considering the medium-term residents' balance sheet, it will take some time to repair, and the soft drink industry's demand boom is not afraid of environmental disturbances, and the fundamentals are more resilient. It is recommended to select leaders in the energy drink and sugar-free tea industry on the structural growth circuit within beverages; on the profit side, the cost dividends of raw materials and packaging materials in the beverage industry are expected to continue, and continue to monitor the competitive strategies of various companies and the development of new products.