According to the Securities Times APP, alcohol stocks fell in the morning session. As of the press time, China Resources Beer (00291) fell by 6.37% to 29.4 Hong Kong dollars; Tsingtao Brewery (00168) fell by 5.14% to 51.7 Hong Kong dollars; Bud APAC (01876) fell by 3.58% to 8.35 Hong Kong dollars; ZJLD (06979) fell by 3.87% to 7.45 Hong Kong dollars.

On the news front, in the third quarter, the total revenue of 19 listed baijiu companies was 96.4 billion yuan, a year-on-year increase of 1.3%; net profit attributable to the parent company was 36 billion yuan, a year-on-year increase of 2.3%; for the first three quarters, the total revenue of the industry was 339.8 billion yuan, a year-on-year increase of 9.7%; net profit attributable to the parent company was 131.8 billion yuan, a year-on-year increase of 10.9%. In addition, according to the Beer Branch of the China Alcoholic Drinks Association, the cumulative output of national-scale beer companies in the first three quarters of 2024 was 29.3 million kiloliters, a year-on-year decrease of 1.5%.

CITIC Securities research reports indicate that macroeconomic recovery is still underway, with a clear trend of policy reinforcement in the near term. Although the impact on consumer spending is still to be tested over time, it is expected that under the backdrop of expected leading indicators, the overall attractiveness of consumer spending will increase. Alcohol has obvious cyclical characteristics and as a representative industry of consumption, there is a demand for allocation.