[The liquor industry continues to destock in the first three quarters. Market participants: The fundamental reversal has yet to be verified in the peak season] November 5th. Recently, the third quarter reports of 19 mainstream liquor listed companies for 2026 have been disclosed. The industry is still in the stage of bottoming out performance, channel inventory is prioritized to be cleared, and the internal differentiation of the sector continues to widen. Data show that in the first three quarters, the total revenue of 19 listed liquor companies was approximately 265.509 billion yuan, a year-on-year decrease of 7.64%; the total net profit was approximately 97.365 billion yuan, a year-on-year decrease of 9.44%. The third quarterly report confirms the current situation of deep adjustment in the industry: most wine companies take the initiative to control goods and give up short-term scale to clear channel inventory. The recent rebound in the share price of the liquor sector is an expected recovery. Many market participants believe that the fundamental reversal of the liquor industry still needs to be verified during the Spring Festival peak season. Opportunities are concentrated in leading companies. The market has its own sequence. A phased rebound does not mean a trend reversal. (Securities Times)