[Cathay Haitong: Liquor stock price has been fully adjusted, and valuations and institutional positions are at historical bottoms] On November 8, Cathay Haitong released a research report stating that liquor stock prices have been fully adjusted, and valuations and institutional positions are at historical bottoms. The food and beverage sector has fallen for six consecutive years since 2021. As of November 5, 2026, the liquor sector PETTM was 23.1X, and the sector valuation was at the 36.2% level since 2005. Judging from the heavy holdings of funds, the proportion of fund holdings in the food and beverage industry in 26Q3 was 2.2%. Although it has increased compared with Q2, it is still at a historical low, and there is still a lot of room for valuation restoration.