Guotai Haitong said baijiu shares have largely completed a price adjustment. The
food & beverage sector has declined for six consecutive years since 2021. As of
Nov. 5, 2026 the baijiu sub-sector PE (TTM) was 23.1x, placing the sector at the
36.2nd percentile versus 2005‑present. Funds’ weight in food & beverage was 2.2%
in Q3 2026—up QoQ but still at historic lows—leaving material room for valuation
re‑rating.
