China Galaxy Securities says the beverage sector has corrected notably since February amid cost pressures; share prices, earnings and P/Es largely reflect those headwinds. As crude oil and other input-cost pressures ease from peak, the bank expects markets to turn attention to sector recovery potential, with top-tier beverage companies the most likely to show earnings resilience. Key near-term catalysts: seasonal sales pickup in June–August and upcoming interim results, plus H2 2026 guidance on

China Galaxy Securities says the beverage sector has corrected notably since February amid cost pressures; share prices, earnings and P/Es largely reflect those headwinds. As crude oil and other input-cost pressures ease from peak, the bank expects markets to turn attention to sector recovery potential, with top-tier beverage companies the most likely to show earnings resilience. Key near-term catalysts: seasonal sales pickup in June–August and upcoming interim results, plus H2 2026 guidance on next-year cost outlook and price‑locking/hedging arrangements.