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.
