In "The Big Banks," Citibank expects that China's consumption will continue to be under pressure this year, with a more optimistic outlook for the liquor and beverage industry

Citi expects that overall consumption in China will continue to be under pressure in 2026, but there are still potential rebound opportunities. In terms of specific sectors, the bank believes that the liquor sector may rebound in the second quarter, based on the relaxation of relevant policies, but it will remain weak in the long term. For individual companies, the bank believes that CR BEVERAGE (02460.HK) also has a chance to rebound this year; companies with higher growth or excellent earnings will continue to be favored by the market.

The bank prefers sectors with rebound potential, such as liquor, as well as sectors with strong growth resilience, such as beverages, pet food, and education. As for sectors like beer and dairy products, they are waiting for catalysts to emerge.

The bank's top picks are WLY (000858.SZ), New Oriental (EDU.US), CR BEVERAGE, and Zhongchong Co., Ltd. (002891.SZ), with target prices of RMB 141, USD 68.8, HKD 13.7, and RMB 70.3, respectively, all rated as "outperform the market."