本报记者 方凌晨 作为以追求超额收益为主要目标的基金品类，主动权益基金的相关动向备受市场关注。随着公募基金 2025年四季报披露完毕，主动权益基金的规模、收益、重仓行业等最新情况一一揭晓。 整体来看，2025年第四季度，主动权益基金维持较高的股票仓位运作，价值风格的主动权益基金表现更 优。持仓A股方面，电子、医药生物和电力设备为主动权益基金前三大重仓行业，中际旭创、新易盛、 宁德时代为其前三大重仓个股。 具体到重仓个股，截至2025年末，主动权益基金在A股市场的前十大重仓股依次为中际旭创、新易盛、 宁德时代、紫金矿业、寒武纪、立讯精密、贵州茅台、东山精密、美的集团和阳光电源。 调仓动作方面，2025年第四季度，主动权益基金增持前三名个股分别是中际旭创、中国平安和东山精 密。 从管理人维度来看，截至2025年末，仅有易方达基金、中欧基金两家管理人的主动权益基金规模突破 2000亿元，分别达2660.46亿元、2316.10亿元；广发基金、富国基金、汇添富基金、华夏基金等管理规 模则均在1000亿元以上。在这些主动权益基金规模靠前的公募基金管理人中，中欧基金的主动权益基金 规模占其在管产品总规模的比例最高，为33 ...

这种变化折射出了公募消费赛道的分化现状：一方面，部分基金仍在坚守传统消费，有的白酒股已被连续重仓36 个季度；另一方面，手办潮玩、谷子经济和医美带来的新消费，则成为一批新生代基金经理的新宠。 传统消费股受冷落 根据天相投顾数据，2025年公募主动权益基金前十大重仓股中仅有一只传统消费股（贵州茅台），其余九只分别 为中际旭创、新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴-W、寒武纪、立讯精密、东山精密。 证券时报记者 余世鹏 最新披露的2025年公募基金四季报显示，主动权益基金前十大重仓股出现了一个新变化，即科技、新能源个股占 了九席，剩下一席给了贵州茅台。 比如，景顺长城品质长青持有泡泡玛特近500万股，其中在去年四季度增持了23.36万股。此外，该基金重仓的还有 老铺黄金等新消费资产，以及中际旭创、新易盛等科技成长标的。该基金的基金经理农冰立，是一位新生代基金 经理，他2023年7月开始管理该基金。 此外，睿远港股通核心价值持有泡泡玛特463.80万股，其中有245万股为去年四季度加仓，该基金的基金经理张佳 璐是一位只有3年证券从业经验的新人，2024年12月开始管理该基金。 新消费的另一个热门标的蜜雪集 ...

Investment Rating - The report maintains a positive outlook on the liquor sector, particularly on premium brands like Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while also highlighting the potential of other brands such as Wuliangye and Jinjing Wine [2][7]. Core Insights - The liquor market is undergoing a restructuring phase, with expectations of a double-digit decline in sales year-on-year for Q1 2026, but a potential stabilization in Q2 and a turning point in Q3 [2][7]. - The report anticipates a recovery in the liquor sector by the end of 2026 and into 2027, driven by improved fundamentals and valuation [2][7]. - The consumer goods sector is showing structural improvements, with competition shifting from price to quality, leading to a gradual balance in supply and demand [2][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a decline of 1.41% last week, with liquor down 2.80%, underperforming the Shanghai Composite Index by 2.25 percentage points [6]. - Notable stock performances included a 19.59% increase for Haoxiangni and a 14.32% rise for Wancheng Group [6]. 2. Market Performance of Food and Beverage Sectors - The report highlights the price stability of Moutai, with a current price of 1560 RMB per bottle, up 20 RMB from the previous week, indicating a positive trend in pricing [8][27]. - The report notes that Moutai's pricing has found a bottom, reducing downward risks significantly, and anticipates a potential increase in sales volume as the Spring Festival approaches [8]. 3. Industry Events and Updates - The report mentions the upcoming IPO of Mingming Hen Mang, a leading snack retail chain, which is expected to catalyze the snack sector [10]. - The report emphasizes the importance of supply chain management and digitalization in enhancing competitive advantages for companies like Mingming Hen Mang [10]. 4. Valuation Table - The food and beverage sector's dynamic PE is currently at 19.27x, with a premium rate of 10%, while the liquor sector's dynamic PE stands at 17.50x, indicating a zero premium [27].

食品饮料行业 2025 年四季度基金持仓分析 优于大市 食饮板块超配比例略有回升，乳品、预加工食品等获得增持 食品饮料行业：持仓比例 4.48%，行业维持超配。4Q25 食品饮料行业重仓比 例环比 3Q25 下滑 0.25pcts 至 4.48%，位居申万一级行业第八。4Q25 食品饮 料行业重仓超配比例为 0.64%，行业整体维持超配，超配比例环比上升 0.02pcts。 子板块：白酒板块基金重仓持股比例稳居第一，超配比例环比下降，剔除茅 台后白酒板块重仓持股比例环比下降 0.37pcts；乳品、零食、调味发酵品 基金持仓比例环比上升。（1）白酒：4Q25 白酒板块基金重仓持股比例环比 -0.37pcts 至 3.32%,超配比例环比-0.12pcts 至 0.84%；4Q25 白酒（剔除茅 台）板块基金重仓持股比例环比-0.37pcts至1.84%,超配比例环比-0.22pcts 至 0.85%。（2）啤酒：4Q25 啤酒板块基金重仓持股比例环比-0.05pcts 至 0.14%,超配比例环比-0.05pcts 至 0.04%。（3）调味品：4Q25 调味发酵品板 块基金重仓持股比例环比+0.04pcts ...

证券研究报告 | 2026年01月25日 食品饮料行业 2025 年四季度基金持仓分析 优于大市 食饮板块超配比例略有回升，乳品、预加工食品等获得增持 食品饮料行业：持仓比例 4.48%，行业维持超配。4Q25 食品饮料行业重仓比 例环比 3Q25 下滑 0.25pcts 至 4.48%，位居申万一级行业第八。4Q25 食品饮 料行业重仓超配比例为 0.64%，行业整体维持超配，超配比例环比上升 0.02pcts。 子板块：白酒板块基金重仓持股比例稳居第一，超配比例环比下降，剔除茅 台后白酒板块重仓持股比例环比下降 0.37pcts；乳品、零食、调味发酵品 基金持仓比例环比上升。（1）白酒：4Q25 白酒板块基金重仓持股比例环比 -0.37pcts 至 3.32%,超配比例环比-0.12pcts 至 0.84%；4Q25 白酒（剔除茅 台）板块基金重仓持股比例环比-0.37pcts至1.84%,超配比例环比-0.22pcts 至 0.85%。（2）啤酒：4Q25 啤酒板块基金重仓持股比例环比-0.05pcts 至 0.14%,超配比例环比-0.05pcts 至 0.04%。（3）调味品：4Q25 调味发酵品板 ...

记者注意到，目前二手交易平台多家店铺售卖标称错版马年生肖茅台经典版的链接，挂出价格单瓶 多在2200元至2888元之间，也有挂出3800元/瓶的价格，相比原价1899元/瓶，出现明显溢价。 不过，据"今日酒价"1月23日发布的信息，生肖马经典版53度/500ml批发参考价为2180元/瓶，与此 前两日均持平。 随后的1月23日，"i茅台"再次发布信息，表示经过两日全链路的紧密协作，53度500ml贵州茅台酒 （丙午马年）经典版的包装已修正，并于2026年1月23日恢复产品生产。同时称已经全面认真地复盘了 此次"一撇之失"背后的系统性问题，将以此优化流程、举一反三，持续改进并不断精进管理水平。 此外，对于"一撇之失"的售后方案，包括直至2026年12月31日（结合丙午马年产品生产周期实 际），会在全国茅台自营店提供常态化的更换服务。消费者可携带所购原产品及相应购货凭证至全国茅 台自营店，更换修正后的产品；也可在自营店为消费者单独更换已修正的包装内盒，由于供应链周期安 排，预计包装内盒的更换从2026年3月起实施。 此前"i茅台"曾表示邀请大众共创设计一个模具，把这一"丿"补上去。此次售后解决方案则提 到，"补笔 ...

Core Insights - The public fund industry in China achieved a record profit of 2.6 trillion yuan in 2025, recovering from a cumulative loss of 1.87 trillion yuan from 2022 to 2023 [1][2] - Despite a loss of approximately 110 billion yuan in Q4 2025, the overall annual performance marked a significant recovery for the industry [2][3] Fund Performance - In Q4 2025, public funds reported a total loss of 1,097.65 billion yuan, ending a streak of seven consecutive profitable quarters [2][3] - Equity funds were the hardest hit, with a combined loss of 1,306.91 billion yuan in Q4, while mixed funds lost 499.56 billion yuan [3][4] - For the entire year, equity funds still managed to generate a profit of 1.99 trillion yuan, despite the Q4 downturn [4] Product Categories - QDII funds and FOF funds also faced losses in Q4, amounting to 710.47 billion yuan and 2.12 billion yuan respectively, but ended the year with profits of 1,125.22 billion yuan and 186.38 billion yuan [4] - Fixed-income products, including bond and money market funds, contributed significantly to profits, with bond funds earning 580.81 billion yuan and money market funds 443.13 billion yuan [4] Fund Company Performance - Among 167 fund companies, 108 reported positive profits, with over 60% achieving profitability [5] - Notable performers included Guotou Ruijin Fund, which led the industry with a profit of 72.82 billion yuan [5] Stock Holdings Adjustments - Public funds increased their holdings in 83 new stocks by the end of Q4 2025, with a focus on technology and cyclical sectors [7] - Ningde Times remained the top holding stock, despite a reduction of 1,993 million shares, while Zhongji Xuchuang became the most held stock among active funds [10][11] Sector Focus - The communication sector, particularly in optical modules, saw increased institutional investment, with Zhongji Xuchuang and Xinye Technology becoming top holdings [10] - The top three sectors for public fund investments were electronics, power equipment, and communication, with significant capital allocated to these areas [13]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

科技商业观察家。爆品战略提出者。 作者：云摇 来源：金错刀 2026年第一批被抢空的爆款，竟然是飞天茅台。 以下文章来源于金错刀 ，作者云摇 金错刀 . 与茅台的热闹形成刺眼对比的是，遍地狼藉的烟酒店。 中国烟酒流通协会数据显示，2025年全国烟酒店数量锐减约19%，相当于一年消失了32万家。过 去5年里，全国已有超130万家烟酒店倒闭，平均每天有近900家店旺铺转让。 曾几何时，名烟名酒的招牌是街头巷尾最坚挺的风景线，开烟酒店更是很多人心中旱涝保收的铁饭 碗。只要一手握着烟草专卖证，一手握着几个单位团购客户就能年入百万，有的甚至能开成"传家 店"。 如今这场席卷全国的关闭潮，彻底撕碎了烟酒店的躺赚神话。 01 中年人最爱的烟酒店，成了烫手山芋 烟酒店这门生意，兴起于上世纪90年代，最早由河南许昌、商丘等地的农民进城经营，以老乡传帮 带的方式迅速在全国开枝散叶。 ----------------------------- 开年第一天，i茅台上架1499元的飞天茅台，每人每天限购12瓶，前1分钟服务器直接崩溃，哪怕 平台每隔5分钟补货一次 都被瞬间抢空 ，仅半小时就全部售罄。 在信息不透明的年代，店主靠着价格差 ...

[Table_Page] 深度分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 25Q4 持仓分析：白酒再降，大众品回暖 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-01-25 | [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 04/25 06/25 08/25 11/25 01/26 食品饮料 沪深300 [分析师： Table_Author]符蓉 SAC 执证号：S0260523120002 SFC CE No. BWC944 021-38003552 furong@gf.com.cn 分析师： 周源 SAC 执证号：S0260525040003 fzzhouyuan@gf.com.cn 请注意，周源并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | | | | 食品饮料行业:如何布局零食 | 2026-01-20 | | --- | --- | | "春季 ...