Group 1 - The year 2025 marks a critical moment for global investors to reassess Chinese assets, with high-quality Chinese companies gaining international attention [1] - The success of these companies highlights the resilience and innovative potential of the Chinese economy, sparking renewed interest from international capital [1][6] - Chinese assets are becoming an indispensable part of international investment portfolios due to their unique appeal amid changing global economic dynamics [1] Group 2 - Recent market movements indicate a shift from small-cap stocks to core assets, as analysts predict a significant change in market style [2][4] - Core assets have played a crucial role in stabilizing the A-share market, with major banks' stocks acting as a stabilizing force for the overall index [2][4] - The potential for a significant index bull market is low, with a more likely scenario being a slow and steady market growth driven by core assets [4] Group 3 - Chinese assets have shown strong anti-drawdown capabilities, particularly in the first half of the year, attracting risk-averse funds during a downturn in Western markets [6] - The emergence of companies like the "Hangzhou Six Little Dragons" and "New Consumption Four Sisters" reflects the optimism of global investors towards Chinese technology and consumption sectors [6][7] - Compared to U.S. core assets, Chinese core assets are significantly undervalued, with the average valuation of the CSI 300 at 13 times and the Hang Seng Index at around 11 times, compared to over 30 times for U.S. indices [7] Group 4 - The current phase for Chinese assets is characterized by low valuations and the release of policy dividends, enhancing investment safety and potential profitability [7] - Korean investors are increasingly buying Chinese stocks, particularly in technology and emerging industries, indicating a shift in global investment attitudes towards China [7] - The ongoing IPO process of Yushu Technology is drawing attention, with its capital structure becoming clearer as it progresses through multiple funding rounds [10][12][14] Group 5 - Yushu Technology's revenue primarily comes from B2B orders from research institutions and AI companies, with its consumer market yet to fully open [16] - Notable investment strategies include focusing on high-quality companies with clear competitive advantages, as demonstrated by significant increases in holdings of leading consumer and technology stocks [19] - The investment landscape is advised to follow major trends and policies, with recommendations to focus on stable sectors while exploring emerging opportunities [20]

Investment Rating - The food and beverage industry maintains an "Outperform the Market" rating [4][5][37] Core Viewpoints - The food and beverage industry has a fund holding ratio of 6.2%, which is a decrease of 1.86 percentage points from the previous quarter, ranking fifth among Shenwan's primary industries. The overall overweight ratio for the industry is 1.37%, which has decreased by 1.34 percentage points [1][12] - The liquor sector remains the most heavily weighted, but its overweight ratio has declined, while the consumer goods sector has seen an increase in fund holdings [2][17] Summary by Sections Fund Holdings Analysis - In Q2 2025, the liquor sector's fund holding ratio decreased by 2.07 percentage points to 4.5%, with an overweight ratio down by 1.52 percentage points to 1.35%. Excluding Moutai, the liquor sector's fund holding ratio fell by 1.61 percentage points to 2.61% [2][17] - The consumer goods sector saw increases in fund holdings for soft drinks, snacks, and condiments, with the soft drink sector's fund holding ratio rising by 0.15 percentage points to 0.41% [2][18] Individual Stock Performance - Major liquor stocks such as Kweichow Moutai and Wuliangye saw a decrease in the number of funds holding their shares, with Moutai's holding ratio dropping to 1.88% and Wuliangye's to 0.89% [29][30] - In contrast, stocks like Dongpeng Beverage and Yanjing Beer received increased allocations, with Dongpeng's holding ratio rising to 0.35% [29][30]

Core Viewpoint - After four consecutive years of decline in the liquor sector, top fund manager Zhang Kun has significantly increased his holdings in high-end liquor stocks, believing that pessimistic expectations will eventually be broken [2][11]. Fund Performance - In Q2, all four funds managed by Zhang Kun underperformed their respective benchmarks, with total assets under management dropping to 55.047 billion yuan, a decrease of 9.50% from the previous quarter [4][6]. - The specific returns for the funds in Q2 were -7.15%, -7.07%, -5.64%, and 8.79%, while their benchmarks grew by 1.92%, 1.55%, 1.92%, and 10.13% respectively [4]. Fund Holdings and Adjustments - Zhang Kun's funds increased their positions in several high-end liquor stocks, including Wuliangye, Luzhou Laojiao, Kweichow Moutai, and Shanxi Fenjiu, while Yanghe exited the top ten holdings [2][7]. - The largest fund, E Fund Blue Chip Select, had a total size of 34.943 billion yuan at the end of Q2, with a significant increase in concentration among its top ten holdings from 74.51% to 83.84% [7][9]. Market Outlook - Zhang Kun does not agree with the pessimistic outlook on domestic demand and the economy, asserting that China will continue to progress towards its goal of reaching a GDP per capita level of a moderately developed country by 2035 [11][12]. - He emphasizes that the valuation of the companies in his portfolio already reflects expectations of future profit declines, making them attractive for long-term investors due to low valuations and substantial shareholder returns [12].

Core Insights - Two major liquor giants have established technology companies within a week, with one registering a capital of 100 million RMB and the other investing 1 billion RMB to enhance technological research and development for industry upgrades [1]. Group 1: Company Initiatives - Yibin Wuliangye Technology Innovation Co., Ltd. was established on July 17 with a registered capital of 100 million RMB, focusing on technology intermediary services, fermentation process optimization, and engineering research [3]. - Guizhou Moutai announced the establishment of Guizhou Moutai Distillery (Group) Science and Technology Research Institute with a total investment of 490 million RMB from Moutai and 510 million RMB from its group, focusing on various technology services and research [3][5]. Group 2: Industry Impact - The establishment of research institutes by these industry leaders is expected to significantly drive the transformation and modernization of the liquor industry, promoting digitalization and green development [5]. - The focus on technological innovation is crucial for maintaining traditional brewing techniques and ensuring product quality, which will enhance the core competitiveness of the companies and promote high-quality development [5].

2025年7月22日，2025年《财富》中国500强排行榜发布。共有5家头部白酒企业上榜，与上年数量相同，但内部位次已经发生了巨变。 金通社注意到，《财富》榜单中白酒企业排名，有以下几个突出特点： 第一，在这个榜单中，白酒老大不是茅台，而是五粮液。这是由于茅台与五粮液由于选取的排名实体不同，五粮液选取的是五粮液集团有限公司，而茅台 选取的是茅台股份有限公司。 第二，茅台虽在这个榜单不是营收老大，但牢牢占据利润率排名榜首，不仅是整个榜单利润率最高的公司，也是白酒行业最赚钱公司；而泸州老窖是利润 率排名第二的公司，仅次于茅台；五粮液的利润率排名，甚连前40名都没有进入。 第三，白酒"探花"生变。上一年是洋河，今年洋河被山西汾酒和泸州老窖反超，山西汾酒是新科"探花"。 第四，洋河名次下滑，不仅营收下滑严重，利润下滑更为严重，净利润被山西汾酒和泸州老窖超越更多。 这与上市公司贵州茅台和五粮液的排名恰好相反。上市公司2024年财报显示，贵州茅台实现营收1708.99亿元，是五粮液891.75亿元的近两倍；贵州茅台的 净利润是862.28亿元，是五粮液318.53亿元的近三倍。而且，贵州茅台2024年的营收净利增幅均为两 ...

21世纪经济报道特约记者 庞华玮 在白酒板块连续4年下跌之后，顶流基金经理张坤开始大举加仓白酒股。 2025年二季度显示，易方达基金基金经理张坤旗下三只基金同步加仓多只高端白酒股——易方达蓝筹精 选、易方达优质精选、易方达优质企业三年持有均增持了五粮液（000858）（000858.SZ）、泸州老窖 （000568）（000568.SZ）、贵州茅台（600519）（600519.SH）、山西汾酒（600809） （600809.SH）。 不过，洋河股份（002304）（002304.SZ）退出了前十大重仓股。 从长期投资者的维度，张坤认为，"悲观预期会在某个时刻被打破"，虽然难以判断具体的时点，但是投 资上判断什么发生比判断什么时候发生要重要得多。 "我们认为持仓公司的估值已经反映了未来盈利下滑甚至大幅下滑的预期，低估值叠加可观的股东回报 的保护，对长期投资者来说是很有吸引力的。"张坤表示。 业绩和规模不理想 二季度，张坤在管的4只基金均跑输了同期业绩比较基准，在管总规模跌至550.47亿元。 具体来看，二季度，易方达蓝筹精选、易方达优质精选、易方达优质企业、易方达亚洲精选的回报分别 为-7.15%、-7.0 ...

Core Viewpoint - Leading Chinese liquor companies, Kweichow Moutai and Wuliangye, are increasing their investments in technology research and development to enhance product quality and maintain market share during a period of industry adjustment [2][3]. Group 1: Company Initiatives - Kweichow Moutai announced the establishment of the Guizhou Moutai Distillery (Group) Science and Technology Research Institute with a registered capital of 1 billion RMB, where Moutai contributes 490 million RMB (49% stake) and Moutai Group contributes 510 million RMB (51% stake) [2]. - Wuliangye established Yibin Wuliangye Technology Innovation Co., Ltd. with a registered capital of 100 million RMB, focusing on technology intermediary services, fermentation process optimization, and engineering research [2]. - Both companies have shown a consistent increase in R&D expenditures, with Kweichow Moutai's R&D expenses projected to reach 218 million RMB in 2024, and Wuliangye's expected to reach 405 million RMB [2][3]. Group 2: Research Focus - The technology research in the liquor industry primarily revolves around raw materials, production, fermentation technology, and microbiological studies [2]. - Kweichow Moutai has released its "Top Ten Scientific Achievements for 2024," which includes advancements in raw material breeding and brewing microorganisms, such as the establishment of a high-temperature Daqu protein group analysis technology system [3]. - Wuliangye has publicly disclosed a "fingerprint" map of over 3,000 flavor substances in its liquor and has identified four new bacterial strains, showcasing its research capabilities [3]. Group 3: Future Research Directions - The China Alcoholic Drinks Association has indicated that future research in the liquor industry should focus on flavor personalization, micro-ecological studies, distillation technology innovation, low-alcohol flavor enhancement, storage technology, and high-value utilization of by-products [4].

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is facing intensified competition and is increasingly looking to international markets for growth opportunities amid domestic market pressures [1]. Group 1: Market Trends - The Wind baijiu index has shown a downward trend since May, with a cumulative decline of 8.01%, and Kweichow Moutai's stock price has decreased by 3.45% [1]. - Kweichow Moutai is focusing on East Asia and South Asia for international expansion, with operations in 64 countries and regions [1]. - Wuliangye plans to establish brand cultural experience spaces in over 50 cities worldwide to enhance cultural recognition of Chinese baijiu among overseas consumers [1]. Group 2: Environmental, Social, and Governance (ESG) Practices - ESG management is becoming a key focus for baijiu companies as they expand internationally, with a complete ESG management system seen as beneficial for overseas operations [1]. - Kweichow Moutai's environmental investment reached 302 million yuan in 2024, a 45.20% increase year-on-year, significantly outpacing its revenue growth of 15.71% [3]. - Wuliangye's environmental investment surged by 176% to 690 million yuan, while its revenue grew by 7.09% [3]. Group 3: Carbon Emissions and Reporting - Kweichow Moutai's greenhouse gas emissions increased by 13.96% overall, with scope 1 emissions rising by 17.52% and scope 2 emissions decreasing by 74.33% [5]. - Wuliangye and Yanghe's carbon emissions decreased by 1.55% and 2.3%, respectively, with Wuliangye significantly increasing its scope 3 emissions reporting from 0.78 million tons to 12.08 million tons due to expanded reporting categories [6][7]. - Kweichow Moutai did not disclose specific scope 3 emissions but indicated that purchased goods and services accounted for 76.43% of its carbon emissions [7]. Group 4: Industry Challenges and Opportunities - The baijiu industry faces challenges in international markets, including strict environmental regulations and diverse consumer demands [1][13]. - The establishment of a robust ESG framework is seen as essential for enhancing international competitiveness and compliance [14]. - The need for standardized reporting and clear regulatory requirements for scope 3 emissions is emphasized to improve comparability and operational feasibility for companies [10][12].

（原标题：食品饮料行业今日涨1.73%，主力资金净流入21.37亿元） 沪指7月22日上涨0.62%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为煤炭、建筑材料，涨幅分别为6.18%、4.49%。食品饮料行业今 日上涨1.73%。跌幅居前的行业为银行、计算机，跌幅分别为0.98%、0.73%。 食品饮料行业今日上涨1.73%，全天主力资金净流入21.37亿元，该行业所属的个股共123只，今日上涨的有89只，涨停的有1只；下跌的有32只。 以资金流向数据进行统计，该行业资金净流入的个股有63只，其中，净流入资金超5000万元的有9只，净流入资金居首的是贵州茅台，今日净流入 资金8.00亿元，紧随其后的是五粮液、山西汾酒，净流入资金分别为3.82亿元、1.63亿元。食品饮料行业资金净流出个股中，资金净流出超千万元 的有6只，净流出资金居前的有莲花控股、皇氏集团、良品铺子，净流出资金分别为3962.87万元、3104.32万元、2083.92万元。（数据宝） 食品饮料行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | -- ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, with a specific focus on the beverage sector and new consumer retail [1]. Core Insights - The food and beverage sector has seen a decline in holdings, primarily due to a significant reduction in the allocation to liquor, particularly high-end brands [10][11]. - The report emphasizes a shift towards consumer staples and highlights the resilience of leading companies in the beverage sector [28]. Summary by Sections 1. Decline in Food and Beverage Holdings - As of Q2 2025, the proportion of active equity funds in the food and beverage sector decreased to 5.5%, down 1.82 percentage points from Q1 2025 [10][14]. - The decline in liquor holdings is attributed to ongoing pressure on the liquor market, with a notable drop in the allocation to high-end liquor brands [11][12]. 2. Liquor Sector Adjustments - The allocation to liquor decreased by 1.96 percentage points to 3.98% in Q2 2025, with major consumer funds showing a significant reduction in liquor holdings [12][18]. - The report identifies a trend of reduced holdings in high-end liquor brands such as Kweichow Moutai and Wuliangye, while some consumer staples have seen increased allocations [23][28]. 3. Investment Recommendations - The report suggests focusing on five key sectors: beverages, new consumer retail, dairy, liquor, and health products [28]. - Specific recommendations include buying opportunities in Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye, as the market adjusts to current conditions [28].