Sou Hu Cai Jing·2025-05-28 02:24Core Viewpoint - The consumer sector is expected to improve due to increased domestic demand policies and declining upstream raw material prices, leading to a potential recovery in the food and beverage industry [2]. Group 1: Market Performance - As of May 28, 2025, the CSI Major Consumer Index (000932) rose by 0.52%, with significant gains in constituent stocks such as BaiRun Co. (002568) up 5.42% and Dongpeng Beverage (605499) up 3.59% [1]. - The Major Consumer ETF (159672) also increased by 0.52%, with the latest price at 0.78 yuan [1]. Group 2: Industry Insights - The white liquor industry is currently in a destocking phase, with a potential recovery in business demand expected in 2025 due to economic stimulus policies. This includes a rebound in wedding banquets and graduation celebrations, which may alleviate inventory pressure [2]. - In the mass food sector, demand recovery and cost reductions are anticipated, with the restaurant industry's revival likely to boost the demand for the food supply chain. Certain sub-sectors are experiencing declining raw material costs, benefiting profit margins and overall performance [2]. Group 3: ETF Performance and Valuation - The Major Consumer ETF has recorded a maximum monthly return of 24.35% since its inception, with an average return of 5.36% during rising months [3]. - As of May 27, 2025, the ETF's maximum drawdown this year was 5.57%, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [3]. - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumer Index is 19.72, indicating it is at a historical low, below 95.63% of the past year [3]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Major Consumer Index accounted for 67.16% of the index, including Yili Co. (600887) and Kweichow Moutai (600519) [3].