Xin Lang Ji Jin·2025-07-25 11:58Core Viewpoint - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) declining by 1.28% as of the close on July 25, 2025, despite a recent trend of recovery in stock prices over a longer time frame [1][3]. Group 1: Market Performance - The leading stocks in the liquor segment, including Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, saw declines exceeding 2%, while Wuliangye and Shede Liquor fell over 1% [1]. - The Food ETF (515710) has a current price-to-earnings ratio of 20.72, which is at the 6.27% percentile of the past decade, indicating a favorable long-term investment opportunity [4]. Group 2: Sector Outlook - According to CICC, the food and beverage sector is expected to stabilize and improve marginally due to ongoing government policies aimed at boosting domestic demand and consumption [3]. - East Asia Securities suggests that as economic stimulus policies are implemented, the overall sentiment in the food and beverage sector may improve in the second half of the year [5]. - Longjiang Securities notes that the food and beverage industry is undergoing significant changes on both the supply and demand sides, with a shift in product strategies indicating a cyclical transformation in the industry [5]. Group 3: Key Holdings - The top holdings in the Food ETF (515710) include leading liquor companies such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, which collectively account for 27.04% of the ETF's holdings as of the second quarter of 2025 [3][4]. - The ETF's portfolio is heavily weighted towards high-end and mid-range liquor stocks, with approximately 60% allocated to these segments, while the remaining 40% includes leading companies in beverages, dairy, and condiments [6].