白酒板块走强，食品饮料板块迎新增长点

Core Viewpoint - Shede Liquor Industry reported a 25% year-on-year decline in total revenue for the first half of 2025, amounting to 2.701 billion yuan, with a corresponding net profit of 443 million yuan, also down 25% year-on-year. However, the second quarter showed a profit increase, indicating a recovery in profit margins, which has boosted market confidence in the liquor sector [1] Group 1: Financial Performance - Total revenue for Shede Liquor in the first half of 2025 was 2.701 billion yuan, a 25% decrease compared to the previous year [1] - The net profit attributable to shareholders was 443 million yuan, also reflecting a 25% year-on-year decline [1] - The second quarter net profit showed growth, suggesting a recovery in profit margins [1] Group 2: Market Sentiment and Trends - The market's confidence in the liquor sector has been restored due to the profit recovery in the second quarter and ongoing policy support for consumption [1] - Expectations for consumer recovery have significantly increased, driven by continuous mid-year report disclosures and signals of potential interest rate cuts from the Federal Reserve [1] - The Food and Beverage ETF (515170) has gained over 2.5% with significant net inflows, indicating strong market interest [1] Group 3: Stock Performance - Shede Liquor's stock hit the upper limit, with other stocks like Shui Jing Fang, Gu Jing Gong Jiu, and Luzhou Laojiao also rising over 6% [1] - Huaxin Securities noted that the negative expectations for the second quarter have been fully released, and there is a marginal recovery in sales for the third quarter, enhancing the cost-effectiveness of the sector [1] Group 4: Investment Tools - The Food and Beverage ETF (515170) tracks the CSI segmented food and beverage industry index, focusing on high-barrier and resilient sectors such as liquor, beverages, and fermented products [1] - The top ten constituent stocks include major brands, providing investors with a convenient way to access core assets in the "food and beverage" sector with lower investment thresholds compared to individual stocks [1]