白酒板块估值大幅压缩，近期资金加速流入白酒基金LOF（161725），机构看好板块修复前景

Group 1 - The white liquor sector showed strong performance on August 29, with stocks like Jinhui Liquor hitting the daily limit, and others like Shede Liquor and Laobai Gan Liquor rising over 6% [1] - The white liquor fund LOF (161725) increased by 2.84% with a trading volume of 34 million yuan in the morning session [1] Group 2 - Public fund holdings in the white liquor sector have significantly decreased, with active fund holdings dropping by 1.96 percentage points to 3.98% in Q2 2025 [2] - The market value of heavy holdings in white liquor stocks accounted for 6.79% of the total stock investment value of funds, down 1.71 percentage points from the previous quarter [2] - The China Securities White Liquor Index has been in continuous decline since 2021, with a year-to-date drop of 3.55% as of August 28, and the latest price-to-earnings ratio at 19 times [2] Group 3 - Despite the valuation compression in the white liquor sector, there has been a gradual inflow of funds, with the white liquor fund LOF (161725) receiving over 580 million yuan in net inflows this year [5] - In the past nine trading days, the fund saw a net inflow of 240 million yuan, indicating an accelerating trend [5] Group 4 - Huayuan Securities believes that the current valuation of the white liquor sector is at a historically low level, with signs of recovery in the industry [6] - The industry has experienced significant clearing, with indicators such as declining profits for distributors and a recovery in actual demand [6] - Pacific Securities notes that the market has already recognized the short-term performance pressures on white liquor companies, with core concerns focusing on sales feedback and price transmission [7] Group 5 - Dongxing Securities highlights that the current white liquor cycle is influenced by both the industry cycle and macroeconomic trends, with improving demand expected during the upcoming Mid-Autumn Festival and National Day [7] - The A-share market reached a 10-year high in August 2025, indicating significant liquidity improvements [7] - The white liquor stocks are seen as being on the verge of a rebound in asset pricing, despite expectations of a weak recovery in consumption [7]