吃喝板块继续回调，估值已至十年底部！资金越跌越买，食品ETF（515710）20日吸金近2亿元！

Core Viewpoint - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing volatility in its performance, reflecting broader market trends [1][3]. Market Performance - The Food ETF (515710) opened weakly but later attempted to recover before declining again, currently down by 0.48% [1]. - Major consumer goods stocks, particularly in the liquor segment, are underperforming, with several stocks like Yanjinpuzi and Guangzhou Restaurant dropping over 2% [1]. Fund Flows - The Food ETF (515710) has seen significant inflows, with a net subscription of over 95 million yuan in the last five trading days and over 190 million yuan in the past 20 days [3]. Industry Trends - The liquor industry is shifting towards quality enhancement, brand influence, and cultural expression, with younger consumers favoring personalized and lower-alcohol options [3]. - The upcoming Mid-Autumn Festival and National Day are expected to impact liquor sales, with a focus on the performance of mid-range and resilient regional brands [4]. Valuation Insights - The food and beverage sector is currently at a low valuation, with the Food ETF's underlying index PE ratio at 20.49, which is in the lower 6.46% percentile over the past decade, indicating a potential good entry point for investors [3]. Future Outlook - The liquor sector is expected to face challenges in the short term due to policy impacts and demand pressures, but a recovery is anticipated in the latter half of the year as conditions improve [4]. - The sales channels for liquor are showing a mixed performance, with traditional channels under pressure while new retail formats are growing rapidly [4][5].