KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-30 06:01Group 1 - The Tianhong Food and Beverage ETF (159736) experienced a volatile trading session on September 30, closing down 0.42% with a premium rate of 0.04, and recorded a trading volume exceeding 140 million yuan, with a net subscription of 54 million units during the session [1] - The ETF has seen continuous net inflows for 10 consecutive trading days, accumulating nearly 180 million yuan, with a latest circulating share count of 7.634 billion units and a circulating scale of 5.5 billion yuan as of September 29 [1] - The Tianhong Food and Beverage ETF closely tracks the CSI Food and Beverage Index, which selects stocks from the beverage, packaged food, and meat industries based on the CSI All Share Index [1] Group 2 - According to CITIC Securities, the bottom of the industry fundamentals is expected to appear in the third quarter of 2025, with the third quarter of this year anticipated to be the most challenging period for industry sales, prices, and market confidence [2] - The second half of this year is projected to be the most challenging period for the financial performance of listed companies in the liquor industry, but a gradual recovery trend is expected thereafter, indicating potential bottom-fishing opportunities in the liquor sector [2]