茅台酱香酒市场回暖，食品饮料板块配置性价比凸显

Core Insights - The food and beverage sector is showing multiple key signals of recovery, supported by leading companies' market updates and broker opinions, providing clear reference directions for investors [1] - Guizhou Moutai's recent marketing meeting highlighted positive market feedback and analysis, indicating a stabilization in the market from June to August, with a noticeable recovery in sales activity from September [1] Company Performance - Guizhou Moutai's core product, Moutai 1935, has shown significant year-on-year sales growth, with a healthy channel inventory ratio, demonstrating strong market resilience and competitive strength [1] - The company is a major holding in the food and beverage ETF, accounting for 14.8% of the portfolio, indicating its importance in the sector [2] Market Outlook - CITIC Construction pointed out that national policies promoting reduced competition are beneficial for price stabilization, which is expected to support high-quality development and improve market expectations for future economic growth and consumption [1] - The food and beverage sector is currently at a low valuation, presenting a favorable investment opportunity, as evidenced by the food and beverage ETF attracting significant capital inflows of 814 million yuan over the past four trading days [2]