三季报窗口期，食品饮料板块获资金持续关注

Core Viewpoint - The food and beverage sector is experiencing increased capital attention, with valuation recovery logic strengthening as the third-quarter report disclosure period approaches [1][2]. Industry Analysis - The food and beverage sector shows a divergence in sub-segments, revealing hidden opportunities. The liquor sector exhibits characteristics of "bottom improvement + stable leaders," with Guizhou Moutai's terminal sales increasing approximately 100% month-on-month since September, indicating resilience among leading brands [1]. - The consumer goods segment highlights structural differences, with snacks, beverages, pet food, and health products maintaining high prosperity. Leading brands like Dongpeng Beverage achieve profit growth outpacing revenue through new product iterations, while traditional categories like dairy and condiments are in a transitional phase of inventory destocking and demand recovery [1]. Cost and Policy Support - The cost side and policy environment provide dual support. Raw material prices continue to decline, and although the rate of decrease has narrowed, improved supply chain efficiency for some companies ensures profitability remains protected [1]. - Current dynamic PE for the sector is within a reasonable range. With the restaurant industry recovering month-on-month post-September and liquor inventory reduction progressing, the resonance of supply clearing and valuation bottoming is a key focus area [1]. Investment Trends - The food and beverage ETF has attracted significant capital, with a net inflow of 1.7 billion yuan over seven consecutive trading days. The sector's valuation remains low, presenting a favorable allocation opportunity [2]. - The food and beverage ETF tracks the CSI sub-sector food and beverage industry theme index, focusing on high-barrier and resilient segments like liquor, beverages, dairy, and condiments. The top ten constituent stocks include major brands, providing investors with a convenient tool for exposure to core assets in the "food and beverage" sector [2].