A股大盘新高之际，吃喝板块估值跌至十年低位！食品ETF（515710）盘中跌超1%

Core Viewpoint - The food and beverage sector is experiencing a decline despite the overall market reaching new highs, indicating a potential opportunity for investment as valuations remain low [1] Group 1: Market Performance - The food ETF (515710) has decreased by 1.13% as of October 24, reflecting the overall downturn in the food and beverage sector [1] - As of October 23, the price-to-earnings ratio of the food ETF's underlying index is 20.49, which is at the 7th percentile of the past decade, suggesting a favorable configuration for long-term investment [1] Group 2: Policy and Economic Outlook - Recent important meetings have emphasized the need to build a strong domestic market and accelerate the construction of a new development pattern, focusing on expanding domestic demand and enhancing consumer spending [1] - The government aims to stimulate consumption and investment while ensuring a positive interaction between supply and demand, which could enhance the internal dynamics of the domestic economy [1] Group 3: Industry Recovery Signals - According to Guosen Securities, the demand in the restaurant supply chain is gradually recovering, and there are positive signals from the supply side, such as frequent mergers among leading companies, which are increasing industry concentration [1] - Historical trends suggest that with low expectations in the capital market and low institutional holdings, any changes in supply and demand could catalyze stock price increases in the fourth quarter [1] Group 4: ETF Composition - The food ETF (515710) tracks the CSI segmented food and beverage industry theme index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in leading stocks from beverage, dairy, seasoning, and beer sectors [2] - Major holdings include well-known brands such as Moutai, Wuliangye, Luzhou Laojiao, and Yili, as well as Haitian Flavoring [2]