白酒行业或步入实质去库周期，渠道信心有望回暖，消费ETF嘉实(512600)份额创成立以来新高！

Core Viewpoint - The consumer sector shows mixed performance with the main consumption index slightly down, while specific stocks like Guizhou Moutai and Shanxi Fenjiu have seen gains, indicating a resilient yet volatile market environment [1][5]. Group 1: Market Performance - As of October 28, 2025, the main consumption index from Zhongzheng has decreased by 0.02% [1]. - Among component stocks, Guibao Pet led with a rise of 3.65%, while other notable gainers included Shanxi Fenjiu at 2.02% and Luzhou Laojiao at 1.37% [1]. - Conversely, Bairun Holdings led the decline, followed by Xinruowei and Yangyuan Beverage [1]. Group 2: ETF Performance - The consumption ETF from Jiashi (512600) experienced a turnover of 0.53% with a transaction volume of 3.9569 million yuan [3]. - Over the past week, the ETF's scale increased by 2.3685 million yuan, ranking first among comparable funds [3]. - The latest share count for the ETF reached 1.058 billion, marking a new high since its inception [3]. - The ETF saw a net inflow of 4.5792 million yuan recently, with a total of 14.7272 million yuan net inflow over the last five trading days [3]. Group 3: Historical Performance and Valuation - As of October 27, 2025, the Jiashi consumption ETF has achieved a net value increase of 1.45% over the past six months, placing it among the top two in its category [3]. - The ETF's highest single-month return since inception was 24.50%, with the longest consecutive monthly gain being seven months and a maximum increase of 66.83% [3]. - The average monthly return during rising months was 6.05% [3]. - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 19.19, which is below the 81.18% historical average over the past year, indicating a low valuation [3]. Group 4: Industry Outlook - The food and beverage sector is primarily driven by growth, with leading beverage companies maintaining structural prosperity due to single-product drivers [6]. - The white liquor industry is currently experiencing subdued expectations, with the upcoming quarterly reports being a critical observation point [6]. - External factors are expected to diminish, and adjustments in liquor company strategies may lead to a substantial destocking cycle, potentially restoring confidence in distribution channels [6]. - Investors can consider the Jiashi consumption ETF linked fund (009180) to capitalize on the anticipated recovery in consumer spending [6].