KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-10-28 07:29Market Overview - The Shanghai Composite Index successfully broke through the 4000-point mark but experienced a pullback, with the Consumption ETF (159928) closing down 0.48% and a total trading volume of 580 million yuan [1] - The Consumption ETF (159928) saw a net subscription of 11 million shares throughout the day, accumulating over 1.06 billion yuan in the last 10 days [1] - As of October 27, the latest scale of the Consumption ETF (159928) exceeded 20.8 billion yuan, leading its peers significantly [1] Hong Kong Market - The Hong Kong Stock Connect Consumption 50 ETF (159268) experienced a significant pullback, dropping over 2% with a trading volume exceeding 44 million yuan [3] - In the past 20 days, the ETF has attracted over 330 million yuan in net inflows [3] - Major component stocks in the ETF, including Anta Sports and Nongfu Spring, saw declines of over 2% [3] Company News - Guizhou Moutai's chairman, Zhang Deqin, resigned due to work adjustments, effective upon the board's receipt of his resignation letter [5][6] - The wholesale reference price for 53-degree 500ml Moutai fell to 1690 yuan, marking a 25 yuan decrease and the first time it has dropped below 1700 yuan since its listing [7] Industry Insights - The third-quarter reports are expected to show continued pressure on traditional consumer sectors, particularly in the liquor industry, with a potential slowdown in performance growth [8] - The white liquor sector is anticipated to experience both performance and valuation bottoms, suggesting a strategic opportunity for investment [8] - New consumption attributes are performing well, with companies like Dongpeng Beverage reporting significant revenue and profit growth [8] Consumption Trends - The "14th Five-Year Plan" emphasizes the role of domestic demand, with a shift towards new demand leading supply, indicating a favorable environment for new consumption channels and categories [9][10] - The focus on health and functional products is increasing, with emerging categories like coconut water and health foods expected to benefit [10] - The dairy sector is projected to gain from policies aimed at boosting birth rates, positively impacting markets for liquid milk and infant formula [10][11] ETF Composition - The Consumption ETF (159928) has a significant allocation to top stocks, with the top ten holdings accounting for over 68% of the total weight, including major liquor brands and dairy companies [11][12]