SCS(SH:601555) Xin Lang Cai Jing·2025-10-31 00:08Core Viewpoint - The report from Dongwu Securities indicates a continued decline in the holdings of active equity funds in the food and beverage sector, particularly in the liquor and consumer goods segments, with a notable decrease in the proportion of white liquor holdings [1] Group 1: Fund Holdings - The proportion of active equity funds in the food and beverage sector decreased from 8.16% in 24Q3 to 4.17% in 25Q3, reflecting a decline of 1.45 percentage points [1] - The white liquor holdings decreased by 0.77 percentage points to 3.21% in 25Q3 [1] - Other segments such as beer, dairy beverages, food processing, leisure foods, and seasoning products also saw slight declines in holdings, with changes of -0.22%, -0.25%, -0.06%, -0.15%, +0.01%, and -0.01% respectively [1] Group 2: Market Trends - The market is currently favoring sectors such as technology, manufacturing, new consumption, and finance, which are benefiting from the economic structural transformation [1] - The white liquor sector is in a phase of accelerated bottoming, with companies focusing on improving their financial statements and clearing channels to stabilize order and strengthen long-term development [1] - The growth expectations for consumer goods are relatively fulfilled in the short term, and the market is awaiting confirmation of growth rates during the peak season [1]