KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-10-31 03:31Group 1: Consumption ETF Performance - The Consumption ETF managed by Jiashi has seen a trading volume of 5.0133 million yuan, with a scale increase of 6.5861 million yuan over the past week [2] - The fund's shares increased by 13 million over the same period, and in the last five trading days, there were net inflows on four days, totaling 13.7297 million yuan [2] - As of October 30, the net value of the ETF has risen by 1.14% over the past six months, ranking in the top two among comparable funds [2] Group 2: Historical Performance and Returns - Since its inception, the ETF has recorded a highest monthly return of 24.50%, with the longest streak of consecutive monthly gains being seven months and a maximum cumulative gain of 66.83% [2] - The average return during the rising months is 6.05%, and the annualized excess return over the benchmark for the past six months is 5.37% [2] Group 3: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 19.2 times, which is in the 7.45% percentile over the past three years, indicating a valuation lower than 92.55% of the time in the last three years [2] Group 4: Industry Insights - Kweichow Moutai reported a total operating revenue of 130.9 billion yuan for Q3 2025, reflecting a year-on-year growth of 6.3%, with a net profit attributable to shareholders of 64.63 billion yuan, also up by 6.2% [4] - In Q3 2025, the company achieved an operating revenue of 39.81 billion yuan, a slight increase of 0.3%, and a net profit of 19.22 billion yuan, growing by 0.5% [4] Group 5: Market Trends and Consumer Behavior - According to招商证券, the Q3 sales of liquor improved sequentially, but the financial reports continue to show a clearing trend, with pressure on government and business demand [5] - The performance of consumer goods is mixed, with snacks, beverages, pet products, and health products showing good demand, while traditional consumer goods like dairy, condiments, and beer are experiencing flat demand [5] - The SW liquor index fell by 1.12% last week, indicating that the industry is currently in a "supply clearing" phase, with expectations of pressure in the Q3 reports [5]