消费分化中寻机遇，食品饮料板块结构性机会凸显

Core Insights - The food and beverage sector is presenting structural investment opportunities, particularly highlighted by the impressive online sales performance of liquor during the holiday season, with JD's Qixian platform seeing a year-on-year increase in liquor sales exceeding 100% and Douyin's liquor sales growing by 58% month-on-month, indicating resilient consumer demand [1] - Progress has been made in industry standardization with the official release of the twelve-spice standard sample, further regulating the industry's quality system [1] Sector Performance - There is a noticeable divergence in performance across sub-sectors, with research indicating that segments such as snacks, beverages, pet products, and health supplements maintain a high level of prosperity, while traditional consumer goods like dairy products, condiments, and beer show relatively flat demand [1] - On the cost side, the prices of major raw materials continue to decline, although the rate of decrease has narrowed, while packaging material prices have increased month-on-month [1] Liquor Sector Dynamics - The liquor sector faces pressure from government and business demand; however, banquet and mass consumption remain stable, with improved sales performance month-on-month [1] - In the current market environment, it is recommended to focus on leading companies in sub-sectors with performance certainty and those benefiting from consumption upgrades to seize structural investment opportunities [1] Investment Tools - Compared to the high minimum investment thresholds of component stocks, ETFs serve as a convenient tool for small capital to participate in sector investments. The food and beverage ETF (515170) tracks the CSI sub-sector food and beverage industry theme index, focusing on high-barrier and resilient sectors such as liquor, beverages, dairy products, and fermented condiments, aiding investors in easily allocating core assets in the "food and beverage sector" [1]