Sou Hu Cai Jing·2025-11-05 10:51Core Viewpoint - The active funds have continued to reduce their holdings in the liquor sector during the third quarter, influenced by the underperformance of liquor stocks compared to broader indices, leading to a passive decline in their proportion within public fund holdings [2][4]. Group 1: Fund Holdings and Changes - In the third quarter, the number of liquor stocks held by active funds slightly increased from 325 million shares to 328 million shares, indicating no large-scale sell-off [4][6]. - The total number of liquor stocks held by active funds decreased significantly from 501 million shares to 325 million shares in the second quarter, a reduction of 35% [4]. - The total market value of liquor stocks held by active funds in the third quarter was approximately 6.90 billion yuan, with a slight increase in holdings compared to the previous quarter [7]. Group 2: Performance of Liquor Stocks - The China Securities Liquor Index rose by 7.75% in the third quarter, underperforming the CSI 300 Index by 10 percentage points and the "Equity Mixed Fund Index" by 18 percentage points [2]. - The proportion of liquor stocks in the public fund holdings decreased due to their underperformance relative to other sectors [2]. Group 3: Fund Managers' Strategies - Fund manager He Shuai significantly increased his positions in Kweichow Moutai and Luzhou Laojiao, which became part of the top ten holdings in his fund, accounting for a total of 11.4% [9]. - Fund manager Li Xiaoxing also increased his holdings in Luzhou Laojiao and Wuliangye, citing the attractive dividend yield and potential for recovery in consumer stocks [11]. - Fund manager Nie Shilin increased his holdings in Kweichow Moutai by 77% and in Shanxi Fenjiu by 96%, indicating a strong bullish stance on high-end liquor [13]. Group 4: Market Sentiment and Future Outlook - Some fund managers expressed a cautious outlook, suggesting that the domestic consumption and real estate sectors remain under pressure, with a focus on observing policy changes affecting consumer demand [14]. - Fund managers like Zhang Feng have shifted their focus to higher dividend yield sectors, indicating a strategic pivot towards food and beverage stocks, including liquor, due to their potential for recovery [19]. Group 5: Redemption and Fund Flows - The consumer-focused active funds experienced significant redemptions, with total shares dropping from 74.5 billion to 65.5 billion, reflecting a net redemption of 12% [25]. - In contrast, the total shares of ordinary stock and mixed funds saw only a 5% net redemption, highlighting the challenges faced by consumer-focused funds [26].