茅台三季度营收增7.26%，动销回暖+渠道韧性凸显食品饮料板块投资价值

Core Insights - Guizhou Moutai's Q3 2025 revenue increased by 7.26% year-on-year, demonstrating the company's robust growth amidst market adjustments [1] - The company effectively managed market stability by reducing product supply from June to August, leading to a rebound in sales from August onwards [1] - Moutai's series liquor business showed strong resilience, with significant year-on-year growth in terminal sales for Moutai 1935 during September and October [1] Company Performance - The company plans to maintain a "stability" strategy in Q4, focusing on orderly market conditions to consolidate operational achievements [1] - Moutai's strong performance supports the food and beverage sector, showcasing its ability to withstand industry fluctuations due to brand strength, channel management, and product innovation [1] Investment Opportunities - Moutai is a major holding in the food and beverage ETF (515170), with a holding ratio of 14.8%, indicating its significance in the sector [2] - The food and beverage sector is currently undervalued, presenting a favorable investment opportunity, especially for smaller investors through ETFs [2]