场景创新破局！茅台1935动销大增验证策略有效性

Core Insights - Moutai's Q3 2025 performance meeting conveyed positive signals for the industry, with the series liquor segment successfully breaking through via a "control quantity and maintain price + deepening scenarios" strategy, providing a new paradigm for long-term growth in the food and beverage sector [1] - Data shows that from September to October, Moutai 1935's terminal sales significantly increased year-on-year, while the inventory-to-sales ratio of other series liquor channels declined, confirming the effectiveness of the company's strategies in addressing industry challenges [1] - Instead of relying on price wars, Moutai focused on transforming consumption scenarios by innovating around "business + life" contexts, activating consumer demand and complementing its series liquor business with Feitian Moutai, injecting sustained growth momentum [1] - The company's strategic breakthrough not only highlights the operational wisdom of leading enterprises but also reflects an upgrade in investment logic within the food and beverage sector [1] - With the dual drivers of consumption structure upgrades and scenario recovery, companies that can adapt to market changes through product innovation and deepening scenarios will continue to unlock growth potential [1] - As terminal sales gradually recover and the industry ecosystem continues to optimize, the growth certainty of the food and beverage sector is increasing, making it a field with strong allocation value in the current market [1] Industry Insights - The food and beverage ETF (515170) tracks the CSI segmented food and beverage industry theme index, focusing on high-barrier and resilient sectors such as liquor, beverages, dairy products, and seasoning fermentation products [2] - The top ten constituent stocks include major brands like Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, providing investors with a convenient tool to access core assets in the "food and beverage" sector [2] - Compared to the high minimum investment thresholds of its constituent stocks, the ETF offers a more accessible option for small capital investors to participate in sector investments [2]