政策加码消费，京东“真榜”助力甄选，食品饮料ETF天弘(159736)聚焦板块龙头，布局拐点机遇

Core Insights - The Tianhong Food and Beverage ETF (159736) recorded a trading volume of 22.18 million yuan as of November 18, 2025, with the underlying CSI Food and Beverage Index (930653) declining by 0.25% [1] - The ETF has seen a total inflow of 34.2 million yuan over the last five trading days, indicating strong investor interest [1] - Key stocks within the ETF include leading brands in high-end and mid-range liquor, dairy, beverages, and condiments, with notable performers being Xiangpiaopiao (603711), Yili (600887), and Yangyuan Beverage (603156) [1] Product Highlights - The Tianhong Food and Beverage ETF (159736) tracks the CSI Food and Beverage Index and is strategically positioned in leading stocks across various segments, including high-end liquor and dairy products [1] Market Events - JD.com launched "JD True List" on November 17, 2025, promising to maintain the integrity of its reviews by not commercializing the service and recruiting 100,000 "JD Truth Officers" for blind testing [3] - A high-level meeting on November 14, 2025, emphasized enhancing the adaptability of supply and demand in consumer goods to stimulate consumption and economic circulation [4] Institutional Perspectives - Dongfang Securities forecasts that the food and beverage sector will experience a "difficult rise" in 2026, with a shift from valuation recovery to performance-driven growth [5] - The report indicates that the "blue-chip bubble" phase has ended, with a favorable chip structure and relatively low price-to-earnings ratios, suggesting potential for upward movement in the sector [5] - The basic fundamentals are expected to improve, with signs of performance stabilization in the restaurant supply chain and beer sectors by 2025 [5]