Xin Lang Cai Jing·2025-12-15 11:53Group 1: Market Performance - The food and beverage sector showed resilience on December 15, with the Food ETF (515710) experiencing a high-level fluctuation, ultimately closing up by 0.68% despite market challenges [1][8] - Notable gains were observed in the liquor segment, with stocks like Lianhua Holdings hitting the daily limit, and others such as Jiu Gui Jiu, Jin Hui Jiu, and Shui Jing Fang rising over 2% [1][8] Group 2: Policy Impact - A joint notification from the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Authority was issued on December 14, aimed at boosting consumption through various measures [3][10] - The notification emphasizes the implementation of consumption enhancement actions and the removal of unreasonable restrictions in the consumption sector, which is expected to positively impact the large consumption sector's performance and valuation recovery [3][10] Group 3: Liquor Pricing Trends - Recent meetings among Moutai distributors discussed strategies for 2026, focusing on core products like Moutai 1935 and Flying Moutai, which has led to a noticeable recovery in Flying Moutai's wholesale prices [4][11] - Analysts suggest that the current pricing trends indicate a stabilization, with optimistic sales forecasts for the upcoming Spring Festival due to inherent demand for liquor [4][11] Group 4: Investment Opportunities - The food and beverage sector is currently viewed as being at a historical low in terms of valuation, presenting a potential opportunity for left-side positioning [4][12] - The Food ETF (515710) is highlighted as a key investment vehicle, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks, and nearly 40% to other beverage and dairy segments [5][13]