KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2026-01-14 02:50Core Viewpoint - The food and beverage sector is experiencing an upward trend, with the Huabao Food and Beverage ETF (515710) showing a price increase of 0.51% as of the latest report [1][8]. Group 1: Market Performance - The food and beverage ETF Huabao (515710) opened positively and has been fluctuating in the red, with a current price increase of 0.51% [1][8]. - Notable gains were observed in several stocks, including Xin Nuo Wei, which surged over 4%, and Shui Jing Fang and Yang Yuan Beverage, both rising over 3% [1][8]. Group 2: Company Announcements - Kweichow Moutai announced on January 13 that its board approved the 2026 market-oriented operation plan, which aims to return to a "pyramid" product structure [10]. - The new operational model will shift from "self-sale + distribution" to a multi-faceted approach including "self-sale + distribution + agency + consignment" [10]. Group 3: Pricing and Market Strategy - The pricing mechanism will be market-oriented, establishing a dynamic adjustment system for retail prices, with the self-sale price for the flagship product, Moutai 53% vol 500ml, set at 1499 yuan per bottle [10]. - Analysts suggest that this move is a critical step in Moutai's market-oriented transformation, focusing on product, model, channel, and price restructuring to address supply-demand mismatches [10]. Group 4: Valuation Insights - The food and beverage sector is currently at a historical low in terms of valuation, with the food index's price-to-earnings ratio at 20.23 times, placing it in the 6.85% percentile of the last decade [11]. - This presents a potential opportunity for left-side positioning in the sector, particularly as the Chinese New Year approaches, which may signal a turning point for the liquor market [11]. Group 5: Investment Opportunities - The Huabao Food and Beverage ETF (515710) tracks the sub-index of the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in beverage, dairy, seasoning, and beer sectors [11]. - Investors can also consider the Huabao Food and Beverage ETF linked funds (Class A 012548/Class C 012549) for exposure to core assets in the food and beverage sector [11].