白酒基金最新持仓披露：加仓“茅五洋”，茅台重回第一重仓

Core Viewpoint - The招商中证白酒指数基金 (White Wine Fund) reported a "loss but outperforming" performance for Q4 2025, with both A and C class shares declining approximately 9.5%, yet surpassing the benchmark return during the same period [1][3]. Fund Performance Summary - In Q4 2025, the net value growth rate for A class shares was -9.50% and for C class shares was -9.53%, while the benchmark return was -9.78%, indicating an outperformance of 0.28 percentage points for A class and 0.25 percentage points for C class [3][4]. - Over the past year, A class shares had a net value growth rate of -12.63% and C class shares -12.72%, both outperforming the benchmark by 2.68 and 2.59 percentage points respectively [4]. Fund Holdings and Investor Behavior - Guizhou Moutai returned as the largest holding in the fund, comprising 15.38% of the portfolio, with a fair value of 6.64 billion yuan [6][7]. - The fund's top ten holdings accounted for 84.79% of the net asset value, indicating a significant concentration in leading stocks [6]. - There was a notable divergence in investor behavior, with A class shares experiencing net redemptions (from 41.196 billion shares to 40.142 billion shares) while C class shares saw an increase (from 19.225 billion shares to 20.796 billion shares) [9][11]. Market Conditions and Future Outlook - The white wine sector faced challenges in Q4 2025 due to slower-than-expected consumption recovery and pressure on terminal sales, leading to an overall adjustment in the market [6][8]. - The fund manager, Hou Hao, noted that the operational difficulty has increased, and the pressure from leading companies on mid-tier firms is expected to become more pronounced [8][9]. - The investment attributes of white wine as a post-economic cycle asset remain valid, with expectations for stability in leading companies despite the current complexities in the market [9].