Xin Lang Cai Jing·2026-01-29 09:30Core Viewpoint - The liquor sector experienced a significant surge on January 29, leading to an overall rise in the food and beverage sector, with the Huabao Food and Beverage ETF (515710) increasing by 7.1% by the end of the trading day, recovering multiple moving averages [1][4]. Group 1: Liquor Stock Performance - A wave of涨停 (limit-up) occurred among liquor stocks, with major players like Wuliangye, Luzhou Laojiao, and Yanghe all hitting the limit, while Kweichow Moutai surged by 8.61% [2]. - The price of various Flying Moutai products has seen notable increases since January 26, with the 2026 Flying Moutai original box (53 degrees/500ml) rising by 55 yuan, and the 2025 version also increasing by 55 yuan [4]. Group 2: Market Drivers - The recent recovery in Moutai sales is attributed to two main factors: the demand for high-end liquor during the Spring Festival and effective supply-demand adjustments by iMoutai, which has reached new consumer groups [4]. - The overall valuation of the food and beverage sector remains low, with the price-to-earnings ratio of the Huabao Food and Beverage ETF at 19.09 times, placing it in the 1.37% percentile of the last decade, indicating a favorable long-term investment opportunity [4]. Group 3: Future Outlook - According to Guojin Securities, the most challenging period for the liquor industry has passed, and external constraints on consumption are expected to ease, leading to a gradual stabilization in sales post-2026 Spring Festival [6]. - The Huabao Food and Beverage ETF is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks [6].