酒ETF、食品饮料ETF逆势上涨，公募基金四季度减配食饮板块

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 2.48% to 4015 points, the Shenzhen Component Index down by 2.69%, and the ChiNext Index decreasing by 2.46%. The STAR 50 Index dropped by 3.88% [1] - The total market turnover was 2.61 trillion yuan, a decrease of 255.8 billion yuan compared to the previous trading day, with over 4600 stocks declining and more than a hundred hitting the daily limit down [1] Sector Performance - The food and beverage sector showed resilience, with several ETFs in this category, including the liquor ETF and various food and beverage ETFs, experiencing gains [1] - Specific ETFs and their respective gains included: - Liquor ETF: +1.48% - Food and Beverage ETF (Huabao): +0.86% - Food and Beverage ETF (Yinhua): +0.79% - Food and Beverage ETF: +0.74% - Food and Beverage ETF Fund: +0.52% - Food and Beverage ETF: +0.48% - Consumer ETF (Huaxia): +0.44% - Food and Beverage ETF (Tianhong): +0.44% [2] Fund Holdings Analysis - Public funds reduced their allocation to the food and beverage sector in Q4 2025, with the heavy holdings in this sector dropping to 6%, a decrease of 0.3 percentage points from the previous quarter [4] - The food and beverage sector ranked 7th in heavy holdings among all industries, with a slight decrease in its over-allocation status, now at 2.5 percentage points [4] - Both active and passive funds reduced their allocations, with passive funds showing a more significant decrease [4] Stock Performance Insights - The leading liquor stocks, including Kweichow Moutai, experienced a reduction in allocation, while consumer goods stocks saw notable increases in holdings [5] - Specific increases in holdings included: - Yurun Agriculture: +256.7% - Modern Farming: +80.5% - Ximai Foods: +170.4% - Yili Group: +25.9% - Mengniu Dairy: +48.2% [5] Market Outlook - Analysts suggest that the upcoming Spring Festival may support industry improvement, particularly in the snack sector, with expectations for positive growth in Q1 2026 due to seasonal demand [5] - The food and beverage sector is currently viewed as having significant layout value due to low valuations and improving demand signals [5] - The liquor sector is at a low valuation point, with expectations for a rebound as pessimistic forecasts are gradually released [5] Investment Strategy - Analysts recommend focusing on stocks with strong pricing power and those positioned in the upstream of the supply chain, particularly in the food and beverage sector [6] - The selection criteria include scarcity of products and clear competitive landscapes, with a focus on companies that possess pricing power [6]