食品饮料24Q2重仓分析：白酒大幅减仓，大众品均低配

Investment Rating - The report maintains a "Market Perform" rating for the food and beverage industry [1] Core Views - The food and beverage sector has seen a significant reduction in fund holdings, returning to levels close to Q2 2017. The market value of food and beverage stocks held by funds decreased to 10.86% of total fund investments, down 3.13 percentage points from Q1 2024, reflecting a 22% quarter-on-quarter decline and a 14% year-on-year decline [1][6][7] - The report highlights that the white liquor sector is undergoing a deep adjustment and slow recovery, influenced by weak consumer demand and cyclical factors. The overall fundamentals of listed companies in the food and beverage sector are weak, leading to reduced holdings [1][6][10] - The report suggests that the valuation of the food and beverage sector is at a historically low level, with the sector's PE ratio at 19.81x, indicating potential investment value [2][6] Summary by Sections Fund Holdings Analysis - The food and beverage industry has experienced a significant reduction in fund holdings, with the current level being the lowest since Q2 2017. The fund's heavy holdings in food and beverage stocks have decreased to 10.86%, down 3.13 percentage points from Q1 2024 [6][10] - The white liquor sector saw a substantial reduction in holdings, with a current fund holding ratio of 9.9%, down 2.63 percentage points from the previous quarter [10][22] - Non-white liquor holdings have also reached a historical low, with a fund holding ratio of 0.96%, reflecting a 0.50 percentage point decrease [11][22] Individual Stock Allocation Analysis - The top ten holdings in the food and beverage sector remain stable, with companies like Guizhou Moutai, Wuliangye, and Luzhou Laojiao consistently featured. The report notes that the positions of these companies have not changed significantly [19][20] - There are few instances of increased allocations, with only a couple of stocks in the white liquor sector seeing slight increases, while most others have decreased [22][25] Hong Kong Stock Connect Allocation Analysis - The report indicates that foreign investment remains optimistic about the food sector, with the top ten holdings in the Hong Kong Stock Connect including companies like Yili and ChaCha Food [28][29] - The report notes a trend of increasing holdings in certain stocks like Three Squirrels and Xianle Health, while reducing positions in others like Dongpeng Beverage [28][29]