食品饮料2024Q2基金持仓：食品饮料环比减仓，筹码逐步出清

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [3]. Core Insights - The food and beverage industry public fund holding ratio decreased to 9.46% in Q2 2024, down 3.61 percentage points from the previous quarter, indicating a trend of reduced investment in this sector [1][7]. - The report highlights that the white liquor sector remains over-allocated, but there has been a significant reduction in holdings across various sub-sectors, including white liquor, frozen food, and beer [1][16]. - Key stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao saw a decrease in fund holdings, while stocks like Laobai Gan and Chongqing Beer experienced the most significant increases in holdings [1][28]. Summary by Sections 1. Fund Holdings in Q2 2024 - The public fund holding ratio for the food and beverage industry is 9.46%, with an over-allocation ratio of 3.38% [1][7]. - Excluding funds heavily invested in white liquor, the remaining funds' white liquor holdings are close to the lowest levels since 2018 [1][12]. - Among the top 20 holdings, four are in the food and beverage sector, with Kweichow Moutai at 1.49%, Wuliangye at 0.77%, Luzhou Laojiao at 0.70%, and Shanxi Fenjiu at 0.55% [10][27]. 2. Northbound Capital Trends - In Q2 2024, northbound capital net sold the food and beverage sector, with total market value decreasing from 2707.81 billion to 2308.84 billion [2][22]. - The food and beverage index fell by 13.52%, while the white liquor index dropped by 14.37% during the same period [2][22]. 3. Investment Recommendations - For the white liquor sector, focus on companies with high report fulfillment and valuation cost-effectiveness, recommending Kweichow Moutai, Wuliangye, and Luzhou Laojiao [3][10]. - In the beer sector, there is potential for price recovery, with recommendations for undervalued leaders like Qingdao Beer and China Resources Beer [3][10]. - For consumer staples, attention is drawn to stable performers like Master Kong Holdings and companies in the seasoning and frozen food sectors [3][10].