食品饮料行业2024Q3基金重仓分析：板块配置环比改善，集中度提升

Investment Rating - The report gives a positive investment rating for the food and beverage industry, indicating a favorable outlook [4]. Core Insights - The food and beverage sector outperformed the Shanghai Composite Index by 5.82 percentage points in Q3 2024, with the SW Food and Beverage Index rising by 18.26% compared to a 12.44% increase in the Shanghai Composite Index [4]. - The report highlights a significant increase in institutional investment in the food and beverage sector, with a total market value of 3.14 trillion yuan, up 18.8% quarter-on-quarter [4]. - The concentration of investments in leading companies continues to rise, with the top four companies (Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu) accounting for 78.8% of the food and beverage sector's heavy positions, an increase of 2.10 percentage points [4]. Summary by Sections Fund Holdings - As of September 30, 2024, the fund's heavy positions in the food and beverage industry reached 357.5 billion yuan, representing 11.4% of the total industry, with a quarter-on-quarter increase of 0.39 percentage points [4]. - The report notes that the heavy positions in the liquor sector increased to 323 billion yuan, accounting for 90.4% of the food and beverage industry, with a quarter-on-quarter increase of 0.5 percentage points [4]. Sector Performance - In Q3 2024, the liquor sector saw significant increases in heavy positions, with Moutai and Wuliangye showing increases of 14.6% and 10.4% respectively, while Luzhou Laojiao and Shanxi Fenjiu experienced slight declines [4]. - The dairy sector's heavy positions reached 8.5 billion yuan, with a quarter-on-quarter increase of 11.3%, although there was a notable decrease in heavy positions for Yili [4]. Recommendations - The report recommends investing in leading liquor brands with strong performance and brand equity, such as Moutai and Wuliangye, as well as companies with strong growth potential in the snack food sector like Three Squirrels and Salted Fish [5].