2024Q4基金持仓：白酒持续减配，啤酒、乳制品环比加配

Investment Rating - The investment recommendation for the food and beverage industry is "Outperform the Market" [7][50]. Core Insights - The report highlights a continued decrease in the allocation to the liquor sector, particularly in the baijiu category, while there is an increase in allocations to beer and dairy products [10][27]. - The food and beverage public fund holding ratio is at 8.33%, a decrease of 0.63 percentage points, marking the lowest level since Q3 2017 [10][18]. - The report identifies key stocks with increased allocations, including Yili and Qingdao Beer, while major baijiu stocks like Kweichow Moutai and Luzhou Laojiao saw reductions in holdings [12][35]. Summary by Sections 1. Fund Holdings in Q4 2024 - The public fund holding ratio for the food and beverage industry is 8.33%, down 0.63 percentage points, with an excess allocation of 2.68% [10][18]. - The top five holdings include Kweichow Moutai (1.26%), Wuliangye (0.77%), Luzhou Laojiao (0.39%), Shanxi Fenjiu (0.39%), and Gujing Gongjiu (0.25%) [12][21]. - The report notes a significant drop in baijiu holdings among other funds, reaching the lowest level since 2018 [11][23]. 2. Sector Performance - The report indicates that beer, dairy products, and non-dairy beverages have seen increased allocations, while baijiu continues to be reduced [11][27]. - The baijiu sector's allocation decreased by 1.26 percentage points to 6.67% [29][30]. - The report emphasizes that the beer sector has increased by 0.16 percentage points to 0.36% [29][30]. 3. Investment Recommendations - The report suggests focusing on the valuation and performance of liquor companies, particularly Kweichow Moutai and Wuliangye, as well as regional leaders like Gujing Gongjiu [50]. - It recommends high-quality stocks in the mass consumer sector, including Yili and Qingdao Beer, as well as companies in the snack and beverage segments like Dongpeng Beverage and Nongfu Spring [51][54]. - The report also highlights the potential for recovery in the dairy sector, recommending leading companies such as Yili and Mengniu [53].