饮料行业轮动周报：春季行情进入补涨阶段，行业轮动模型均看多食品

Investment Rating - The report indicates a positive outlook for the food and beverage sector, which has shown significant gains, while technology sectors have underperformed [3][4]. Core Insights - The food and beverage sector led the gains among the CITIC primary industries with a weekly increase of 6.24%, while the computer and electronic sectors experienced declines of -1.2% and -0.56% respectively [4][11]. - Financing balances have increased significantly in the non-bank financial sector, with notable inflows into metals and electronics [5][17]. - The report highlights a shift in ETF investments, with substantial inflows into TMT sectors, particularly in semiconductor and robotics ETFs, while consumer sectors saw net outflows [19][21]. Summary by Sections Industry Index Performance - The food and beverage sector had the highest weekly increase at 6.24%, followed by coal at 4.97% and non-bank financials at 3.22% [4][14]. - Year-to-date, the computer sector leads with a 20.19% increase, while coal has declined by 9.09% [16]. Financing Balance Changes - The top five industries with the largest increases in financing balances are non-bank financials (33.68 billion), electronics (25.35 billion), and automobiles (22.63 billion) [5][17]. ETF Fund Flows - The top five ETFs with net inflows include the Sci-Tech Chip ETF (12.88 billion) and the Robotics ETF (10.76 billion), while the consumer sector ETFs saw significant outflows [19][21]. Diffusion Index Industry Rotation - The diffusion index indicates that banking, comprehensive finance, and non-bank finance sectors are currently leading, with food and beverage showing a notable increase [25][30]. - The report suggests a focus on banking, non-bank finance, and electronics for March 2025, with an average return of 1.07% [30]. GRU Factor Industry Rotation - The GRU factor analysis ranks comprehensive finance and food and beverage as top performers, while sectors like communication and household appliances have seen declines [33][35]. - The GRU model suggests a shift into food and beverage while exiting public utilities, with a reported weekly return of 1.49% [35].