食品饮料行业跟踪报告：2025Q1食饮重仓比例持续下降，细分板块重仓比例多数呈下行趋势

Investment Rating - The investment rating for the food and beverage industry is maintained as "Outperform" against the market [4]. Core Insights - The heavy holding ratio in the food and beverage sector continues to decline, with a total of 3,757 funds holding shares, down by 263 funds from the previous quarter. The total market value of heavy holdings is 293.199 billion yuan, a decrease of 16.055 billion yuan, resulting in a heavy holding ratio of 4.24%, down by 0.33 percentage points. This ratio is below the 5-year average of 7.22%, indicating significant room for growth [1][11]. - The white liquor sector has seen a significant decline, with its heavy holding ratio at 3.71%, down by 0.23 percentage points. Most segments in the mass consumer goods sector also show a downward trend in heavy holding ratios, except for the food processing segment, which remains stable at 0.06% [2][14]. - The top 10 heavy holdings in the food and beverage sector are dominated by white liquor stocks, with seven out of ten positions occupied by these stocks. The overall heavy holding ratio for the top 10 is 3.95%, down by 0.27 percentage points [3][28]. Summary by Sections Heavy Holding Ratios - The food and beverage industry's heavy holding ratio has decreased, with a total market value of heavy holdings at 293.199 billion yuan, down by 16.055 billion yuan. The current heavy holding ratio is 4.24%, which is below the historical average [1][11]. - The heavy holding ratio for the white liquor sector has dropped to 3.71%, while the mass consumer goods sector shows a mixed trend, with most segments declining [2][14]. Individual Stocks - The top 10 heavy holdings in the food and beverage sector include seven white liquor stocks, with Guizhou Moutai, Wuliangye, and Shanxi Fenjiu leading the list. The heavy holding ratio for the top 10 is 3.95%, reflecting a decrease from the previous quarter [3][28]. Investment Recommendations - The report suggests that the food and beverage industry is expected to see performance improvements due to increased domestic demand policies and declining upstream raw material prices. Specific attention is recommended for the white liquor sector, which is anticipated to recover due to economic stimulus policies and increased demand for banquets and celebrations [3][4].