
Investment Rating - The investment recommendation for the food and beverage industry is "Outperform the Market" [10][16] Core Insights - The heavy holding ratio for the food and beverage industry decreased by 2.13 percentage points to 6.62% in Q2 2025, with the white liquor heavy holding ratio dropping by 2.34 percentage points to 4.96% [5][19] - The top five holdings in the food and beverage sector are Kweichow Moutai (0.98%), Wuliangye (0.43%), Shanxi Fenjiu (0.38%), Luzhou Laojiao (0.26%), and Dongpeng Beverage (0.18%) [5][14] - The report highlights a shift in fund allocations, with non-dairy beverages seeing an increase in holdings while white liquor experienced significant reductions [12][27] Summary by Sections 1. Q2 2025 Fund Holdings: Decrease in Food and Beverage Holdings, Significant Reduction in White Liquor - The heavy holding ratio for the food and beverage industry is 6.62%, with an overweight ratio of 1.63%, both showing a decrease [11][19] - The heavy holding ratio for white liquor is 4.96%, with an overweight ratio of 1.63%, also reflecting a decline [11][19] 1.1 Food and Beverage Industry Public Fund Holding Ratio - The public fund heavy holding ratio for the food and beverage industry is 6.62%, down 2.13 percentage points, ranking fourth among sectors [19][20] - The standard allocation ratio is 4.99%, with an overweight ratio of 1.63%, down 1.55 percentage points [19][20] 1.2 Excluding Heavy White Liquor Funds - The concentration of white liquor holdings is high, with eight funds holding over 1 billion yuan in white liquor, accounting for 52.91% of the total white liquor holding value [12][24] - Excluding these funds, the remaining funds show a white liquor holding ratio of 2.34%, down 1.79 percentage points [12][24] 1.3 Non-Dairy Beverages Increased Holdings - In Q2 2025, the holding ratios for various sub-sectors are as follows: white liquor (4.96%), beer (0.35%), non-dairy beverages (0.40%), and others, with non-dairy beverages seeing a 0.15 percentage point increase [13][27] 1.4 Non-Dairy Beverages and Snack Foods Increased Holdings - The top five holdings in the food and beverage sector are Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Gujing Gongjiu [41][44] - The report notes that Dongpeng Beverage, Yanjing Beer, and Salted Fish saw the largest increases in holdings [14][44] 1.5 Net Outflow of Northbound Capital from the Food and Beverage Industry - As of June 2025, northbound capital holdings in the food and beverage sector totaled 177 billion yuan, with a holding ratio of 3.75%, down 0.40 percentage points [15][22] 2. Investment Recommendations - The report suggests focusing on structural growth opportunities in new channels and products, while also considering traditional cyclical stocks that are currently undervalued [16][19]