Guoxin Securities·2026-01-25 12:40Investment Rating - The food and beverage industry maintains an "Outperform" rating [4][5][35] Core Views - The food and beverage sector's fund holding ratio is 4.48%, with a slight decrease of 0.25 percentage points from the previous quarter, ranking eighth among Shenwan's primary industries. The sector continues to be overweight, with an overweight ratio increasing by 0.02 percentage points [1][11] - The white liquor sector remains the most heavily weighted, but its overweight ratio has decreased. Conversely, the dairy, snacks, and seasoning sectors have seen an increase in fund holding ratios [2][16] - Key individual stocks such as Kweichow Moutai and Wuliangye have seen a decrease in their heavy holding ratios, while Yuran Dairy and Angel Yeast have received increased allocations [3][27] Summary by Sections Fund Holdings Analysis - The food and beverage industry has a fund holding ratio of 4.48%, with a total institutional heavy holding market value of approximately 117.8 billion yuan [1][11] - The white liquor sector's fund holding ratio is 3.32%, while the ratio excluding Kweichow Moutai is 1.84% [2][16] Subsector Performance - White liquor: Fund holding ratio decreased by 0.37 percentage points to 3.32%, with an overweight ratio down to 0.84% [2][16] - Dairy: Fund holding ratio increased by 0.10 percentage points to 0.25%, with an overweight ratio up to -0.16% [17] - Snacks: Fund holding ratio increased by 0.03 percentage points to 0.22%, with an overweight ratio up to 0.12% [17] Individual Stock Analysis - Kweichow Moutai's heavy holding ratio decreased to 1.47%, despite an increase in the number of funds holding it to 296 [3][27] - Wuliangye's heavy holding ratio decreased to 0.41%, with a reduction in the number of funds holding it [3][27] - Yuran Dairy's heavy holding ratio increased to 0.07%, indicating a positive shift in fund allocations [3][27]