Shenwan Hongyuan Securities·2026-01-26 15:01Investment Rating - The investment rating for the food and beverage sector is "Buy" for key companies such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao [44]. Core Insights - The report indicates a continued decline in the holdings of the food and beverage sector within mutual funds, with the top 20 holdings' market value as a percentage of total fund equity investments decreasing to 16.31% in Q4 2025, down 0.47 percentage points from Q3 2025 [5][21]. - Kweichow Moutai's market value as a percentage of total fund equity investments is 1.31%, a decrease of 0.06 percentage points from the previous quarter, while Wuliangye and Luzhou Laojiao also saw declines [9][10]. - The food and beverage sector's weight in the total A-share market capitalization has decreased to 4.04%, down 0.66 percentage points [25]. Summary by Sections Fund Holdings Analysis - In Q4 2025, the number of funds holding Kweichow Moutai remained stable at 1,048, while Wuliangye saw a decrease of 109 funds to 175, and Luzhou Laojiao's holdings dropped by 18 to 128 [21]. - The concentration of holdings in the food and beverage sector is low, with only one company (Kweichow Moutai) in the top 20 holdings [7][8]. Sector Allocation - The food and beverage sector's heavy stock holdings accounted for 6.10% of total fund equity investments, a decrease of 0.28 percentage points from the previous quarter [25]. - The white liquor sector's heavy stock holdings accounted for 5.13%, also down 0.4 percentage points, indicating a position close to levels seen in Q1 2010 [25][39]. Individual Stock Performance - The report highlights that Kweichow Moutai, Wuliangye, and Luzhou Laojiao are currently below their average allocation levels since 2009, indicating potential undervaluation [9][10]. - The report notes that the allocation coefficient for the white liquor sector is 1.92, which is below the historical average of 2.11, suggesting a potential for recovery [25][39]. Northbound Capital Changes - In Q4 2025, the northbound capital holdings for major food and beverage stocks showed a mixed trend, with Shuanghui Development seeing an increase of 0.13 percentage points, while Kweichow Moutai and Wuliangye experienced declines of 0.48 and 0.58 percentage points, respectively [44][45].