食品饮料行业2025Q4基金持仓分析：板块重仓占比回落，白酒减配、大众品加仓

Investment Rating - The report maintains a recommendation rating for the food and beverage industry [1] Core Insights - The heavy allocation in the food and beverage sector has decreased, with a reduction in liquor allocation and an increase in consumer staples [1] - The public fund heavy holding ratio for the food and beverage industry is 4.69%, down 0.13 percentage points from the previous quarter, while the overweight ratio has increased to 0.58%, up 0.18 percentage points [10][12] - The report highlights a continued reduction in liquor holdings, particularly in white liquor, while there has been an increase in allocations to snack foods, frozen foods, and dairy products [26] Summary by Sections 1. Fund Holdings Analysis - The public fund heavy holding ratio for the food and beverage sector is 4.69%, with an overweight ratio of 0.58%, indicating a slight decrease in heavy allocations [10] - The liquor heavy holding ratio has decreased to 3.52%, with an overweight ratio of 0.79% [10][12] - The top five heavy holdings in the food and beverage sector include Kweichow Moutai, Shanxi Fenjiu, Luzhou Laojiao, Wuliangye, and Dongpeng Beverage [40] 2. Changes in Sector Allocations - The report notes that the allocation to white liquor has decreased by 0.49 percentage points, while allocations to snack foods, frozen foods, and dairy products have increased by 0.05, 0.04, and 0.04 percentage points respectively [26] - The sub-industry allocations for Q4 2025 show that white liquor, beer, and other liquor holdings are at 3.52%, 0.08%, and 0.04% respectively, with snack foods and frozen foods showing the most significant increases [26] 3. Northbound Capital Flow - By the end of Q4 2025, northbound capital had a net outflow from the food and beverage sector, with total holdings amounting to 126.87 billion yuan, and liquor holdings at 96.59 billion yuan [47] - The proportion of northbound capital in the food and beverage sector decreased by 0.27 percentage points to 2.77% [47]