食品饮料行业专题：2024Q1基金重仓分析：持仓环比增配明显，赛道龙头更受青睐

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1] Core Views - The food and beverage sector has seen significant institutional allocation, with a total market value of heavy holdings reaching CNY 384.998 billion in Q1 2024, reflecting a 2.67% increase quarter-on-quarter [2][16] - The report highlights a clear preference for leading companies in the sector, particularly in the liquor segment, where major brands like Kweichow Moutai and Wuliangye are favored [2][4] Summary by Sections Market Performance - The food and beverage index increased by 0.23% in Q1 2024, underperforming the CSI 300 index by 8.17 percentage points, ranking 14th among 31 first-level sub-industries [10][13] Institutional Holdings - The food and beverage sector's heavy holding ratio remains the highest among all industries at 14.14%, with a significant increase in the allocation to liquor stocks [16][17] - The top four heavy holdings in Q1 2024 include Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, with Kweichow Moutai's holding ratio rising to 5.43% [19][29] Sub-Sector Analysis - The liquor segment has seen a notable increase in heavy holdings, with the ratio rising to 12.54% and the overweight ratio to 8.13% in Q1 2024 [21][22] - The beer segment has reversed a three-quarter decline, with heavy holdings increasing to 0.43% [22] - The snack segment shows a positive trend, with leading companies like Jianzi Foods and Yanjinpuzi seeing increased institutional interest [22][24] Individual Stock Holdings - Despite a general trend of reduced holdings, the overall market value of heavy holdings in the food and beverage sector has increased, driven by larger companies [27] - The top ten heavy holdings in Q1 2024 are dominated by liquor stocks, with Kweichow Moutai, Wuliangye, and Luzhou Laojiao leading the list [28][29]