食品饮料行业2024Q1基金持仓分析：行业重仓比例上行，白酒为拉动因素

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1]. Core Insights - The heavy holding ratio in the food and beverage sector has increased but remains at a historical low level, with a slight rise in the overweight ratio. The total market value of heavy holdings is 193.537 billion, down by 69.503 billion from the previous quarter, while the heavy holding ratio stands at 6.46%, up by 0.11 percentage points [1][11]. - The white liquor segment remains strong, while the mass consumer goods sector sees a further decline in heavy holding ratios. The heavy holding ratio for white liquor is 5.82%, up by 0.19 percentage points, while the ratios for mass consumer goods such as seasoning and dairy products have decreased [1][17]. - Leading white liquor stocks continue to attract fund interest, with the top ten heavy holdings in the food and beverage sector showing a combined ratio of 6.07%, up by 0.25 percentage points. The top three stocks are Guizhou Moutai, Wuliangye, and Luzhou Laojiao [2][29]. Summary by Sections 1. Heavy Holding Ratio Increase and Overweight Ratio Growth - The food and beverage industry has 5,392 heavy holding funds, an increase of 64 from the previous quarter. The heavy holding ratio is 6.46%, which is below the five-year average of 7.60%, indicating potential for growth [1][11][15]. 2. White Liquor's Strong Position and Decline in Mass Consumer Goods - The heavy holding ratio for white liquor has increased to 5.82%, while the mass consumer goods sector, including seasoning and dairy products, has seen a decline in heavy holding ratios [1][17][20]. 3. Continued Fund Preference for Leading White Liquor Stocks - The top ten heavy holdings in the food and beverage sector are dominated by white liquor stocks, with Guizhou Moutai leading. The heavy holding ratio for these stocks has increased, while food processing companies have seen a decline in fund interest [2][29][34]. 4. Investment Recommendations - The report suggests focusing on high-end and mid-range white liquor companies due to their strong growth potential. Additionally, the beer sector is expected to benefit from declining raw material prices and ongoing product upgrades [2][29].