展望后市，国金证券指出，白酒行业景气度最为承压的时期已经过去，外部因素对消费场景的约束将持续趋缓。预计2026年春节白酒动销同比跌幅或进一步 收窄，至此之后，预计低基数下行业动销将逐步企稳，静待行业景气催化。* 一键配置吃喝板块核心资产，重点关注食品饮料ETF华宝（515710）。根据中证指数公司统计，食品饮料ETF华宝（515710）跟踪中证细分食品饮料产业主 题指数，约6成仓位布局高端、次高端白酒龙头股，近4成仓位兼顾饮料乳品、调味、啤酒等细分板块龙头股，前十权重股包括"茅五泸汾洋"、伊利股份、海 天味业等。场外投资者亦可通过食品饮料ETF华宝联接基金（A类012548/C类012549）对吃喝板块核心资产进行布局。 图片、数据来源：沪深交易所等，截至2026.1.29。 白酒板块今日（1月29日）迎来久违大爆发，带动吃喝板块整体大涨。反映吃喝板块整体走势的食品饮料ETF华宝（515710）早盘持续拉升，午后加速上 行，截至收盘，场内价格飙涨7.1%，一举收复5日、10日、20日、60日等4根均线。 成份股方面，白酒股掀涨停潮，截至收盘，五粮液、泸州老窖、洋河股份等17股涨停，白酒龙头贵州茅台飙涨8.61 ...

吃喝板块今日（1月29日）午后继续猛攻！反映吃喝板块整体走势的食品饮料ETF华宝（515710）午后 直线猛拉，截至发稿，场内价格涨3.2%！ 成份股方面，白酒集体猛攻，截至发稿，酒鬼酒、舍得酒业、水井坊飙涨超9%，泸州老窖大涨超8%， 金种子酒、古井贡酒双双涨超6%，贵州茅台、金徽酒涨超5%，五粮液、山西汾酒、洋河股份等白酒龙 头亦集体飘红。 | | | 纷财 苏日 1分 5分 15分 30分 60分 日 周 月 图序 | | | | | | 19 盘前盘片 图如 九枝 图线 工具 (0 (2) 2 | | 食品饮料ETF华宝 ① | | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.58 | | | | 515710(金融资料ETF华应) 13:36 0 0.501 图来 0.018(3-20%) 均价 0.571 核交盘 7400 IDPV 0.5011 | | | | | 2026/01/29 | 0.581 | | | +0.018 +3.20% ...

Core Viewpoint - The food and beverage sector experienced a rise against the market trend, with the Food ETF (515710) showing a recovery after a brief dip, indicating potential investment opportunities in this sector [1][7]. Group 1: Market Performance - The Food ETF (515710) opened lower but quickly rebounded, achieving a maximum intraday increase of 0.68% and closing up by 0.34% [1][7]. - Key stocks in the sector, particularly in the liquor category, saw significant gains, with New Noble rising over 9%, Yanjing Beer increasing by over 3%, and several others like Jiu Gui Jiu and Jin Zhong Zi Jiu rising over 2% [1][7]. Group 2: Policy Impact - On December 9, a draft policy from Guizhou Province aimed at promoting liquor sales was released, focusing on enhancing online sales and expanding market reach through various channels, including supermarkets and convenience stores [3][9]. - This policy is expected to directly benefit Guizhou liquor companies by creating new sales opportunities and stabilizing market expectations [3][9]. Group 3: Valuation Insights - The food and beverage sector is currently at a historical low in terms of valuation, with the Food ETF's underlying index PE ratio at 19.93, placing it in the 4.11% percentile of the last decade, suggesting a favorable long-term investment opportunity [3][9]. - Analysts recommend focusing on companies with strong demand stability and risk resilience, as well as those actively exploring new products and sales channels [10]. Group 4: Investment Recommendations - It is suggested to consider the Food ETF (515710) for exposure to core assets in the food and beverage sector, which includes a significant allocation to leading high-end and mid-range liquor stocks [10]. - The ETF also diversifies into beverage, dairy, seasoning, and beer sectors, with top holdings including renowned brands like Moutai and Yili [10].

Core Viewpoint - Guizhou Moutai's Q3 report indicates a strategic slowdown in growth to help the industry manage inventory pressure, despite maintaining over 6% growth in total revenue and net profit for the first three quarters of the year [1] Financial Performance - Total revenue for the first three quarters exceeded 130.9 billion yuan, with net profit around 64.6 billion yuan, both showing growth of over 6% [1] - In Q3 alone, revenue and profit growth slowed to approximately 0.3%, nearly flat compared to previous periods [1] Industry Context - Industry experts suggest that Moutai's decision to slow down is a proactive measure to assist the sector in digesting inventory pressures, rather than a pursuit of high growth [1] - While Moutai's core products continue to perform well, series products and the online platform iMoutai are experiencing market pressure [1] - Moutai's adjustment sets a positive example for other liquor companies in the industry [1] Investment Opportunities - Following recent adjustments, the stock prices in the liquor sector are at relatively low levels, prompting some institutions to believe that now may be a good time to invest in the food and beverage sector [1] - Analysts indicate that signals of a bottoming out in the liquor industry are becoming more apparent, with well-managed leading companies likely to see better development in the future [1] ETF Insights - The Food and Beverage ETF (515170) tracks the CSI segmented food and beverage industry theme index, focusing on high-barrier and resilient sectors such as liquor, beverages, dairy products, and seasoning [1] - The top ten constituent stocks include major players like Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, providing investors with a convenient way to access core assets in the food and beverage sector [1] - Compared to the high minimum investment thresholds of individual constituent stocks, the ETF offers a more accessible investment tool for smaller capital [1]

Group 1 - The food and beverage sector is experiencing a downturn, with the Food ETF (515710) showing a decline of 0.64% as of the report time [1][2] - Key stocks in the sector, particularly in the liquor and consumer goods categories, are seeing significant drops, with Meihua Biological down over 3% and several others down more than 1% [1][2] - The report indicates that the overall performance of the food and beverage sector is under pressure due to policy impacts and increased competition, leading to reduced profit margins for companies [1][4] Group 2 - The valuation of the food and beverage sector is at a historical low, with the Food ETF's underlying index PE ratio at 21.22 times, indicating a potential opportunity for left-side positioning [3] - The report highlights that leading liquor companies are showing resilience despite the pressure on their financial statements, suggesting a potential for high-quality development in the coming year [4][5] - The demand side is expected to improve gradually, with policies likely to become less restrictive, which may drive demand recovery in the sector [5]

Core Insights - Guizhou Moutai (600519) reported total revenue exceeding 130.9 billion yuan and net profit around 64.6 billion yuan for the first three quarters of 2025, both showing over 6% growth [1] - In Q3 alone, revenue and profit growth slowed to approximately 0.3%, nearly flat [1] - Industry experts suggest that Moutai is intentionally slowing down to help the industry digest inventory pressure rather than pursuing aggressive growth [1] Company Performance - The core Moutai liquor continues to sell well, but series liquor and the online platform iMoutai are experiencing market pressure [1] - Moutai's proactive adjustment sets a positive example for other liquor companies in the industry [1] Market Outlook - The white liquor sector's stock prices are currently at relatively low levels, prompting many institutions to consider this a good time to invest in the food and beverage sector [1] - Analysts indicate that signals of a bottoming out in the white liquor industry are increasing, with well-managed leading companies expected to see better development in the future [1] Investment Tools - The Food and Beverage ETF (515170) tracks the CSI segmented food and beverage industry index, focusing on high-barrier and resilient sectors like liquor, beverages, and seasoning products [1] - The top ten constituent stocks include major brands such as Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, providing investors with a convenient way to access core assets in the "food and beverage" sector [1]

Group 1: Market Performance - The food and beverage sector has shown strong performance, leading the market with a 3.64% increase in the food ETF (515710) as of the close on November 10 [1][3] - Major liquor stocks experienced significant gains, with Shede Liquor and Jiu Gui Liquor hitting the daily limit, and Luzhou Laojiao rising by 8.23% [1][3] Group 2: Capital Inflow - The food and beverage sector attracted over 10 billion CNY in net inflows from main funds in a single day, ranking first among 30 sectors [3][4] - The food ETF (515710) has seen a net inflow of over 1.2 billion CNY in the last five trading days and more than 2.4 billion CNY in the last ten trading days [4][5] Group 3: Valuation and Investment Opportunities - The valuation of the food and beverage sector is currently at a historical low, with the food ETF's underlying index PE ratio at 20.59, indicating a good entry point for long-term investments [6][7] - Analysts suggest that the food and beverage industry is gradually bottoming out, with opportunities to invest in liquor stocks at low prices [7][8]

Group 1 - The food and beverage sector is experiencing significant gains, with the Food ETF (515710) showing an intraday price increase of up to 3.8%, closing with a rise of 3.47% [1] - Major stocks in the liquor industry are performing exceptionally well, with Shide Liquor and Jiu Gui Liquor hitting the daily limit, and Luzhou Laojiao increasing by over 8% [1] - The food and beverage sector has attracted substantial capital inflow, with the food and beverage sector recording a net inflow of over 96 billion yuan in a single day, leading among 30 major sectors [3] Group 2 - The Food ETF (515710) has seen a net inflow of over 1.2 billion yuan in the last five trading days and over 2.4 billion yuan in the last ten trading days, indicating strong investor interest [2] - The valuation of the food and beverage sector is at a historical low, with the price-to-earnings ratio of the Food ETF's underlying index at 20.59, which is in the 7.55% percentile of the last ten years, suggesting a favorable long-term investment opportunity [2] - Analysts suggest focusing on liquor companies that are showing early signs of recovery and growth potential, as the sector is entering a phase of pressure relief and performance recovery [4] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in leading stocks from beverages, dairy, condiments, and beer [4] - Investors can also consider the Food ETF linked funds (Class A 012548/Class C 012549) for exposure to core assets in the food and beverage sector [4]

Group 1 - The food and beverage sector experienced a decline on October 24, with the Food ETF (515710) closing down 1.13% after fluctuating near the surface at the opening [1] - Key stocks in the sector, particularly in the liquor category, saw significant drops, with Zhujiang Beer down 5.23%, and both Luzhou Laojiao and Shede Distillery falling over 4% [1] - The overall performance of the sector was negatively impacted by declines in several stocks, including Miaokelando and New Dairy, which dropped over 3% and 2% respectively [1] Group 2 - Guosen Securities noted that as the impact of second-quarter consumption policies weakens, the restaurant supply chain is gradually recovering, with positive signals from the supply side, such as frequent mergers among leading companies [2] - The food and beverage sector is currently at a low valuation, with the food ETF's price-to-earnings ratio at 20.49, which is at the 7.06% percentile of the past decade, indicating a favorable configuration opportunity [2] - Historical trends suggest that any changes in supply and demand could catalyze stock price increases, especially in the fourth quarter when macro policies are expected to be active [2] Group 3 - Future outlook indicates that the food and beverage industry will focus on growth, with beverage leaders maintaining structural prosperity driven by major products, while companies in food raw materials and health products are expected to see accelerated performance [3] - The white liquor industry is currently in a "low expectation, weak reality" state, with the third-quarter reports being a crucial observation window as external factors diminish and liquor companies adjust strategies [3] - There is a mixed performance in consumer goods, with snacks, beverages, and health products showing good demand, while traditional products like dairy and beer are experiencing flat demand [3] Group 4 - Major liquor brands such as Luzhou Laojiao and Yanghe have launched new products recently, indicating ongoing innovation in the sector [4] - Luzhou Laojiao's new product was launched on Douyin, while Yanghe's new offering was showcased during the Nanjing Autumn Sugar event [4] Group 5 - The Food ETF (515710) focuses on core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to high-end and mid-range liquor leaders, and nearly 40% to leading stocks in beverages, dairy, and condiments [5] - The top ten weighted stocks in the ETF include well-known brands such as Moutai, Wuliangye, and Yili [5] - Investors can also access the core assets of the food and beverage sector through the Food ETF linked funds [5]

Group 1 - The food and beverage sector continues to rise, with the Food ETF (515710) showing a maximum intraday increase of 0.64% and closing up 0.48% [1][2] - Notable stock performances include Jin Dawei surging by 7.92%, Yan Jin Pu Zi increasing by 6.41%, and both Chengde Lulu and Yanjing Beer rising over 4% [1][2] - Recent inflows into the food and beverage sector ETFs have been significant, with the Food ETF (515710) seeing a net subscription of 42.16 million yuan over the last five trading days [1][2] Group 2 - Wuliangye announced the results of its share buyback plan, acquiring 6.2733 million shares, representing 0.16% of total shares, for approximately 800 million yuan [3] - Wuliangye is the largest holding in the Food ETF (515710), accounting for 14.65% of the fund's assets as of the second quarter of 2025 [3][4] Group 3 - Analysts suggest that the current low valuation period for the liquor sector presents a mid-to-long-term investment opportunity [4] - The Food ETF (515710) tracks a food and beverage index with a price-to-earnings ratio of 20.44, which is at a low percentile compared to the last decade [4] Group 4 - The food and beverage sector is characterized by low expectations and low holdings, indicating potential for price increases with any changes in supply and demand [5] - The sector is expected to benefit from government policies aimed at promoting quality development, which may enhance market confidence [5] - The Food ETF (515710) has a significant allocation to leading high-end liquor stocks and other beverage segments, making it a focal point for investors [5]