Core Viewpoint - The food and beverage sector is experiencing a strong upward trend, with significant gains in leading liquor brands and consumer goods, indicating a potential recovery in the industry [1] Group 1: Industry Performance - The food ETF (515710) saw an intraday increase of nearly 4%, marking its largest daily gain in the past six months, with trading volume expanding to 160 million yuan [1] - The underlying logic for the food and beverage sector is that the fundamentals are nearing a bottom, with recovery expectations gradually rising [1] - Industry headwinds have largely been released, and the impact of policies is slowing down [1] Group 2: Company Strategies - Some companies are proactively reducing supply to achieve a balance between supply and demand, thereby alleviating channel pressure and mitigating channel risks [1] - Strengthened policy expectations are boosting demand in related consumption areas [1] Group 3: Valuation Insights - The valuation of the food and beverage sector is at historical lows, presenting a favorable opportunity for left-side positioning [1] - As of the last trading day (November 7), the price-to-earnings ratio of the food ETF's underlying index was 20.59 times, positioned at the 7.55% percentile over the past decade, highlighting the mid-to-long-term cost-effectiveness of the sector [1] Group 4: Investment Focus - The food ETF (515710) and its linked fund (012548) track the CSI segmented food and beverage industry theme index, with approximately 60% of the portfolio allocated to leading high-end and mid-range liquor stocks [2] - Nearly 40% of the portfolio also includes leading stocks from beverage, dairy, seasoning, and beer segments, with top-weighted stocks including "Moutai, Wuliangye, Luzhou Laojiao, and Yanghe," as well as Yili and Haitian Flavoring [2]

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: Company Performance - Guizhou Moutai's revenue in Q3 2025 increased by 7.26% year-on-year, indicating a recovery in terminal sales since August after a period of reduced market supply from June to August [1] - The company plans to maintain market stability and respect market rules in Q4, focusing on sustaining the current growth momentum [1] - The terminal sales of Moutai 1935 wine saw significant year-on-year growth from September to October, validating the effectiveness of the "controlled quantity and price protection" strategy [1] Group 2: Market Strategy - Guizhou Moutai is addressing industry-wide challenges such as lack of consumer scenarios and channel pressures by implementing policy incentives to boost terminal sales and optimize product distribution [1] - The company aims to maintain channel resilience as a key focus in Q4, leveraging the growth in terminal sales to alleviate channel pressures [1] - The strategy of transforming consumer scenarios rather than engaging in price wars is expected to open up long-term growth opportunities for the company [1] Group 3: Investment Insights - Guizhou Moutai is the largest holding in the Food ETF (515710), with a holding ratio of 14.89% as of the end of Q3 2025 [2][3] - The food and beverage sector is currently experiencing low valuations, presenting a potential opportunity for left-side positioning in the market [5] - The Food ETF has seen significant net inflows, exceeding 120 million yuan in the last five trading days and over 280 million yuan in the last ten days, indicating strong investor interest [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][11]. Core Views - The food and beverage sector is currently characterized by "low base, low holdings, and low expectations," indicating potential for stock price increases with any changes in supply and demand dynamics [3][11]. - The report highlights a divergence in performance across categories, with beverages outperforming food and alcoholic beverages [2][11]. - The report suggests that the liquor segment is entering a left-side layout phase, with quality companies expected to gain greater growth opportunities [2][11]. Summary by Relevant Sections Liquor - The liquor sector is experiencing an expanded decline in performance, with Q3 revenue down 18.4% year-on-year and net profit down 22.2% [2][11]. - Recommended companies include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, which are expected to benefit from national expansion and pricing power [2][11]. - The report notes that the current inventory clearance pace is similar to the 2013-2014 period, suggesting a potential recovery in the future [11]. Beer - The beer industry is in a healthy inventory position, awaiting demand recovery, with recommendations for Yanjing Beer and China Resources Beer [12][11]. - The report anticipates that the relaxation of consumption regulations will positively impact beer sales [12]. Dairy Products - The dairy sector is seeing a steady recovery in demand, with a recommendation for Yili as a leading company with valuation safety margins [14][11]. - The report indicates that the supply side is gradually clearing, which may lead to improved supply-demand dynamics by 2025 [14]. Snacks - The report emphasizes the importance of strong alpha stocks in the snack sector, particularly focusing on the growth potential of konjac snacks [12][11]. - Leading companies in this category, such as Weidong and Yanjin Pouch, are highlighted for their competitive advantages and strong growth prospects [12]. Food Supply Chain - The food supply chain sector is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [13][11]. - The report notes that the overall profitability of the industry is expected to gradually stabilize as companies optimize their expense management [13]. Beverages - The beverage sector continues to show strong performance, with recommendations for Nongfu Spring and Dongpeng Beverage, which are expected to benefit from accelerated operations and national expansion [14][11]. - The report highlights the ongoing growth in the no-sugar tea and energy drink segments, indicating a favorable outlook for leading companies [14].

Core Viewpoint - Wuliangye's Q3 2025 financial results showed significant declines in both revenue and net profit, reflecting broader challenges in the Chinese liquor industry, while leading brand Kweichow Moutai maintained positive growth [2][3][4]. Financial Performance - Wuliangye reported a revenue of 60.945 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.26%, and a net profit of 21.511 billion yuan, down 13.72% [2]. - In Q3 alone, Wuliangye's revenue was 8.174 billion yuan, a decline of 52.66%, with net profit falling 65.62% to 2.019 billion yuan [2]. - Other liquor companies like Yanghe and Gujing Gongjiu also reported significant declines in revenue and net profit, with Yanghe's revenue down 34.26% and net profit down 53.66% [2][4]. Industry Comparison - Kweichow Moutai, as a leading brand, reported positive growth with revenue of 128.454 billion yuan and net profit of 64.627 billion yuan for the first three quarters of 2025, reflecting a growth of 6.36% and 6.25% respectively [4]. - The overall performance of the liquor sector has been poor, with the liquor index down 10.23% this year, indicating a significant decline from previous high levels of industry prosperity [4]. Market Outlook - Despite the current downturn, institutions remain optimistic about the future of the liquor industry, citing potential recovery driven by domestic demand policies and the strategic adjustments of leading companies [5]. - Analysts suggest that companies like Kweichow Moutai and Wuliangye, positioned at the bottom of the industry cycle, may benefit from a recovery in the market [5].

Group 1 - The photovoltaic industry has emerged from a bottom range, with the China Securities Photovoltaic Industry Index rising by 22.39% year-to-date as of October 14 [1][19] - The Silver Hua Shanghai-Shenzhen Stock Connect Fund has achieved a return of 46.71% this year, with its net value rising against the market trend [2][6] - The fund manager, He Wei, has a strong background in TMT industry research and has been managing the fund since its inception in May 2020 [2][7] Group 2 - He Wei's investment style emphasizes risk control and the pursuit of absolute returns, with a focus on avoiding significant drawdowns [3][5] - The fund's allocation to the photovoltaic sector has significantly increased, with a 61.25% allocation as of June 2025, up 53.79 percentage points from the previous report [15][17] - The fund has actively increased its holdings in leading photovoltaic companies, with eight out of the top ten holdings being in this sector [18][19] Group 3 - The fund's performance during market downturns has been notable, achieving positive returns even in bear markets [6][21] - He Wei believes that the current market expectations for the photovoltaic industry are at a low point, with leading companies well-prepared financially [22][24] - The strategy of early positioning in the photovoltaic sector aligns with He Wei's investment philosophy of avoiding passive trend chasing [25] Group 4 - The fund has also benefited from a strong performance in the non-ferrous metals sector, with significant returns from long-held positions [27][30] - He Wei's investment approach involves a deep understanding of macro trends and supply-demand dynamics, particularly in the non-ferrous metals market [32] - The fund maintains a high allocation to core commodities like aluminum, copper, and gold, despite increasing exposure to photovoltaic stocks [33] Group 5 - He Wei's investment framework focuses on risk-reward ratios and controlling drawdowns, aiming for higher win rates rather than high payouts [34][37] - The strategy involves careful stock selection based on fundamental analysis, valuation, and trading conditions [36][39] - This approach results in stable long-term performance, making the fund suitable for investors seeking steady returns [40][41]

Group 1 - The food and beverage sector continues to experience a pullback, with the Food ETF (515710) showing a decline of 0.33% as of the latest update [1] - Major consumer goods and some liquor stocks have underperformed, with stocks like Miaokelan and Jiugui Liquor dropping over 2%, and others like Lianhua Holdings and Yili falling more than 1% [1] - Despite the overall market weakness, Kweichow Moutai has shown strong sales performance, with a significant increase in terminal sales in September, growing approximately 100% month-on-month and over 20% year-on-year [3] Group 2 - The Food ETF (515710) has seen substantial net subscriptions, with over 55 million yuan in net purchases in the last five trading days and more than 124 million yuan in the last ten days [3] - The current valuation of the food and beverage sector is at a low point, with the food index's price-to-earnings ratio at 20.21, indicating a favorable long-term investment opportunity [4] - Analysts suggest that the recent policy adjustments and the promotion of high-quality development may lead to a recovery in the low-end liquor and dining chains, with Moutai's prices expected to rebound [5] Group 3 - The third quarter has shown some improvement in liquor sales, although they still face year-on-year declines due to ongoing policy impacts on business consumption [6] - The food ETF (515710) primarily invests in leading high-end and mid-range liquor stocks, with about 60% of its portfolio allocated to these sectors [6]

Core Viewpoint - The rapid development of index investment in the context of deepening capital market reforms and optimizing investor structure, with the total market ETF scale exceeding 5 trillion yuan by early September this year [1] Group 1: Index Investment Growth - The ETF management scale of Yongying Fund has surpassed 19 billion yuan, launching several industry-first products such as gold stock ETF, general aviation ETF, satellite ETF, and Hong Kong medical ETF [1] - The company emphasizes that index investment requires a deep understanding of industry development trends and forward-looking layouts rather than mere product replication [1] Group 2: Differentiated Development Strategy - Yongying Fund has adopted a unique "cake-cutting" strategy since 2020, focusing on niche opportunities within large industries, such as concentrating on the medical device sector instead of the entire medical industry [2] - This differentiated approach stems from in-depth research on industry trends, aligning with government strategic directions like low-altitude economy and commercial aerospace [2] Group 3: Performance and Growth - The strategy of early positioning in promising but under-explored areas has shown initial success, with products like gold stock ETF and medical device ETF performing well, contributing to the ETF total scale growing nearly threefold from 4.7 billion yuan at the beginning of the year [3] - Specific product performance includes gold stock ETF exceeding 10 billion yuan in scale within two years, medical device ETF nearing 5 billion yuan, and both general aviation ETF and satellite ETF surpassing 1 billion yuan [3] Group 4: Product Matrix Expansion - Following the validation of its differentiated layout, Yongying Fund has accelerated the development of its product matrix, establishing 11 ETF products covering various sectors [4] - The company aims to create a comprehensive "product shelf" to provide suitable investment tools regardless of market conditions, with plans to expand into core sectors like consumption, manufacturing, technology, and finance [4] Group 5: Quantitative Investment Development - Yongying Fund is actively developing its quantitative investment sector, primarily focusing on index enhancement strategies across multiple indices [5] - The company plans to increase investment in active quantitative strategies, including fundamental quantitative, multi-factor quantitative, and machine learning approaches [5] Group 6: Risk Management and Future Outlook - Yongying Fund emphasizes that quantitative investment is a technology-driven model that requires continuous effort and cannot guarantee easy success [6] - The company has established a strict risk management system to proactively manage risks, ensuring a better investment experience for investors [6] - Future plans include further enhancing product layout and research capabilities to provide more high-quality tool-type products, aiming for a differentiated development path through continuous innovation and refined management [6]

Core Insights - The rapid development of index investment in the capital market is highlighted, with the total market ETF scale exceeding 5 trillion yuan by early September this year, driven by public institutions accelerating their layout and product innovation [1] - Yongying Fund has achieved an ETF management scale of over 19 billion yuan, launching several industry-first products such as gold stock ETF, general aviation ETF, satellite ETF, and Hong Kong medical ETF [1][2] - The company emphasizes the importance of understanding industry development trends and making forward-looking arrangements rather than merely replicating products [1][2] Differentiated Development Strategy - Yongying Fund has adopted a unique "cake-cutting" strategy since 2020, focusing on niche opportunities within large industries, such as concentrating on the medical device sector instead of the entire healthcare industry [2][3] - This differentiated approach stems from in-depth research on industry trends, aligning with government strategic directions, such as low-altitude economy and satellite communication [2] Performance and Growth - The strategy has shown initial success, with products like gold stock ETF and medical device ETF performing well, contributing to the total ETF scale growing nearly threefold from 4.7 billion yuan at the beginning of the year to over 19 billion yuan [3] - Specific product achievements include the gold stock ETF surpassing 10 billion yuan in scale within two years, and the medical device ETF nearing 5 billion yuan, with general aviation and satellite ETFs also leading in their categories [3] Product Matrix Expansion - Following the validation of its differentiated strategy, Yongying Fund is accelerating the expansion of its product matrix, having established 11 ETF products covering various sectors [4] - The company aims to create a comprehensive "product shelf" to provide suitable investment tools regardless of market conditions, with plans to expand into core sectors such as consumption, manufacturing, technology, and finance [4] Quantitative Investment Development - Yongying Fund is actively developing its quantitative investment sector, focusing on index enhancement strategies across multiple indices [5] - The company plans to increase investment in active quantitative strategies, incorporating fundamental quantitative, multi-factor quantitative, and machine learning approaches [5][6] Risk Management and Future Outlook - A strong risk management framework is in place, with tools like the Mingjing risk management system to proactively manage risks and enhance expected return characteristics [6] - The company is committed to continuous innovation and refined management to carve out a differentiated development path in a competitive market [6]

Core Viewpoint - Index funds have gained popularity among investors as a means to optimize asset allocation and diversify risk, with Yongying Fund adopting a dual-track strategy of "broad-based foundation + innovative breakthrough" to navigate the competitive landscape [1] Company Development - Yongying Fund's index business started relatively late, initially adopting a conservative defensive strategy and focusing on building a foundational framework and conducting extensive market research [2] - A strategic turning point occurred in 2020 when the company recognized the need to move beyond merely "following" the market and began to explore differentiated opportunities, particularly in the booming medical sector [2][3] - The decision to launch a medical device ETF was based on the recognition of the unique investment value in the medical device sector, which was less saturated compared to other areas in healthcare [3] Investment Strategy - The company embraces "left-side" opportunities, focusing on sectors aligned with clear national policy directions, such as low-altitude economy and commercial aerospace, which were highlighted in government reports [4] - Despite being a latecomer in the index product market, the company leverages the creativity and efficiency of its research team to pursue challenging yet promising investment opportunities [4] Recent Product Launches - In 2023, the company launched a gold stock ETF to fill a gap in the domestic market, which has seen a net value increase of over 68% year-to-date as of September 3, 2025 [5] - The company emphasizes the importance of research and risk control in index investment, countering the misconception that index investing requires no research [5] Future Directions - The company plans to enhance its product matrix by focusing on three dimensions: refining broad-based products, embracing Smart Beta opportunities, and implementing a "two-step" strategy for new productivity sectors [6] - The refinement of broad-based products will involve detailed operations to capture market opportunities, while Smart Beta products are expected to gain market share as the market shifts towards a more configuration-oriented approach [6] - The "two-step" strategy involves initially launching actively managed funds in emerging sectors before transitioning to index products as market conditions improve [6][7] - The company aims to continuously expand its product offerings to build a competitive and comprehensive product matrix [7]