- The "Hong Kong CCASS Preferred 20 Portfolio" model was constructed using a two-step screening method: first selecting brokers and then selecting stocks[35][39] - The model identifies top-performing brokers by standardizing excess Sharpe ratios and monthly win rates, then combines them into a composite score[39] - The portfolio is built by equally distributing funds among the top 10 brokers and selecting the top 20 stocks based on weight, which are then equally weighted[39] - The benchmark index for the portfolio is the Hang Seng Index (HSI.HI)[40] Model Performance - January 2026 portfolio return: 6.32%, Hang Seng Index return: 6.85%, excess return: -0.53%[41] - Full period (2020.1–2026.1) excess annualized return: 19.3%, excess Sharpe ratio: 2.45[41] - Annualized excess returns by year: 2020: 30.9%, 2021: 12.0%, 2022: 11.9%, 2023: 22.5%, 2024: 23.2%, 2025: 18.6%, 2026 YTD: -6.2%[42] - Maximum drawdown during the full period: -7.6%[42] - Monthly win rate during the full period: 75.3%[42]

Group 1 - The food and beverage sector experienced a significant reversal on October 30, with the Food ETF (515710) opening lower but then rising to a gain of 0.33% as of the report [1] - Notable stocks in the sector included strong performances from liquor brands, with companies like Yingjia Gongjiu and Tangchen Beijian both rising over 4%, and New Dairy rising over 3% [1] - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first nine months of the year, a year-on-year increase of 6.32%, with a net profit of 64.626 billion yuan, also reflecting a growth of 6.25% [2][3] Group 2 - Huatai Securities highlighted that the food and beverage sector is currently at a low valuation, making it a potentially good time for investment, with the Food ETF's price-to-earnings ratio at 19.99, which is in the 4.7% percentile of the last decade [3] - Guizhou Moutai's third-quarter revenue reached 39.81 billion yuan, showing a slight year-on-year increase of 0.35%, indicating stable performance amidst market fluctuations [2][3] - The food and beverage sector is expected to enter a recovery phase as consumer policies from the second quarter begin to wane, with signs of improved supply chain dynamics and industry consolidation [4]