Core Insights - The food and beverage ETF Tianhong (159736) has seen a 0.98% increase, with a trading volume of 9.2953 million yuan, indicating strong market interest [3] - The ETF's latest share count reached 7.698 billion, a record high since its inception, with a net inflow of 5.6831 million yuan recently [3] - The ETF primarily invests in leading high-end and mid-range liquor stocks, with significant allocations to beverage, dairy, and seasoning sectors [3] Product Highlights - The Tianhong food and beverage ETF (159736) is designed for easy access to core assets in the "food and beverage" sector, with approximately 60% of its portfolio in high-end liquor stocks and 40% in other beverage-related sectors [3] - Major holdings include top brands such as Moutai, Wuliangye, and Yili, reflecting a strong focus on leading companies in the industry [3] Market Events - The price of Moutai has slightly increased, with the price per bottle rising from 1,760 yuan to 1,765 yuan for loose bottles and from 1,780 yuan to 1,795 yuan for packaged bottles, indicating stable demand for top liquor brands [4] - Investor confidence is bolstered by notable investor Duan Yongping's continued support for Moutai stocks, as he publicly stated his recent purchase of Moutai shares [4] - Dongpeng Beverage has updated its Hong Kong IPO application, aiming to enhance its production capacity and expand its market presence, which could significantly boost its future growth [4] Institutional Perspectives - China Galaxy Securities notes that the food and beverage index has underperformed the broader market, with various sub-sectors undergoing adjustments [4] - The focus for October will be on third-quarter earnings reports, with an emphasis on high-performing stocks and sectors [4] - For the fourth quarter of 2025, the expectation of improved PPI translating to CPI suggests a focus on cyclical recovery stocks, with recommendations to monitor growth in new categories and stable demand sectors [4]

Core Viewpoint - The market showed a mixed performance on August 11, with the ChiNext Index rising by 2%, driven by strong performance in technology stocks and low-weight sectors, particularly in the food and beverage sector, which includes notable gains in liquor and brokerage stocks [1] Group 1: Market Performance - The overall market saw nearly 4,300 stocks rise, with the Shanghai Composite Index making gradual gains towards the previous high of 3,674 [1] - The food and beverage ETF (515170) increased by over 1% in the first half of the day and saw a strong rally in the afternoon, with key components like Tongrentang rising over 7%, Gujinggong Liquor up over 6%, and Shanxi Fenjiu increasing by more than 4% [1] Group 2: Industry Insights - According to China International Capital Corporation (CICC), the current demand for liquor is at a historical low, with limited downside risk. A more accommodative policy environment is expected to support a recovery in consumption [1] - It is anticipated that more supportive policies will be introduced to help stabilize liquor demand, which may see a gradual recovery at a slow rate. In the short term, demand from the general public is expected to remain rigid, and banquet demand may show improvement due to a low comparative base [1] - In the medium term, policy stimulus is likely to stabilize high-end liquor demand. The overall performance of the liquor industry is expected to show a pattern of initial decline followed by recovery in the third and fourth quarters, supported by a low comparative base [1] Group 3: Investment Tools - The food and beverage ETF (515170) tracks the CSI sub-index for the food and beverage industry, focusing on high-barrier and resilient sectors such as liquor, beverages, and fermented products. The top ten constituent stocks include major brands like Moutai, Wuliangye, and Luzhou Laojiao, 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 its constituent stocks, the food and beverage ETF offers a more accessible investment tool for smaller capital investors [1]