展望2025年下半年，有分析指出，白酒行业预计将继续处于调整期。随着宏观经济环境逐步改善和消费 信心的缓慢恢复，行业有望逐步企稳，品牌力强、渠道健康、现金流充裕的头部企业将率先复苏。 还有机构指出，白酒半年报利空落地，板块仍处于底部整理区间，动销和场景表现依旧疲软，但随着行 业加速去库、政策转暖渠道信心逐步修复。白酒板块逐步进入旺季，茅台官方反馈近期动销环比改善明 显，各家酒企均积极创新产品、寻求渠道改革以保住自身份额，建议重视行业底部配置机会。 一键配置吃喝板块核心资产，重点关注食品ETF（515710）。根据中证指数公司统计，食品ETF （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ETF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2025.9.30。 吃喝板块今日（9月30日），持续低位震荡，截至发稿，反映吃喝板块整体走势的食品ETF（515710） 场内价格跌0.48 ...

吃喝板块今日（9月26日）延续回调态势，反映吃喝板块整体走势的食品ETF（515710）开盘后持续低 位震荡，截至发稿，场内价格跌0.16%。 成份股方面，部分大众品及白酒龙头表现不佳。截至发稿，金达威跌超2%，广州酒家、汤臣倍健、泸 州老窖等跌超1%，贵州茅台、五粮液、洋河股份、山西汾酒等白酒龙头亦小幅飘绿。 显，各家酒企均积极创新产品、寻求渠道改革以保住自身份额，建议重视行业底部配置机会，关注双节 旺季渠道备货和动销端表现。 一键配置吃喝板块核心资产，重点关注食品ETF（515710）。根据中证指数公司统计，食品ETF （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ETF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2025.9.26。 | | | 分时 多日 1分 5分 15分 30分 60分 日 · | | | | F9 盘前盘后 徽加 九转 画线 工具 @ 2 | > ...

吃喝板块今日（9月25日）再陷回调。反映吃喝板块整体走势的食品ETF（515710）几乎全天单边下 行，截至收盘，场内价格跌0.65%。 成份股方面，白酒跌幅居前，部分大众品亦表现不佳。截至收盘，迎驾贡酒、泸州老窖、酒鬼酒、伊利 股份、洋河股份等多股跌超1%，拖累板块走势。 展望后市，华龙证券表示自二季度以来，白酒需求端持续承压，短期来看，政策的边际影响有望逐渐收 窄，白酒作为前期超跌的板块，预期先行，估值的修复有望先于基本面。建议关注：一是超跌反弹的次 高端白酒；二是具备韧性的区域龙头；三是稳健的高端白酒。 还有机构指出，白酒半年报利空落地，板块仍处于底部整理区间，动销和场景表现依旧疲软，但随着行 业加速去库、政策转暖渠道信心逐步修复。白酒板块逐步进入旺季，茅台官方反馈近期动销环比改善明 显，各家酒企均积极创新产品、寻求渠道改革以保住自身份额，建议重视行业底部配置机会，关注双节 旺季渠道备货和动销端表现。 一键配置吃喝板块核心资产，重点关注食品ETF（515710）。根据中证指数公司统计，食品ETF （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 ...

Group 1 - The food and beverage sector experienced a decline on September 18, with the Food ETF (515710) dropping by 0.63% [1] - Within the sector, liquor stocks were notably weak, with companies like Yingjia Gongjiu falling over 2% and others like Jiu Gui Jiu and Lu Zhou Lao Jiao declining more than 1% [1] - Despite the current downturn, some analysts suggest that the liquor sector may have entered a bottoming phase, with potential for recovery during the upcoming festive season [1][4] Group 2 - According to Open Source Securities, the retail sales growth rate has slowed down, primarily due to diminishing effects of the "old-for-new" policy and a gradual recovery in consumer demand [3] - The food and beverage sector is expected to benefit from improving macroeconomic conditions and rising consumer income and willingness to spend [3] - The current valuation of the food and beverage sector is at a low point, making it a potentially good time for investment [3] Group 3 - Future outlook indicates that the liquor sector is undergoing adjustments due to policy impacts, with a noticeable decline in demand [4] - There are signs of recovery in consumer behavior, particularly in personal drinking and social gatherings, which could lead to improved sales figures [4] - Analysts predict that the worst phase for the liquor sector has passed, and there is cautious optimism for the upcoming Mid-Autumn Festival and National Day [4] Group 4 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with a significant portion of its holdings in leading high-end liquor stocks [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

Group 1: Market Performance - The food and beverage sector experienced a significant surge on August 29, with the Food ETF (515710) opening strongly and rising by 3% during the day, closing up by 2.52% [1] - Leading stocks in the sector, such as Jinhuijiu and Yanjinpuzi, surged over 7%, while other major liquor brands like Guizhou Moutai and Wuliangye also saw gains [1] - The Food ETF (515710) attracted substantial investment, with over 70 million yuan net subscriptions in the last five trading days and over 110 million yuan in the past 20 days [1] Group 2: Company Performance - Shanxi Fenjiu reported a revenue of 23.964 billion yuan for the first half of 2025, a year-on-year increase of 5.35%, with a net profit of 8.505 billion yuan, up 1.13% [2] - Analysts noted the resilience of Shanxi Fenjiu's performance amid a complex market environment, highlighting strong sales growth of core products [2] - The overall valuation of the food and beverage sector remains low, with the Food ETF's underlying index PE ratio at 20.75, positioned at the 7.06% percentile over the past decade, indicating potential for long-term investment [2] Group 3: Investment Insights - The white liquor sector is expected to see improved performance in the second half of the year, driven by seasonal demand during the Mid-Autumn Festival and National Day [4] - The Food ETF (515710) is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with a significant portion of its holdings in leading high-end and mid-range liquor brands [4] - Analysts suggest that the current market conditions present a favorable opportunity for investment in the food and beverage sector, particularly as the negative expectations for second-quarter performance have been largely priced in [2][4]

Group 1 - The food and beverage sector is experiencing significant gains, with the Food ETF (515710) rising by 2.53% as of the latest report, and intra-day prices exceeding a 3% increase [1] - Major stocks in the liquor segment are performing exceptionally well, with Shede Liquor reaching the daily limit, and other brands like Shui Jing Fang, Ying Jia Gong Jiu, and others seeing increases of over 5% [1] - The food and beverage sector has attracted over 5.6 billion yuan in net inflows from major funds, ranking fourth among 30 sectors tracked by Citic [2] Group 2 - Kweichow Moutai has launched a new product, Moutai 1935, available for pre-sale on major e-commerce platforms, priced at 998 yuan for a 500ml bottle, with official sales starting on August 28 [3] - Recent reports indicate that the food and beverage sector's valuation is relatively low, suggesting a good opportunity for investment in high-quality stocks [4] - The food ETF (515710) has a price-to-earnings ratio of 20.77, placing it in the 7.25% percentile over the past decade, highlighting its long-term investment value [4] Group 3 - The white liquor industry is expected to recover from a four-year adjustment period, with potential for both valuation and performance improvements by 2025 [5] - The food ETF (515710) primarily invests in leading high-end and mid-range liquor stocks, with significant allocations to dairy, seasoning, and beer sectors [5]