值得注意的是，贵州茅台是食品ETF（515710）第一大重仓股。基金定期报告显示，截至2025年3季度 末，持仓占比14.89%。 | 序号 | 股票代码 | 股票名称 | 数量(股) | 公允价值(元) | 占基金资产净值比例(%) | | --- | --- | --- | --- | --- | --- | | | 600519 | 贵州茅台 | 132, 600 | 191, 473, 074. 00 | 14. 89 | | 2 | 000858 | 五粮液 | 1, 550, 665 | 188, 374, 784. 20 | 14. 65 | | 3 | 600887 | 伊利股份 | 5,886,842 | 160, 593, 049. 76 | 12. 49 | 飞天茅台批价持续回升。据悉，茅台各省区经销商联谊会近日召开会议，讨论明年经销渠道战略：2026 年或将聚焦茅台1935、飞天茅台、精品茅台三大核心单品；茅台生肖酒、公斤茅台等非标茅台产品或将 减量；对于未完成的2025年计划外的茅台配额停止投放，以期稳定市场。茅台新控量政策消息传开后， 飞天茅台批价应声大涨，酒商反馈称，12月14日 ...

Group 1 - The food and beverage sector experienced a rise in the market, with the food ETF (515710) increasing by 1.03% as of the report time [1] - Notable stocks in the liquor segment saw significant gains, with brands like JiuGuiJiu rising over 6%, and SheDe JiuYe increasing over 4% [1] - Major liquor brands such as Moutai and Wuliangye also showed strong performance, contributing to the overall positive trend in the sector [1] Group 2 - Analysis indicates that the slight decline in liquor prices year-on-year should be viewed as a rational adjustment by the industry to manage inventory and stabilize channel pricing, paving the way for future healthy development [3] - The current valuation of the food and beverage sector is at a historical low, suggesting a favorable time for investment, with the food ETF's price-to-earnings ratio at 19.97, positioned in the lower 4.71% of the past decade [3] - Citic Securities highlights that while Moutai's price drop may temporarily suppress sector performance, potential policy catalysts in December could enhance consumption, making high-quality assets like liquor appealing for investment [3] Group 3 - The consumer market has shown signs of slowing growth due to high base effects and reduced subsidies, with a need for time to recover domestic demand [4] - Looking ahead to 2026, opportunities may arise from supply-side optimization, new product categories, and policies aimed at boosting consumption [4] - The food ETF (515710) is recommended for investors, as it tracks a diversified index with significant allocations to leading liquor brands and other beverage sectors [4]

Core Viewpoint - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing a decline of 0.34% as of the latest update, driven by poor performance in consumer staples and certain liquor stocks [1] Group 1: Market Performance - The food and beverage sector has seen significant capital inflow, with over 96 million yuan invested in the Food ETF (515710) over the past five trading days [3] - Major liquor companies, Guizhou Moutai and Wuliangye, announced interim dividend distributions totaling approximately 40 billion yuan, with Moutai distributing 30 billion yuan and Wuliangye distributing 10 billion yuan [3] Group 2: Valuation and Investment Opportunities - 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 19.99, placing it in the 4.7% percentile of the last decade [4] - Analysts suggest that the current market conditions present a favorable opportunity for left-side positioning in the sector, particularly in high-quality assets like liquor and consumer staples [4] - Recommendations include focusing on leading companies with stable demand and strong risk resilience, as well as those actively developing new products and channels [4] Group 3: ETF Composition - The Food ETF (515710) tracks the CSI Sub-Industry Food and Beverage Index, with approximately 60% of its holdings in high-end and mid-range liquor stocks, and nearly 40% in beverage, dairy, seasoning, and beer sectors [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili [5]