Core Insights - The food and beverage ETF Tianhong (159736) has seen significant trading activity, with a total transaction volume of 11.33 million yuan as of December 15, 2025, and a strong increase of 1.40% in the tracked CSI Food and Beverage Index [1] - The ETF has experienced continuous net inflows over the past four days, totaling 42.82 million yuan, with a peak single-day inflow of 19.36 million yuan [1] Product Highlights - The food and beverage ETF Tianhong (159736) primarily invests in leading stocks in the high-end and mid-range liquor sectors, with approximately 60% of its portfolio allocated to these stocks, and nearly 40% to beverages, dairy, condiments, and beer [2] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, Luzhou Laojiao, and Yili [2] Recent Events - Guizhou Moutai is expected to implement a quantity control policy, which includes short-term measures to alleviate financial pressure on distributors and long-term structural reforms to reduce the supply of non-standard products [2] - The central economic work conference has prioritized domestic demand and consumption recovery as key tasks for 2026, which is expected to benefit the food and beverage sector as it aligns with policy support [2] Institutional Perspectives - According to Open Source Securities, the food and beverage industry is positioned to benefit from recent policy support aimed at boosting consumption, with current valuations and fundamentals having bottomed out [2] - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, indicating a gradual recovery in domestic demand, particularly in food prices, which have shifted from decline to increase [2]