Group 1 - The Tianhong Food and Beverage ETF (159736) experienced a fluctuating trading session on October 14, with a rise of 0.28% and a trading volume exceeding 7.8 million yuan, alongside a net subscription of 2 million shares [1][3] - Over the past 10 trading days, the Tianhong Food and Beverage ETF has seen net inflows of funds on 9 occasions, accumulating over 150 million yuan [3] - The ETF closely tracks the CSI Food and Beverage Index, which selects stocks from the beverage, packaged food, and meat industries, and also includes off-market connecting funds [3] Group 2 - Recent reports indicate that the price of Feitian Moutai (loose bottle) increased by 5 yuan to 1,765 yuan per bottle, while the original Moutai price rose by 15 yuan to 1,795 yuan per bottle [4] - During the recent holiday period, overall sales of white liquor declined by 20%-30%, aligning with market expectations, although top brands like Moutai and Wuliangye performed relatively well [4] - National Sea Securities suggests that recent policy measures may improve macroeconomic expectations and enhance both valuation and performance in the food and beverage sector, which currently has low valuations [4]

Core Viewpoint - The Tianhong Food and Beverage ETF (159736) is experiencing active trading and has seen significant net inflows, indicating strong investor interest in the food and beverage sector amid positive market signals and upcoming consumption events [1][2][3]. Group 1: ETF Performance - As of September 25, the Tianhong Food and Beverage ETF (159736) showed a slight decline of 0.55% with a trading volume exceeding 24 million yuan and a premium/discount rate of 0.18% [1]. - The ETF has recorded a net subscription of 18 million units, reflecting strong demand from investors [2]. - The ETF has seen a continuous net inflow of funds for seven consecutive trading days, accumulating over 150 million yuan [3]. Group 2: Composition and Holdings - The Tianhong Food and Beverage ETF closely tracks the CSI Food and Beverage Index, which includes stocks from the beverage, packaged food, and meat industries [3]. - Major holdings in the ETF include leading companies such as Kweichow Moutai, Yili Group, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Haitian Flavoring & Food [3]. Group 3: Market and Consumption Trends - Recent reports indicate a positive outlook for the liquor market, with Moutai's management noting a significant recovery in terminal sales as the traditional double festival approaches [4]. - Various promotional activities are being launched to stimulate consumption, including a 10 million yuan tourism consumption voucher initiative in Haikou [3].