Group 1 - The food and beverage sector showed a rebound in the afternoon, with the Food ETF (515710) rising by 0.33% after a period of low volatility in the morning [1] - Major consumer goods stocks led the gains, with notable performances from liquor companies, including Angel Yeast surging over 7% and Yanjinpuzi rising over 4% [1] - The overall inventory pressure in the liquor industry is highlighted, with the total inventory of A-share listed liquor companies reaching 168.39 billion yuan by the end of 2024, a year-on-year increase of 12.9% [1][3] Group 2 - Despite a recent market rally, the food and beverage sector remains at a low valuation, presenting a potential opportunity for investment [3] - The current price-to-earnings ratio of the Food ETF (515710) is 19.96, which is at the 4.51% percentile of the past decade, indicating a favorable long-term investment value [3] - The white liquor sector faced significant challenges in Q2 due to the ongoing impact of the "drinking ban," leading to increased inventory levels and a downtrend in the short-term fundamentals [4] Group 3 - The Food ETF (515710) tracks the China Securities Index's segmented food and beverage industry index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5] - The upcoming launch of a new high-end beer by Xianlin Ecological Brewery, a subsidiary of Wuliangye, is seen as a strategic move to explore new market segments amid competitive pressures in the liquor industry [1][4]

证券研究报告 | 2025年08月12日 食品饮料周报（25 年第 32 周） 优于大市 白酒积极推新应变场景缺失，关注板块中报业绩 本周（2025 年 8 月 4 日至 2025 年 8 月 8 日）本周食品饮料板块上涨 0.75%， 跑输上证指数 1.37pct。本周食品饮料板块涨幅前五分别为*ST 西发 (16.28%)、岩石股份(14.11%)、万辰集团(10.87%)、西麦食品(10.32%)和金 字火腿(9.38%)。 白酒：需求压力下酒企积极推新，满足消费者多元化需求。贵州茅台酒(五 星商标上市 70 周年纪念)8 月 8 日上架 i 茅台 APP；五粮液将于 8 月 15 日正 式上市中式五粮精酿啤酒"风火轮"；酒鬼酒产品上启动"二低一小"产品 战略。本周白酒上涨 0.4%，逐步进入中报业绩交易阶段。情绪面看，白酒板 块作为顺周期优质资产跟随大盘情绪上涨，后市伴随重要会议政策预期升 温，仍有估值修复机会。基本面看，全国性次高端酒企陆续发布业绩预告， 反应行业需求压力，酒企短期仍将以去库存、促动销为主要工作，报表端预 计加速释放包袱，中长期更加重视消费者和消费场景培育，积极布局国际化 和年轻化。 ...