1月29日，两市温和放量，窄幅震荡，消费板块表现抢眼。相关ETF方面，食品饮料ETF天弘 （159736）标的指数收盘涨5.58%，产品成交额达7318.67万元。成分股中，五粮液、泸州老窖、山西汾 酒等18家成分股涨停，贵州茅台、顺鑫农业、欢乐家涨超8%，三只松鼠、红棉股份、立高食品等多股 跟涨。 消息面上，国务院办公厅印发《加快培育服务消费新增长点工作方案》，政策聚焦释放服务消费潜力， 为食品饮料等大消费板块注入强劲政策预期。与此同时，行业龙头释放积极信号，据智通财经，飞天茅 台批价单日显著上扬，提振了板块整体信心。此外，开源证券指出，当前板块估值处于历史相对低位， 安全边际较为突出。政策、基本面与估值形成三重利好共振，共同推动板块走强。 食品饮料ETF天弘（159736）跟踪中证食品饮料指数，聚焦白酒、饮料乳品、调味发酵品等高壁垒、强 韧性板块，前十大成分股囊括"茅五泸汾洋"，帮助投资者一键配置"吃喝板块"核心资产。该ETF还配备 了2只场外联接基金（A类：001631；C类：001632）。 国信证券认为，食品饮料板块2026年整体看多，建议关注四条主线：成本红利带来的乳制品、酵母等行 业盈利改善；效 ...

Group 1 - The core viewpoint of the articles highlights the positive performance of the food and beverage sector, with the CSI Food and Beverage Index rising by 0.36% as of January 19, driven by significant gains in stocks such as Quan Yang Quan and Andeli [1] - The Tianhong Food and Beverage ETF (159736) has shown a slight premium of 0.09% and has a circulating scale of 5.403 billion yuan, indicating investor interest in the sector [1] - The Ministry of Commerce emphasized the importance of promoting healthy consumption, focusing on improving supply quality and market potential, which aligns with the growth strategies of the food and beverage industry [1] Group 2 - The State Council's meeting on January 16 discussed measures to boost consumption, including the establishment of a long-term mechanism and the removal of unreasonable restrictions in the consumption sector [2] - Industry analysts predict a structural differentiation and weak recovery in the food and beverage sector by 2026, with the soft drink industry continuing to show high prosperity [2] - The food and beverage sector is showing signs of recovery after a prolonged adjustment period, with the restaurant industry rebounding and the core liquor segment stabilizing, indicating potential investment opportunities [2]

Market Overview - On December 11, the market experienced fluctuations, with the Shanghai Composite Index opening high but closing lower, while the ChiNext Index initially rose over 1% before retreating [1] ETF Performance - The Tianhong Food and Beverage ETF (159736) recorded a trading volume exceeding 14 million yuan, with a net inflow of over 38 million yuan over three consecutive days, bringing its total circulation to 7.902 billion shares and a market size of 5.418 billion yuan [2] Company Announcements - Kweichow Moutai announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 23.957 yuan per share (including tax), totaling 30 billion yuan, with the record date on December 18, 2025, and the payment date on December 19, 2025 [2] - Wuliangye also approved a mid-term profit distribution plan for 2025, agreeing to distribute 25.78 yuan per 10 shares (including tax), amounting to 10 billion yuan, with the record date on December 17, 2025, and the payment date on December 18, 2025 [3] Industry Insights - Huachuang Securities indicated that the white liquor cycle is expected to accelerate its bottoming process in 2026, with traditional sector leaders in beer, dairy, and restaurant supply chains strengthening their competitive edge and market share as consumer demand is anticipated to improve next year [3] - Dongfang Securities noted that a turning point for the food and beverage sector is approaching, with signs of performance stabilization and slight improvement in the restaurant supply chain and beer segments by 2025, predicting a narrowing of revenue declines for most white liquor stocks in early 2026 [3]

Group 1 - The A-share market saw all three major indices rise collectively on September 22, indicating positive market sentiment [1] - The Tianhong Food and Beverage ETF (159736) closed down 1.22% with a trading volume exceeding 280 million yuan and a net subscription of 84 million units [1] - The Tianhong Food and Beverage ETF has experienced a net inflow of funds for four consecutive days, accumulating 74.35 million yuan [1] Group 2 - The Tianhong Food and Beverage ETF closely tracks the CSI Food and Beverage Index, which selects stocks from the beverage, packaged food, and meat industries [1] - Major holdings in the Tianhong Food and Beverage ETF include leading companies such as Kweichow Moutai, Yili, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao [1] - Huachuang Securities emphasizes the importance of bottom-catalysts in the liquor sector, suggesting that traditional consumption is entering a phase of accumulation [1] Group 3 - Guoyuan Securities recommends closely monitoring the pricing and sales dynamics in the liquor sector as the Double Festival approaches, focusing on high-end liquor companies with strong brand and channel capabilities [2] - The beer industry is noted for its stable competitive landscape, while segments like snacks and energy drinks are experiencing high demand [2] - The dairy sector shows signs of stabilization in raw milk prices, with leading dairy companies demonstrating resilience [2]

Group 1 - The stock indices weakened on September 18, with the Shanghai Composite Index dropping over 1.00%, the Shenzhen Component Index down 0.78%, and the ChiNext Index falling 1.13% [1] - The Tianhong Food and Beverage ETF (159736) saw a decline of 1.08% with a trading volume exceeding 24 million yuan, while it recorded a net subscription of 10 million units during the session [1] - The Tianhong Food and Beverage ETF has attracted a net inflow of over 25.28 million yuan yesterday and a cumulative inflow of 37.23 million yuan over the past five trading days [1] Group 2 - The State Council introduced a set of policies aimed at expanding service consumption, focusing on five areas with 19 specific measures to enhance quality and efficiency in service supply [2] - The Ministry of Culture and Tourism announced the launch of a three-year action plan for cultural and tourism consumption, which includes issuing over 330 million yuan in consumption subsidies during the consumption month [2] Group 3 - The white liquor industry is transitioning from "passive clearing" to "active adjustment," indicating an accelerated bottoming phase due to macroeconomic recovery and inventory cycle adjustments [3] - The industry is currently experiencing multiple bottoms in valuation, institutional positions, and fundamentals, with positive signals emerging from the release of consumption scenarios and demand for banquets [3] - The peak consumption seasons of Mid-Autumn Festival and National Day are expected to accelerate the bottoming process, with a forecast for recovery in financial reports by 2026 [3]

Group 1 - The A-share market showed a strong rebound in the afternoon on September 1, with consumer sectors such as dining, soft drinks, and retail remaining active [1] - The Tianhong Food and Beverage ETF (159736) experienced a slight decline of 0.40% in the afternoon, with a trading volume exceeding 280 million yuan [1] - The Tianhong Food and Beverage ETF has seen a continuous net inflow of funds for nine consecutive days, accumulating over 170 million yuan [2] Group 2 - Major stocks in the Tianhong Food and Beverage ETF include leading companies such as Kweichow Moutai, Yili, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao [2] - The implementation of the personal consumption loan interest subsidy policy by the Ministry of Finance and the People's Bank of China is expected to positively impact consumer spending [2] - The consumption sector is anticipated to see an increase in valuation as pessimistic expectations have been largely realized following the end of the mid-year report disclosure period [3]