展望后市，万联证券表示，本轮周期，贵州茅台批价下跌深度和下跌时间，均超过此前四轮周期。以茅台酒的批发价格相对于中国居民人均可支配收入的购 买力情况来看，批价接近底部区域，往下空间有限。从渠道库存情况来分析，判断白酒渠道去库存周期延续至2026年上半年，拐点可能在2026年下半年出 现。经过5年的调整，白酒行业PE估值较峰值缩水近7成，估值进入筑底阶段，且白酒行业整体现金分红能力较强，低估值+高股息率为股价提供较强支撑。 吃喝板块今日（1月21日）继续回调，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后迅速走弱，而后持续低位震荡，盘中场内价格一度跌超 1%，截至发稿，跌0.86%。 在饮料品类中，贵州茅台的无形资产价值显著，超越了百事公司（2070亿美元，第51位）和百威英博（1900亿美元，第59位）等国际巨头。此外，茅台的无 形价值占到了企业价值的85%。 成份股方面，白酒大面积下挫，截至发稿，金徽酒、水井坊、酒鬼酒等大跌超2%，古井贡酒、泸州老窖、迎驾贡酒等多股跌超1%，拖累板块走势。 值得注意的是，贵州茅台是食品饮料ETF华宝（515710）第一大重仓股，基金定期报告显示，截至2025年 ...

Group 1 - The food and beverage sector is experiencing a downturn, with the Huabao Food and Beverage ETF (515710) showing a decline of 1.01% as of the latest report [1] - Major stocks in the sector, particularly leading liquor and dairy companies, are facing significant drops, with Yili Co. falling over 4% and other companies like Kweichow Moutai and Gujing Gongjiu also declining [1] - The current consumption industry is entering a strategic opportunity period supported by policies, with a focus on domestic demand as a core economic task, which is expected to benefit the food and beverage sector [1][3] Group 2 - Pacific Securities notes that upcoming policies aimed at boosting domestic demand are anticipated to improve consumption, particularly in high-end luxury goods, which may positively impact the broader consumer market [3] - The food and beverage sector's valuation is at a historical low, with the Huabao ETF's underlying index PE ratio at 20.27 times, indicating a favorable entry point for long-term investments [3] - The liquor industry is nearing a bottom in its fundamentals, with major companies like Moutai and Wuliangye implementing market-driven adjustments, suggesting potential for recovery in sales during the 2026 Spring Festival [3][4] Group 3 - Citic Construction points out that some food and beverage stocks are expected to exceed performance expectations due to their differentiated advantages, despite a temporary slowdown in revenue growth [4] - The liquor sector is seeing major companies managing inventory and optimizing channel structures, which may lead to improved profitability despite short-term challenges [4] - The Huabao Food and Beverage ETF is heavily weighted towards leading high-end liquor stocks and also includes significant positions in dairy and beverage companies, making it a key asset for investors in the sector [4]

吃喝板块今日（1月8日）又陷回调，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后持续 低位震荡，截至发稿，场内价格跌1.01%。 成份股方面，部分白酒龙头及乳制品企业跌幅居前，截至发稿，伊利股份大跌超4%，贵州茅台、古井 贡酒、金徽酒、新乳业等跌超1%，拖累板块走势。 | F9 盘前盘后 盛加 九转 画线 工具 (2 > | | 分时 多日 1分 5分 15分 30分 · | | | | | | | | 食品饮料ETF华宝 O | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 515710[食品饮料ETF华富] 13:31 价 0.589 温康 -0.006(-1.01%) 均价 0.589 服交量 | 0.602 | | | | | | | | E 1.1999 | 0.589 | | -0.006 -1.01% | | 通用不断用 | | | | | | | | | | SSE CNY 13:31:11 交易中 | | | | 0.599 | | | ...

吃喝板块今日（12月19日）震荡上行，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后震荡上行，截至发稿，场内价格涨 1.18%。 成份股方面，大众品涨幅居前，部分白酒股亦表现亮眼。截至发稿，安琪酵母大涨超5%，一鸣食品、新乳业、千禾味业涨超4%，桃李面包、 迎驾贡酒跟涨超3%，贵州茅台、山西汾酒、洋河股份等亦小幅飘红。 | | 多日 1分 5分 15分 | 304 | | | F9 盘前盘后 禁加 九转 画线 工具 (2) | > | | AD | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.600 | | | 13:45 价 0.599 涨跌 | | 0.007(1.18%) 均价 0.596 成交量 | | C | | +0.007 +1.18% | | | | | | AA H | | | SSE CNY 13:45:28 交易中 | | 通融/ 盘 十 | | 0.596 ----- | | AMA | | | | 0.63% | 净值走势 | 「上郎十三九森名品像公民出乎出乎 | ...