周期股首当其冲，再现跌停潮，有色ETF华宝（159876）尾盘跌停，化工ETF（516020）收跌6.98%，今年以来两大板块已累积较高涨幅，获利盘兑现加剧 抛压。周期行情结束了？ 中信证券认为，从资源热到周期热，涨价线索的全面演绎可能贯穿一季度。化工（核心股）、有色、电力设备、新能源的底仓配置思路依然成立，但对投机 属性越发明显的贵金属（核心股）板块要开始保持警惕。* 此前巨量资金借道ETF押注"涨价逻辑"，截至1月30日，有色ETF华宝（159876）、化工ETF（516020）近20日吸金额分别高达17.29亿元、35.53亿元。 白酒逆市爆发，一枝独秀！高"含酒量"食品饮料ETF华宝（515710）一度冲上3%，溢价收涨0.86%，权重股贵州茅台盘中价创近1个月新高，据渠道消息， 飞天茅台全国多地供应偏紧，部分经销商已开售3月配额。中信建投表示，看好春节前后白酒板块或迎十年大底投资机会。 红利属性突出的银行板块重获青睐，全市场规模最大银行ETF（512800）成功收涨。避险资金提前涌入寻庇护，截至1月30日，512800近10日累计吸金10.9 亿元。有机构提示银行超跌反弹机遇，关注当前配置窗口期。 ...

吃喝板块今日（2月2日）逆市上攻！反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后迅速 冲高，盘中场内价格涨幅一度达到3.28%，而后随市回落，截至收盘，涨0.86%。 成份股方面，白酒集体大涨，截至收盘，金徽酒涨停，水井坊飙涨7.44%，金种子酒大涨5.17%，贵州 茅台、五粮液、泸州老窖、山西汾酒、洋河股份等白酒龙头亦集体收红。 注：投资者在申购或赎回基金份额时，申购赎回代理券商可按照不超过0.5%的标准收取佣金，其中包 含证券交易所、登记机构等收取的相关费用。食品饮料ETF华宝不收取销售服务费。 展望后市，湘财证券表示，当前食品饮料行业估值分位数处于历史低位。尽管社零数据、消费者信心、 白酒批价等市场数据仍偏冷，但经过长期调整，板块估值对悲观预期的定价相对充分，通胀呈现温和修 复的特点。随着市场风格切换，消费板块的投资机会逐步显现，建议关注基本面压力释放后的底部回暖 机遇与估值修复潜力。* 一键配置吃喝板块核心资产，重点关注食品饮料ETF华宝（515710）。根据中证指数公司统计，食品饮 料ETF华宝（515710）跟踪中证细分食品饮料产业主题指数，约6成仓位布局高端、次高端白酒龙头 股， ...

展望后市，国金证券指出，白酒行业景气度最为承压的时期已经过去，外部因素对消费场景的约束将持续趋缓。预计2026年春节白酒动销同比跌幅或进一步 收窄，至此之后，预计低基数下行业动销将逐步企稳，静待行业景气催化。* 一键配置吃喝板块核心资产，重点关注食品饮料ETF华宝（515710）。根据中证指数公司统计，食品饮料ETF华宝（515710）跟踪中证细分食品饮料产业主 题指数，约6成仓位布局高端、次高端白酒龙头股，近4成仓位兼顾饮料乳品、调味、啤酒等细分板块龙头股，前十权重股包括"茅五泸汾洋"、伊利股份、海 天味业等。场外投资者亦可通过食品饮料ETF华宝联接基金（A类012548/C类012549）对吃喝板块核心资产进行布局。 图片、数据来源：沪深交易所等，截至2026.1.29。 白酒板块今日（1月29日）迎来久违大爆发，带动吃喝板块整体大涨。反映吃喝板块整体走势的食品饮料ETF华宝（515710）早盘持续拉升，午后加速上 行，截至收盘，场内价格飙涨7.1%，一举收复5日、10日、20日、60日等4根均线。 成份股方面，白酒股掀涨停潮，截至收盘，五粮液、泸州老窖、洋河股份等17股涨停，白酒龙头贵州茅台飙涨8.61 ...

Group 1: Market Performance - The food and beverage sector showed a strong rebound on January 29, with the Huabao Food and Beverage ETF (515710) rising by 1.07% during trading [1] - Major stocks in the liquor segment experienced significant gains, with Luzhou Laojiao increasing over 4%, and Kweichow Moutai and Gujing Gongjiu both rising over 3% [1] Group 2: Fund Holdings and Trends - As of January 26, the latest public fund top ten heavy stocks revealed that Kweichow Moutai remains a key holding, valued at 118.203 billion, ranking fourth among the top ten heavy stocks [3] - Kweichow Moutai is the largest holding in the Huabao Food and Beverage ETF, accounting for 14.76% of the fund's portfolio as of the end of 2025 [4] Group 3: Valuation Insights - The food and beverage sector is currently at a low valuation, with the food index's price-to-earnings ratio at 19.09, placing it in the 1.37% percentile of the last decade [4] - Analysts suggest that the food and beverage sector is at a low point in terms of fundamentals and valuation, indicating significant layout value [4] Group 4: Investment Opportunities - The Huabao Food and Beverage ETF primarily invests in leading high-end and mid-range liquor stocks, with about 60% of its portfolio allocated to these sectors [5] - Investors can also access the core assets of the food and beverage sector through the Huabao Food and Beverage ETF linked funds [5]

展望后市，中信建投指出，从月度数据与市场表现来看，跨年行情或呈现"成长先行、白酒蓄力"的鲜明 特征。当前市场资金更倾向于布局零食、乳业等景气度明确、弹性更高的赛道，这类板块在政策支持与 产业趋势共振下，月度数据持续改善，成为跨年行情的核心驱动力。而白酒板块则处于"磨底蓄力"阶 段，随着春节临近，终端备货需求逐步启动，近期头部酒企批价企稳、库存回落的边际变化已开始显 现，预计春节后随着消费场景修复与需求集中释放，白酒或将迎来估值修复行情。 1月26日，吃喝板块继续回调，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后震荡下 行，截至发稿，场内价格跌1.39%。 成份股方面，白酒跌幅居前。截至发稿，洋河股份大跌近9%，古井贡酒、水井坊、金徽酒、酒鬼酒等 多股跌超2%，拖累板块走势。 | | | 分财 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | | | F9 盘前盘新 盘加 九种 图纸 工具 (0 2 | | 食品饮料ETF华室 ① | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The food and beverage sector is experiencing a downturn, with the Huabao Food and Beverage ETF (515710) showing a decline of 0.86% as of the latest report, reflecting a broader market trend [1] - Major stocks in the liquor segment, such as Jinhui Liquor and Shui Jing Fang, have seen significant drops, with declines exceeding 2% for some, contributing to the overall negative performance of the sector [1] Group 2 - Brand Finance's "Global Intangible Finance Tracker 2025" ranks Kweichow Moutai with an intangible asset value of $212 billion, placing it 49th globally and third among Chinese companies, following TSMC and Tencent [2] - Kweichow Moutai's intangible asset value surpasses that of international giants like PepsiCo and Anheuser-Busch, indicating its strong market position, with intangible assets constituting 85% of its total enterprise value [2] - The Huabao Food and Beverage ETF holds Kweichow Moutai as its largest position, accounting for 14.89% of its portfolio as of Q3 2025 [2] Group 3 - The food and beverage sector is currently at a historical low in terms of valuation, with the ETF's price-to-earnings ratio at 19.83, which is in the bottom 3.33% of the last decade, suggesting a potential opportunity for long-term investment [2] - Analysts predict that the liquor channel's inventory reduction cycle will continue until mid-2026, with a possible turning point in the second half of 2026, indicating a prolonged adjustment period for the industry [3] - The overall price-to-earnings ratio for the liquor industry has decreased by nearly 70% from its peak, entering a bottoming phase, while the sector's strong cash dividend capability provides support for stock prices [3] Group 4 - The Huabao Food and Beverage ETF primarily invests in leading high-end and mid-range liquor stocks, with approximately 60% of its portfolio allocated to these segments, and the top ten holdings include major brands like Moutai and Yili [3]

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]

Group 1 - The food and beverage sector experienced a positive trend on December 19, with the ETF Huabao (515710) rising by 1.18% during trading [1] - Major consumer goods stocks led the gains, with notable performances from liquor stocks, including Anqi Yeast, which surged over 5%, and several others like Yiming Foods and New Dairy, which rose over 4% [1] - The "Moutai Sauce Aroma·Sauce Friends Enjoyment Week" event significantly boosted sales, with total online sales exceeding 145 million yuan and exposure surpassing 531 million times [2][3] Group 2 - Analysts attribute the sales surge to the company's strategic product line planning and precise operations, which effectively met diverse consumer needs and enhanced brand value [3] - The food and beverage sector is currently at a historical low in valuation, with the ETF Huabao's underlying index PE ratio at 20.25 times, indicating a favorable entry point for long-term investments [3] - The liquor sector is expected to stabilize as positive signals emerge from both supply and demand sides, with quality companies likely to see greater growth opportunities [3] Group 3 - The ETF Huabao (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its portfolio in high-end and mid-range liquor stocks, and nearly 40% in beverages, dairy, and seasoning stocks [4] - Investors can also access core assets in the food and beverage sector through the Huabao ETF linked funds [4]