昨日（1月22日），三大指数集体上涨，农业板块表现活跃。中证农业主题指数（000949.CSI）上涨 0.55%，该指数成分股中，利尔化学上涨超5%，广信股份上涨近4%，亚钾国际与扬农化工上涨超3%。 农业农村部发展规划司司长陈邦勋在会上表示，在各方面共同努力下，2025年4月起，肉牛养殖已连续9 个月保持盈利，奶牛养殖亏损面已经连续9个收窄，生鲜乳价格止跌企稳，纾困效果明显。2026年，农 业农村部将会同有关部门持续落实肉牛奶牛产业各项纾困政策，着力稳定基础产能、强化金融政策支 持，促进全链条节本增效，加力养殖加工一体化发展，引导和扩大牛肉和乳制品消费，巩固拓展肉牛纾 困成效，推动奶业生产尽快走出困境。 相关ETF方面，农业ETF天弘（512620）昨日成交额近800万元。资金流向方面，该ETF1月21日当日获 资金净流入超700万元，连续2个交易日获资金净流入，累计净流入额为1638万元。截至1月21日，该 ETF最新流通份额为4.51亿份，最新流通规模为4.62亿元。 中金公司认为，2026年农业行业呈现结构性分化，粮食安全战略持续强化背景下，种业与生物育种商业 化进程加速。根据农业农村部数据，2025 ...

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]

Group 1 - The three major indices collectively declined on January 16, with the Shanghai Composite Index down 0.26%, the Shenzhen Component Index down 0.18%, and the ChiNext Index down 0.2% [1] - The CSI Food and Beverage Index fell by 0.71%, with notable increases in stocks such as Yangyuan Beverage and New Dairy, both rising over 5%, and Guotou Zhonglu rising over 4% [1] - The Tianhong Food and Beverage ETF (159736.SZ) decreased by 0.58% on the same day, with a trading volume exceeding 35 million yuan, and its latest circulating scale was 5.443 billion yuan as of January 15 [1] Group 2 - On January 15, the launch of the main products of Guizhou Moutai on the "i Moutai" platform saw significant demand, with over 2.7 million new users and 400,000 transaction users within the first nine days [2] - The Consumer Price Index (CPI) showed a month-on-month increase of 0.2% and a year-on-year increase of 0.8%, with the rise primarily driven by increased food prices [2] - After a prolonged adjustment period, signs of recovery in the food and beverage sector are emerging, with macro indicators stabilizing and the restaurant industry showing a rebound in operational flow [2]

Group 1 - The market experienced a pullback on January 14, with the Shanghai Composite Index turning negative in the afternoon. The total trading volume in the Shanghai and Shenzhen markets reached 3.94 trillion yuan, an increase of 290.4 billion yuan compared to the previous trading day [1] - The China Securities Food and Beverage Index fell by 0.53%. Among its constituent stocks, Ziyan Food rose over 5%, Xin Nuo Wei increased by over 3%, and Lianhua Holdings and Yuegui Shares both rose nearly 3% [1] - The Tianhong Food and Beverage ETF (159736) had a trading volume of 46.8628 million yuan, showing an increase compared to the previous trading day, with a real-time premium rate of 0.13% [1] Group 2 - Guizhou Moutai announced a market-oriented operation plan for 2026, shifting its sales model from "self-sale + distribution" to a multi-dimensional marketing system including "self-sale + distribution + agency + consignment" to better meet consumer demand [1] - Jianghai Securities noted that Moutai's market reform will facilitate direct access to end consumers and compel distributors to transform. They indicated that the liquor industry is at a bottoming phase, with inventory pressure significantly alleviated [2] - Pacific Securities highlighted the importance of capitalizing on the pre-Spring Festival stocking trend, focusing on snacks and beverages, as some companies may see improvements in Q1 due to a relatively low base from the previous year [2]

Group 1 - The three major indices collectively adjusted on January 13, with the Shenzhen Component Index falling over 1% and the ChiNext Index experiencing a near 2% decline [1] - The Tianhong Food and Beverage ETF (159736) had a trading volume of nearly 280 million yuan as of January 13, with leading stocks including Jinhe Industrial, Quanyangquan, and Ziyan Food showing significant gains [2] - Moutai has reportedly set lower contract prices for several products for 2026, with significant price reductions for various types of Moutai, including a nearly 37% decrease for certain premium products [2] Group 2 - According to Zheshang Securities, the current liquor sector is still at a bottom range, with leading liquor companies seeing an upward inflection point in sales, and short-term expectations for core products during the Spring Festival are optimistic [3] - Aijian Securities noted that liquor companies are entering a rapid performance clearing phase, with demand expected to show weak recovery as policy pressures ease, and the industry is currently at a low valuation with pessimistic expectations fully priced in [3] - The leading liquor companies are controlling supply and stabilizing prices, which is expected to drive up wholesale prices and increase dividend ratios, making them attractive for investment [3]

Group 1 - The food and beverage ETF Tianhong (159736) has seen a trading volume of 2.0913 million yuan, with the tracked CSI Food and Beverage Index (930653) rising by 0.62% [1] - Notable component stocks include Guotou Zhonglu (600962) up 7.87%, Luyin Investment (600784) up 4.97%, and Lihai Food (300973) up 3.22% [1] - The net inflow of funds into the food and beverage ETF Tianhong (159736) reached 12.4998 million yuan as of January 8 [1] Group 2 - The CSI A500 ETF Tianhong (159360) experienced a trading volume of 6.9658 million yuan, with the tracked CSI A500 Index (000510) declining by 0.12% [1] - Leading component stocks include Weining Health (300253) up 12.32% and Meinian Health (002044) up 10.05% [1] - The net inflow of funds into the CSI A500 ETF Tianhong (159360) totaled 82.1737 million yuan over the last 21 trading days [1] Group 3 - The food and beverage ETF Tianhong (159736) focuses on high-end and mid-range liquor stocks, with approximately 60% of its portfolio allocated to leading liquor companies [2] - The top ten weighted stocks include Moutai, Wuliangye, and Yili, among others [2] - The CSI A500 ETF Tianhong (159360) employs a dual strategy of industry balanced allocation and leading stock selection, emphasizing sectors like power equipment, new energy, electronics, and biomedicine [2] Group 4 - iMoutai announced adjustments to the release schedule for its premium Moutai products, with specific purchase limits for consumers starting January 9 [2] - The release schedule includes four major nodes throughout the year, aligning with key Chinese festivals [2] Group 5 - CITIC Construction Investment Securities suggests that the white liquor industry is at a "five-bottom stage," indicating a potential turning point for the sector as the Spring Festival approaches [3] - The current market conditions are characterized by low expectations, low valuations, and low public holdings, presenting a buying opportunity in the white liquor sector [3]

Group 1 - The A-share market experienced a collective decline on January 8, with the CSI Food and Beverage Index dropping by 0.37%. Notable stocks within this index included Ziyuan Food, which rose nearly 8%, Andeli, which increased over 5%, and Laiyifen, which gained over 4% [1] - The Tianhong Food and Beverage ETF (159736) recorded a trading volume exceeding 26 million yuan on January 8, with a real-time premium rate of 0.26%. It saw a net subscription of 18 million units, ranking first among similar ETFs in the Shenzhen market [1] - As of January 7, the Tianhong Food and Beverage ETF had a circulating share count of 7.89 billion units and a total market size of 5.509 billion yuan. This ETF tracks the CSI Food and Beverage Index and focuses on leading stocks in high-end and mid-range liquor, as well as key players in beverages, dairy, condiments, and beer [1] Group 2 - Reports indicate that local governments are focusing on expanding domestic demand to stimulate economic growth, with "domestic demand as the main driver" being a top priority in the 2026 economic work agenda. Efforts include subsidies to boost consumption in sectors like home appliances, dining, and film, alongside the orderly development of major projects [2] - Experts suggest that enhancing consumption and driving investment will strengthen the main driving force of domestic demand, providing support for sustained economic recovery [2] - The U.S. Department of Health and Human Services and the Department of Agriculture released significantly revised federal dietary guidelines, encouraging home cooking and reducing consumption of highly processed foods. The new guidelines recommend a protein intake of 1.2 to 1.6 grams per kilogram of body weight, up from the previous recommendation of 0.8 grams [2] Group 3 - Guosheng Securities predicts that the food and beverage industry will experience structural differentiation and a weak recovery in 2026 [3] - CITIC Securities believes that the food and beverage industry will enter a phase driven by "consumption stratification and premiumization" in 2026 [3]

Group 1 - The Shanghai Composite Index recorded a slight increase, achieving a 14-day consecutive rise, with a total trading volume of 2.85 trillion yuan in the Shanghai and Shenzhen markets [1] - The Consumer Staples Index, specifically the food and beverage sector, saw a decline of 0.49%, with stocks like Ziyuan Food hitting the daily limit and others such as Yangyuan Beverage and Huanlejia also experiencing gains [1] - The Tianhong Food and Beverage ETF (159736) had a trading volume of 25.6 million yuan, with a closing premium/discount rate of 0.24%, and it received a net subscription of 6 million units, ranking first among similar products in the Shenzhen market [1] Group 2 - The food and beverage industry is characterized as a core sector of essential consumption with strong resilience, currently at historically low valuation levels, having fully priced in expectations of a slowdown in consumer recovery [2] - The investment outlook suggests a focus on leading companies with strong brand and channel advantages, growth-oriented firms actively positioning for emerging trends, and leaders in specific categories with potential for profit improvement [2] - The recent meeting between Chinese and South Korean officials aimed to enhance food safety cooperation and facilitate bilateral agricultural product trade, indicating a strategic focus on improving trade relations in the food sector [2]

Core Viewpoint - The chemical ETF Tianhong (159133) has shown significant trading activity and net inflow, indicating investor interest in the sector, particularly in emerging fields like new energy materials and high-performance plastics [1][2]. Group 1: ETF Performance - As of January 7, 2026, the chemical ETF Tianhong (159133) had a turnover rate of 5.12% with a transaction volume of 36.0252 million yuan [1]. - The ETF experienced a net subscription of 15 million shares throughout the day, contributing to a total scale of 718 million yuan and a total share count of 622 million, both reaching new highs since its inception [2]. - Over the past six days, the ETF has seen a cumulative net inflow of 104 million yuan [2]. Group 2: Market Trends - The underlying index, the CSI Sub-Industry Chemical Theme Index (000813), declined by 0.54%, while individual stocks within the ETF showed mixed performance, with Tongcheng New Materials (603650) leading with a 10% increase [1]. - Lithium carbonate prices have surged, with the main futures contract reaching 142,300 yuan per ton, marking a 4.54% increase and continuing a trend of price recovery driven by tight supply and demand in the energy storage sector [2][3]. Group 3: Industry Outlook - The growth potential in emerging sectors such as new energy materials and bio-based chemicals is highlighted, with leading companies expected to enhance their global competitiveness through increased R&D and improved supply chain management [2]. - Market analysts suggest that the long-term demand for lithium carbonate remains robust, supported by growth in energy storage and electric vehicle applications, despite potential price volatility due to supply chain uncertainties [3][4]. - The Chinese government is expected to introduce measures to stabilize growth in the petrochemical industry, which may benefit leading companies as the industry adjusts to improved supply-demand dynamics [4].

Core Insights - The China Securities A500 ETF Tianhong (159360) has seen a turnover of 2.95% and a transaction volume of 55.55 million yuan as of January 5, 2026, with the underlying index rising by 2.14% [1] - The A500 index has reached a near four-year high, with a daily increase exceeding 2%, indicating strong performance and favorable long-term investment potential [2] Product Highlights - The A500 ETF Tianhong (159360) focuses on core Chinese assets, employing a dual strategy of industry-balanced allocation and leading company selection, with a natural "dumbbell" investment characteristic [1] - Compared to the CSI 300, the ETF is overweight in sectors such as power equipment, new energy, electronics, and biomedicine, which are considered new productive forces [1] Market Events - On January 5, 2026, the Shanghai Composite Index returned to the 4000-point mark after 34 trading days, closing up 1.82% with over 4000 stocks rising, and a total market turnover of approximately 2.57 trillion yuan [1] - The A500 index's valuation remains at a relatively low historical level, with constituent stocks showing better earnings growth than the market average, driven by industrial upgrades and domestic substitution trends [2] Institutional Perspectives - Guotai Junan Securities highlights three significant marginal changes in China: reduced economic drag from traditional industries like real estate, accelerated expansion of new technologies and industries, and the global competitiveness of manufacturing sectors [2] - The report suggests that as confidence in domestic stability and asset prices stabilizes, the capital market will be better positioned to unify social consensus and capital [2]