消息面上，据证券时报，进入8月份，随着前期一系列市场措施的落地见效，以及传统双节临近的需求 驱动，市场终端动销环比增长态势明显。9月以来，贵州茅台酒终端动销增长表现更加显著，环比增长 约1倍，同比增长超20%。 9月30日，食品饮料ETF天弘（159736）盘中走势震荡，截至发稿跌0.42%，溢折率0.04%，盘中频现溢 价交易。成交额超1400万元，Wind数据显示，该ETF盘中获净申购5400万份。成分股中，金达威涨超 6%，安德利、粤桂股份、ST绝味、东鹏饮料涨超2%。 资金流向上看，Wind数据显示，食品饮料ETF天弘（159736）已连续10个交易日获资金净流入，累 计"吸金"近1.8亿元；截至9月29日，该ETF最新流通份额76.34亿份，最新流通规模55亿元。 食品饮料ETF天弘（159736）紧密跟踪中证食品饮料指数，该指数以中证全指为样本空间，选取归属于 饮料、包装食品与肉类两个行业的上市公司股票作为成分股。此外，食品饮料ETF天弘（159736）还配 置了场外联接基金（A: 001631；C: 001632）。 中信证券表示：本轮行业基本面底有望出现在2025年三季度，预计今年三季度是行业 ...

资金流向方面，Wind数据显示，食品饮料ETF天弘（159736）以连续5个交易日获资金净流入，累 计"吸金"超1.35亿元。 食品饮料ETF天弘（159736）紧密跟踪中证食品饮料指数，该指数以中证全指为样本空间，选取归属于 饮料、包装食品与肉类两个行业的上市公司股票作为成分股。十大重仓股包括贵州茅台、伊利股份、五 粮液、山西汾酒、泸州老窖、海天味业等多只大市值龙头股。此外，食品饮料ETF天弘（159736）还配 置了场外联接基金（A: 001631；C: 001632）。 民生证券表示，白酒板块已进入底部配置区间，重视旺季消费脉冲事件的边际催化。进入8月以来，场 景释放和升学宴需求集中释放的背景下，渠道反馈宴席驱动下的开瓶动销环比修复等积极信号。中秋国 庆旺季将加速基本面筑底过程，预计2026年开启报表端修复。 9月23日，A股三大指数午后跌幅震荡收窄，食品饮料板块连续第二日回调。热门ETF中，食品饮料ETF 天弘（159736）截至发稿跌超1.3%，成交额近2000万元。 成分股方面，金字火腿涨停，百润股份、华康股份、百龙创园、欢乐家等多股上涨，白酒股集体下跌。 Wind实时申购赎回信息显示，截至发稿， ...

消息面上，国务院新闻办9月17日举行新闻发布会，介绍《关于扩大服务消费的若干政策措施》的主要 内容及亮点。商务部有关负责人表示，《政策措施》提出5方面19条具体任务措施，坚持惠民生和促消 费相结合，坚持优化供给和激发需求相结合，坚持对外开放和对内放开相结合，吸引更多优质服务消费 资源进入，解决供给侧优质服务短缺问题，激发经营主体活力，提高服务供给的质量和效率。 此外，文化和旅游部产业发展司司长缪沐阳9月17日在国新办新闻发布会上表示，将正式启动"百城百 区"文化和旅游消费三年行动计划，协调中国银联、金融机构、平台企业推出消费券、支付满减等优惠 以及入境旅游消费便利措施；各地也陆续出台扩大文旅消费的专项政策，将在消费月期间发放超过3.3 亿元的消费补贴。 民生证券指出，从"被动出清"到"主动调整"，白酒行业处于加速筑底阶段。2025年上半年白酒行业经历 了宏观经济缓慢修复、行业库存周期高位去化以及518史上最严禁酒令的政策面压制等，消费场景受 损，行业需求延续承压，酒企放缓回款节奏纾压渠道，加速库存去化，二季度报表同比转负，行业加速 出清筑底。当前行业处于估值、机构仓位、基本面的多重底部，进入8月以来，场景释放 ...

Group 1 - A-shares indices rebounded in the afternoon on August 20, with strong performance in consumer-related sectors [1] - Pop Mart's stock price surged over 10%, surpassing 300 HKD, reaching a new historical high [1] - The Tianhong Food and Beverage ETF (159736) rose by 1.52%, with a trading volume exceeding 78 million CNY, and saw a net subscription of 62 million units [1] Group 2 - Citic Securities noted a certain recovery in domestic demand in the first half of the year, with significant potential for consumer spending growth, especially in the context of uncertain exports [2] - Huolong Securities highlighted that consumer demand is still in a slow recovery phase, recommending attention to resilient and stable-performing food and beverage industry leaders [2] - Founder Securities indicated that the liquor sector is at a valuation bottom, with high safety margins, and is expected to see valuation reconstruction and gradual performance recovery [2]

Group 1 - The food and beverage sector has shown signs of stabilization after a period of adjustment, with notable gains in stocks such as Yanjing Beer rising over 6% and Jinzhongzi Wine and Zhujiang Beer increasing over 4% [1] - The China Securities Food and Beverage Index has experienced a cumulative decline of over 5% in the past month and over 9% in the last three months, indicating significant downward pressure in the sector [1] - Kweichow Moutai's stock price has dropped from a high of 1645 yuan in May to 1401.18 yuan, reflecting a cumulative decline of approximately 15% [1] Group 2 - The white wine sector is currently under pressure, with the price of Feitian Moutai continuing to decrease, and the price of scattered bottles falling below 2000 yuan [1] - Analysts believe that the commodity attributes of white wine are being reshaped, and companies that can adapt to fast-moving consumer goods (FMCG) operations will gain a competitive advantage [1] - Various segments within the food and beverage sector are showing signs of bottoming out, with dairy, beer, beverages, and store-type enterprises exceeding expectations in Q1 performance [1] Group 3 - The food and beverage ETF Tianhong (159736) tracks the China Securities Food and Beverage Index, which includes listed companies in the alcohol, beverage, and food industries [2] - Investors are encouraged to look for layout opportunities in the food and beverage sector [2] - Off-market investors can continue to pay attention to Tianhong's China Securities Food and Beverage ETF linked funds [3]

Group 1 - The overall performance of ETFs showed mixed results, with oil and gas ETFs leading the gains [1] - Huatai Baichuan oil and gas ETF (561570) surged by 8.56%, indicating strong investor interest in this sector [1] - The oil and gas resources ETF (563150) increased by 1.98%, reflecting a positive trend in energy investments [1] Group 2 - Gold ETFs also performed well, with the gold ETF (159834) rising by 1.76%, suggesting a growing demand for safe-haven assets [1] - In contrast, the film and television ETF (159855) experienced a decline of 1.12%, indicating potential challenges in the entertainment sector [1] - The food and beverage ETFs saw declines, with one ETF (159843) down by 1.1% and another (159736) down by 1.01%, highlighting pressures in the consumer goods market [1]