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 ...

国信证券认为，食品饮料板块2026年整体向好，建议关注四条主线：成本红利释放、经营效率提升、创 新驱动增长以及部分子行业的困境反转机会。春节旺季有望成为重要催化，预制菜国标即将出台也为行 业带来利好。 东海证券指出，在扩内需政策支持下，消费潜力有望释放，行业存在结构性机会。一方面关注餐饮供应 链、乳业等困境反转方向，另一方面看好零食、茶饮等新消费趋势，强调质价比与健康化需求。 （文章来源：每日经济新闻） 盘面上，两市全天窄幅震荡，消费板块大幅上涨。相关ETF方面，食品饮料ETF天弘（159736）标的指 数收盘涨5.58%，成交额达7318.67万元。成分股中，"茅五泸汾"四家头部白酒公司有三家涨停，茅台也 涨超8%。 值得关注的是，Wind显示，食品饮料ETF天弘（159736）近4个交易日（2026年1月23日—2026年1月28 日）实现连续"吸金"，食品饮料ETF天弘（159736）最近十个交易日累计获资金净流入3898.37万元。截 至2026年01月28日，该基金最新规模为53.00亿元，为同标的全市场第一。 中证食品饮料指数（CS食品饮）行业相对分散，前十大集中度最低，分散投资白酒、饮料乳品、食 ...

盘面上，两市窄幅震荡，消费板块异军突起。相关ETF方面，食品饮料ETF天弘（159736）标的指数盘 中涨3.13%，成交额达3095.97万元。成分股中，酒鬼酒涨停，泸州老窖、舍得酒业、水井坊、金种子 酒、古井贡酒涨超5%，口子窖、五粮液、伊力特等多股跟涨。 消息面上，据智通财经报道，飞天茅台价格持续上涨，2025年飞天散瓶批价重回1600元关口。此外，国 常会部署促消费一揽子政策，预制菜国标加速推进；同时原奶价格低位运行，乳企成本红利显现，春节 旺季有望带来需求提振。 值得关注的是，Wind显示，食品饮料ETF天弘（159736）近4个交易日（2026年01月23日～2026年01月 28日）实现连续"吸金"，食品饮料ETF天弘（159736）最近十个交易日累计获资金净流入3898.37万元。 截至2026年01月28日，该基金最新规模为53亿元，为同标的全市场第一。 食品饮料ETF天弘（159736）是深市最大的食品饮料类ETF，该指数覆盖酒、饮料、食品三大刚需赛 道，成分股以贵州茅台、五粮液、伊利股份等行业龙头为主，相比纯白酒指数兼顾酒、奶、调味品等多 元消费场景，抗单一行业波动能力更强，适合长期布局 ...

Group 1 - The food and beverage sector showed strong performance, with the China Securities Food and Beverage Index rising by 1.15% by the end of trading on December 19 [1] - The Tianhong Food and Beverage ETF (159736) experienced a trading volume of nearly 18 million yuan, with a premium/discount rate of 0.11% [1] - The agriculture sector also performed well, with the China Securities Agriculture Index increasing by 1.26% [1] Group 2 - The Tianhong Agriculture ETF (512620) has seen a net inflow of over 62 million yuan over five consecutive trading days, leading in net inflow days among similar products [1] - The Tianhong Food and Beverage ETF focuses on high-end and mid-range liquor leaders, as well as leading companies in beverages, dairy, seasonings, and beer [1] - The Tianhong Agriculture ETF covers sectors such as breeding and agricultural chemicals, including leading companies like Muyuan Foods and Wens Foodstuffs [1] Group 3 - Customs data revealed that China imported 560,000 tons of corn and corn flour in November, a year-on-year increase of 87.5%, and 250,000 tons of wheat and wheat flour, a year-on-year increase of 278.6% [2] - Citic Securities highlighted the potential for increased consumption due to the optimization of the offshore duty-free policy and the upcoming closure of Hainan, suggesting a focus on high-end consumption sectors [2] - Dongfang Securities noted that the white liquor industry is entering an "L-shaped bottom," with leading companies strengthening their "quasi-bond asset" attributes, indicating favorable stock price positions [2]

Market Performance - The market opened high and continued to rise, with the Shenzhen Component Index increasing by over 1% and the ChiNext Index rising by over 2% [1] ETF Highlights - The Tianhong Food and Beverage ETF (159736) had a total trading volume of 11.99 million yuan, with a closing premium rate of 0.13% [1] - Over the past 60 trading days, the Tianhong Food and Beverage ETF has attracted over 430 million yuan in capital [1] - The Tianhong Agriculture ETF (512620) tracking the CSI Agriculture Theme Index rose by 0.18%, marking two consecutive days of gains [1] ETF Composition - The Tianhong Food and Beverage ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as key players in beverages, dairy, condiments, and beer [1] - Major holdings include "Moutai, Wuliangye, Luzhou Laojiao, Yanghe, Yili, and Haitian" [1] - The Tianhong Agriculture ETF closely follows the CSI Agriculture Theme Index, covering sectors such as breeding and agricultural chemicals, with key stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group [1] Shareholder Return Activities - Since 2025, over 30 A-share companies, including Emei Shan A, Qianwei Yangchun, and Jiahe Foods, have announced voluntary shareholder return activities, a nearly 90% increase compared to 18 companies in 2024 [2] - The main sectors initiating these activities are food and beverage, and tourism services, which directly target individual consumers [2] Market Trends in Traditional Chinese Medicine - Prices for certain traditional Chinese medicinal materials like Angelica and Codonopsis have decreased, while others such as Ophiopogon, Rhizoma Polygonati, and Rose have remained stable [2] - The market for "food and medicine homology" is expected to reach 370 billion yuan this year, with significant growth in related health products and functional foods [2] Agricultural Sector Developments - On December 5, Muyuan Foods announced that the Hong Kong Stock Exchange has reviewed its application for issuance and listing, but this does not constitute formal approval [2] - Current valuations in the food and beverage sector are at historical lows, with signs of relative returns as market styles shift [2] - It is advised to focus on opportunities for recovery and valuation repair after fundamental pressures ease, as well as innovations in categories, channels, and consumption scenarios [2]

Group 1 - A-shares showed mixed performance on November 27, with significant trading volumes in popular ETFs, particularly the Tianhong Food and Beverage ETF, which exceeded 16 million yuan in trading volume [1] - The Tianhong Food and Beverage ETF (159736) tracks the CSI Food and Beverage Index, focusing on leading high-end and mid-range liquor stocks, with top ten weighted stocks including Moutai, Wuliangye, and Yili, and its scale surpassed 5.6 billion yuan with a nearly 14% increase in shares this year [1] - The Tianhong Agriculture ETF (512620) closely follows the CSI Agriculture Index, covering sectors like breeding and agricultural chemicals, with leading stocks such as Muyuan Foods and Wens Foodstuffs, and it also includes off-market linked funds [1] Group 2 - The Ministry of Agriculture and Rural Affairs emphasized the need for comprehensive regulation of pig production capacity and enhanced monitoring of production and market trends during a recent meeting [2] - According to Guotai Junan Securities, the focus on consumption's role in economic growth is expected to stabilize in 2026, with a potential recovery in the food and beverage sector as supply-demand imbalances ease and stock prices may lead the recovery [2] - Current institutional holdings in the food and beverage sector are relatively low, suggesting a potential market style rotation that could favor the sector in 2026 [2]

Group 1 - The A-share market showed mixed performance among the three major indices on November 26, with notable trading activity in popular ETFs such as the Tianhong Food and Beverage ETF, which recorded a transaction volume exceeding 16 million yuan [1] - The Tianhong Food and Beverage ETF (159736) tracks the CSI Food and Beverage Index, focusing on leading high-end and mid-range liquor stocks, as well as key players in beverages, dairy, condiments, and beer, with top ten weighted stocks including Moutai, Wuliangye, and Yili [1] - As of November 25, the Tianhong Food and Beverage ETF (159736) had a scale exceeding 5.6 billion yuan [1] Group 2 - The Tianhong Agriculture ETF (512620) closely tracks the CSI Agriculture Index, covering sectors such as breeding and agrochemicals, with leading stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group, achieving a diversified layout [1] - The Tianhong Agriculture ETF (512620) recorded an active trading session with a turnover rate of 3.87% and a transaction volume exceeding 14 million yuan [1] - According to a report from Daily Economic News, Yili Group's Chairman and CEO, Pan Gang, stated that the Chinese dairy industry has transitioned from a phase focused on growth in volume to a new stage driven by diversified and refined demand, indicating a shift towards "structural growth" [1] Group 3 - The only national laboratory for seed industry innovation in China, the Yazhou Bay National Laboratory, has signed an agreement to establish a grain and oil crop testing base in Hefei, Anhui Province [2] - Dongxing Securities analyzed macroeconomic factors, interest rates, and growth momentum, suggesting that the sector is transitioning from a "low probability" to a "high probability" phase, with expectations for a rebound in the food and beverage sector's performance in 2026 [2] - The food and beverage sector is currently in a high odds phase, with potential for both fundamental and valuation growth in the coming years [2]

Group 1 - The A-share market experienced a rebound on November 25, with all three major indices closing in the green [1] - The Tianhong Food and Beverage ETF (159736) recorded a trading volume exceeding 70 million yuan, with leading stocks including Jinzi Ham, Angel Yeast, and Bailong Chuangyuan showing significant gains [1] - The Tianhong Agriculture ETF (512620) was actively traded, achieving a turnover rate of 5.27% and a trading volume over 20 million yuan, with top-performing stocks including Biological Shares, Roniu Mountain, and Cangge Mining [1] Group 2 - The Tianhong Food and Beverage ETF (159736) tracks the CSI Food and Beverage Index, focusing on leading high-end and mid-range liquor stocks, as well as key players in beverages, dairy, and condiments, with top ten weighted stocks including "Moutai, Wuliangye, Luzhou Laojiao, and Yanghe" [1] - As of November 24, the Tianhong Food and Beverage ETF (159736) had a scale of 5.627 billion yuan, ranking first among food and beverage ETFs in Shenzhen [1] - The Tianhong Agriculture ETF (512620) closely follows the CSI Agriculture Index, covering sectors such as breeding and agricultural chemicals, with leading stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group [1] Group 3 - The Huashu Network announced a public auction for 6,500 tons of domestic frozen pork on November 20, 2025 [2] - Structural opportunities in the food and beverage industry are expected to continue, with new consumption trends and a recovery in traditional consumption [2] - According to Citic Securities, the demand for most consumer goods has experienced a decline over the past two years, but inventory levels are stabilizing, and demand is expected to improve, particularly in dairy and frozen food sectors [2]

Group 1 - The A-share market showed signs of recovery on November 24, with all three major indices closing in the green, and certain consumer stocks, such as Jingliang Holdings and Bailong Chuangyuan, performing actively [1] - The Tianhong Food and Beverage ETF (159736) experienced a significant increase in trading volume, with a total turnover of nearly 75 million yuan, indicating a notable uptick compared to previous trading days [1] - The Tianhong Agriculture ETF (512620) saw active trading on its second day of listing, achieving a turnover rate of 4.29%, ranking first among similar products [2] Group 2 - The Tianhong Food and Beverage ETF (159736) tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as other segments like beverages and dairy, with top holdings including Moutai and Yili [1] - As of November 21, the Tianhong Food and Beverage ETF (159736) had a scale of 5.688 billion yuan, making it the largest food and beverage ETF in the Shenzhen market [1] - The current price-to-earnings ratio of the CSI Food and Beverage Index is 22.29, which is at the 19th percentile of the past five years, indicating that valuations remain low [1] Group 3 - Recent market trends show a clear rotation among sectors, with over 50 stocks receiving upgrades in ratings, particularly in the food and beverage sector, while more than 90 stocks were downgraded across various industries [2] - Analysts suggest focusing on structural opportunities in technology, consumption, and dividend-paying sectors amid the rapid rotation of market styles [2] - The consumer sector is showing signs of recovery, with the food and beverage sector's valuations being relatively attractive, presenting opportunities for investment [2] Group 4 - The white liquor sector is showing clearer signs of bottoming out, with market sentiment improving as CPI rebounds and consensus on inventory reduction deepens, indicating a good opportunity for low-position investments [3]

Group 1 - The index opened high but retreated, with the ChiNext index turning negative [2] - Tianhong Agricultural ETF (512620) had a trading volume exceeding 10 million yuan and a turnover rate of 2.59% [2] - Tianhong Food and Beverage ETF (159736) saw a trading volume surpassing 35 million yuan [2] Group 2 - Tianhong Agricultural ETF closely tracks the CSI Agricultural Index, covering sectors such as breeding and agrochemicals, with key holdings including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2] - Tianhong Food and Beverage ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as dairy, seasoning, and beer sectors, with top ten weighted stocks including Moutai, Wuliangye, and Yili [2] - On November 10, Roniu Mountain announced a sales figure of 71,500 pigs for October 2025, reflecting a month-on-month increase of 13.84% and a year-on-year increase of 57.90% [2] Group 3 - The Ministry of Finance and the Ministry of Commerce announced the results of competitive evaluations for pilot cities in new consumption formats, with a total of 50 cities listed [3] - According to a report by CITIC Securities, the main investment logic driving the agricultural sector in 2026 will be cycles and growth [3] - The report suggests that due to market losses and administrative capacity reduction, there may be an accelerated capacity reduction in the fourth quarter of 2025 and the first half of 2026, with pig prices expected to fluctuate upwards [3]