昨日（12月8日），市场高开高走，深成指涨超1%，创业板指涨超2%。 消息面上，据报道，2025年以来，已有包括峨眉山A、千味央厨、佳禾食品等超30家A股公司发布开展 股东回馈活动的自愿性信息披露公告，相比2024年全年的18家，增长近90%。进一步分析发现，发 起"股东回馈活动"的主力军是食品饮料、旅游服务等直接面向个人消费者的行业。 此外，据央视财经报道，目前当归、党参等品种，价格普遍出现下降，但记者发现，像麦冬、黄精、玫 瑰花、沙参等中药材目前价格依然坚挺，这些中药材的共性就是既能当食材，又能作药材。专家表示， 药食同源是未来中药材产业核心发展趋势之一，今年，我国药食同源的市场规模预计将达到3700亿元， 相关保健品及功能性食品的市场规模增速明显。 农业板块方面，12月5日，牧原股份公告称，香港联交所上市委员会已审阅公司本次发行并上市的申 请，但该信函不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的权力。 湘财证券表示，当前食品饮料板块估值分位数处于历史低位，随着市场风格切换，已逐步显现相对收 益，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。消费变革下，既要关注品类、渠道、 ...

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]

11月26日，A股三大指数走势分化。 食品饮料EF天弘（159736，场外C类001632）跟踪中证食品饮料指数，仓位布局高端、次高端白酒龙头 股，兼顾饮料乳品、调味、啤酒等细分板块龙头，前十权重股包括"茅五泸汾洋"、伊利、海天等。截至 11月25日，食品饮料ETF天弘（159736）规模超56亿元。 农业ETF天弘（512620）紧密跟踪中证农业指数，覆盖养殖、农化等领域，成分股汇聚牧原股份、温氏 股份、海大集团等农业龙头企业，实现多元化布局，还配置了场外联接基金（A类010769，C类 010770）。 热门ETF中，食品饮料ETF天弘（159736）昨日成交额超1600万元，成分股中，欢乐家、红棉股份、有 友食品涨幅领先。 此外，据"安徽发布"微信公众号，近日，全国唯一种业创新领域国家实验室——崖州湾国家实验室与合 肥市肥西县正式签约，将在肥西打造国家实验室合肥粮油作物试验基地。 此外，农业ETF天弘（512620）昨日盘中交投活跃，单日换手率3.87%，成交额超1400万元，成分股 中，罗牛山、益客食品、亚钾国际涨幅领先 东兴证券表示，我们通过对宏观及政策、利率水平和成长动能三个方面分析，认为板块正在 ...

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]

据中国证券报消息，近期A股市场存量资金博弈特征愈发明显，板块轮动节奏加快。近一个月，券商密 集调整个股评级，超50只个股获上调评级，食品饮料行业的标的最多；同时，超90只个股被下调评级， 涉及汽车、化工等多个行业。分析人士认为，在板块快速轮动的行情下，市场风格正向均衡收敛，建议 聚焦科技、消费、红利等细分赛道的结构性机会。 农业股方面，近期东瑞股份公告称，公司于近日收到广东省商务厅来函，追加2025年度供港活大猪出口 配额5189头。截至公告日，公司累计获得2025年度供港配额204,807头。 此外，农业ETF天弘（512620）上市第二日（11月24日）收红，盘中交投活跃，单日换手率4.29%，在 同标的产品中排名第一。 食品饮料EF天弘（159736，场外C类001632）跟踪中证食品饮料指数，仓位布局高端、次高端白酒龙头 股，兼顾饮料乳品、调味、啤酒等细分板块龙头，前十权重股包括"茅五泸汾洋"、伊利、海天等。截至 11月21日收盘，食品饮料ETF天弘（159736）规模为56.88亿元，居深市食品饮料类ETF第一。 从估值水平来看，Wind数据显示，截至11月24日，中证食品饮料指数最新市盈率为22. ...

11月24日，指数高开回落，创业板指翻绿。 消息面上，11月10日，罗牛山公告，公司2025年10月销售生猪7.15万头，环比增长13.84%，同比增长 57.90%；销售收入11587.32万元，环比下降2.01%，同比增长24.65%。1—10 月，公司累计销售生猪 56.15万头，同比下降2.74%；累计销售收入103296.05万元，同比下降3.82%。 此外，财政部、商务部公布消费新业态新模式新场景试点城市竞争性评审结果，公示名单共包含50个城 市。 中信证券研报表示，2026年，周期和成长仍然是驱动农业板块的主要投资逻辑。周期视角来看，在市场 化亏损以及行政去产能合力下，2025年四季度以及2026年上半年产能去化或呈现加速态势，2026年猪价 或震荡上行。此外，畜禽产业链上持续推荐经营能力领先、穿越周期的公司。种子种植领域推荐品种资 源优势强劲的公司。 （文章来源：21世纪经济报道） 相关ETF方面，农业ETF天弘（512620）成交额超1000万元，换手率2.59%。此外，食品饮料ETF天弘 （159736）成交额破3500万元。 农业ETF天弘（512620）紧密跟踪中证农业指数，覆盖养殖、 ...

Group 1 - The core viewpoint indicates that the food and beverage sector is experiencing fluctuations, with the China Securities Food and Beverage Index dropping by 1.23% on November 14, and the Tianhong Food and Beverage ETF (159736) declining by 1.35% on the same day, with a trading volume exceeding 360 million yuan [1] - Notable stocks include Yuegui Co., which hit the daily limit, and Ketaobiotechnology and Jinhui Industrial, both rising over 3% [1] - The Tianhong Food and Beverage ETF has seen a net inflow of over 50 million yuan over two consecutive days, indicating positive investor sentiment [1] Group 2 - According to Zhongyin Securities, sub-sectors within food and beverage are expected to recover, with the liquor sector showing signs of improvement and resilience in the performance of leading companies in the mass consumer goods segment [2] - Dongxing Securities suggests that the sector is transitioning from a "low probability" to a "high probability" phase, with the potential for a rebound in 2026 depending on macroeconomic conditions [2] - The investment logic is shifting from "meeting demand" to "creating demand," with a focus on innovative companies within the consumer sector [1][2]

Group 1 - A-shares indices opened lower but closed higher, with the Shanghai Composite Index reaching a ten-year high, driven by strong performance in the consumer sector [1] - The China Securities Food and Beverage Index rose by 0.69%, marking six consecutive days of gains, with notable stocks including San Yuan and Xin Nuo Wei [1] - The China A500 Index increased by 1.43%, with multiple stocks such as Tianhua New Energy and Xinjie Materials rising over 10% [1] Group 2 - During the "Double 11" shopping festival from October 21 to November 11, the national postal and express delivery companies processed 13.938 billion packages, achieving significant year-on-year growth [2] - Instant retail emerged as the biggest surprise during the "Double 11" festival, with Meituan's flash purchase platform reporting record highs in transaction volume, user numbers, and per capita spending [2] - Zhongyin Securities anticipates a recovery in the food and beverage sector, highlighting resilient performance in the liquor sector and the recovery of mass consumer goods [2] - Shengan Securities noted that subcategories within mass consumer goods, such as snacks and yellow wine, continue to show growth, with Q3 revenue for leading companies in these categories maintaining good year-on-year growth [2]

Group 1 - The three major indices opened lower on November 7, with the Shanghai Composite Index down 0.34%, the Shenzhen Component Index down 0.54%, and the ChiNext Index down 0.72% [1] - The Tianhong Food and Beverage ETF (159736) opened lower but turned positive, currently up 0.14% with a premium rate of 0.10%, indicating frequent premium trading during the session [1] - As of November 6, the Tianhong Food and Beverage ETF has a latest circulating scale of 5.629 billion yuan, ranking first among food and beverage ETFs in the Shenzhen market [1] Group 2 - The Tianhong Food and Beverage ETF has seen net inflows for 9 out of the last 10 days, accumulating over 110 million yuan in total [1] - The ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, while also covering leading stocks in beverages, dairy, condiments, and beer [1] - Major holdings include "Moutai, Wuliangye, Luzhou Laojiao, and Yanghe," along with Yili and Haitian [1] Group 3 - Kweichow Moutai announced plans to repurchase shares through centralized bidding, with a total fund amount not less than 1.5 billion yuan and not exceeding 3 billion yuan, at a price not exceeding 1887.63 yuan per share [1] - The repurchased shares will be used for cancellation and reduction of the company's registered capital [1] - As of November 6, new users from Taobao Flash Sale have exceeded 100 million in e-commerce orders during the Double 11 shopping festival [1] Group 4 - CICC stated that the current demand for liquor is at a historical low, with limited downside risks [2] - The policy environment is relatively loose, providing a foundation for consumer recovery, and more supportive policies are expected to help stabilize liquor demand [2] - Liquor demand is anticipated to gradually recover at a slow rate, with short-term rigid demand and potential improvement in banquet demand [2] Group 5 - Zhongyin Securities believes that during the industry cycle bottom, small and medium enterprises are accelerating their exit, while leading companies possess excellent organizational management and strong risk resistance capabilities, which may enhance their market share [2] - The current valuation advantage in the industry is significant, and leading liquor companies may have medium to long-term investment value [2]

Group 1: Market Performance - The three major indices opened higher on November 6, with the Shanghai Composite Index up 0.10%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.60% [1] - The Tianhong Food and Beverage ETF (159736) rose by 0.28%, with a premium trading rate of 0.06% [1] - As of November 5, the Tianhong Food and Beverage ETF had a latest circulating scale of 5.622 billion yuan, ranking first among food and beverage ETFs in the Shenzhen market [1] Group 2: Fund Flows - The Tianhong Food and Beverage ETF experienced net inflows for 9 out of the last 10 days, accumulating nearly 120 million yuan [1] - The ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as segments like beverages, dairy, and condiments [1] Group 3: Agricultural Sector - The Tianhong Agricultural ETF (subscription code: 512623, listing code: 512620) officially launched on November 3, with fundraising set to end on November 7, 2025 [1] - This ETF tracks the CSI Agricultural Index, which selects 50 stocks covering sectors such as breeding and agricultural chemicals, including leading companies like Muyuan and Haida [1] Group 4: Industry Insights - Guizhou Province's Commerce Department is soliciting opinions on transforming "selling liquor" into "selling lifestyle," encouraging innovation in product offerings and service methods in retail and dining sectors [2] - As of October 30, over 90% of the autumn grain harvest has been completed nationwide, with the Northeast region nearing completion and expected to achieve a good harvest [2] Group 5: White Liquor Market Analysis - Guosen Securities reports that the white liquor market is facing pressure on both volume and price due to tightening regulations on public consumption and business banquets [3] - The report indicates that the worst period for white liquor sales pressure has passed, with expectations for demand recovery in the future [3] - Guosen Securities suggests focusing on stable industry leaders and high-quality stocks with long-term growth potential due to ongoing structural upgrades and channel strategy optimization [3]