国信证券指出，内需弹性凸显，锚定三季报高增领域。 食品饮料板块当前呈现"低基数、低持仓、低预期"的三重特征，供需两端只要出现积极变化，就有望成 为股价上行的催化剂。 中信建投表示，政策+估值双重支撑，白酒底部机会可期。 国家倡导的"反内卷"导向，有利于食品饮料行业完成价格筑底，长期来看将推动行业高质量发展，同时 也提升了资本市场对未来经济走势与消费复苏的预期。 随着政策持续纠偏，此前处于低位的白酒、餐饮产业链有望逐步回暖；当前白酒板块估值处于历史低 位，叠加茅台动销回暖的积极信号，食品饮料板块的底部机会值得重点珍视。 食品饮料ETF（515170）跟踪中证细分食品饮料产业主题指数，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。相较 于其成分股动辄数万、数十万的最低投资门槛，食品饮料 ETF 是小资金参与板块投资的便捷工具。 （联接A类：013125；联接C类：013126）。 近期，外需市场风险有所增加，在此背景下，具备内需弹性的板块更可能率先迎来回暖。 具体投资方向上，建议重点关注三季报预期业绩高增的细分领域，例如零食、饮料、速 ...

Core Viewpoint - The food and beverage sector has entered a deep value zone, with current valuations at a bottom position, indicating that significant downside risks have been largely digested, awaiting recovery opportunities [1] Policy Impact - The implementation of the "Personal Consumption Loan Interest Subsidy Policy" on September 1 is expected to further support domestic demand and promote consumption, especially as the traditional consumption peak season approaches [1] Investment Opportunities - The Food and Beverage ETF (515170) tracks the CSI segmented food and beverage industry theme index, focusing on high-barrier and resilient sectors such as liquor, beverages, dairy products, and seasoning [1] - The top ten constituent stocks include major brands like "Moutai, Wuliangye, Luzhou Laojiao, and Yanghe," providing investors with a convenient way to access core assets in the "food and beverage" sector [1] - Compared to the high minimum investment thresholds of individual constituent stocks, the Food and Beverage ETF serves as an accessible investment tool for smaller capital [1]