从估值方面来看，吃喝板块估值处于历史低位，当前或为板块左侧布局较好时机。数据显示，截至昨日（12月16日）收盘，食品ETF （515710）标的指数细分食品指数市盈率为20.21倍，位于近10年来6.46%分位点的低位，中长期配置性价比凸显。 展望后市，国信证券指出，当前白酒板块基本面仍在左侧寻底，但估值及持仓双低位、对短期压力反映较为充分，供需两端的积极信号均有 望带来催化。当前板块或进入左侧布局阶段，具备价位、区域话语权的优质公司有望获取更大增长空间。 吃喝板块今日（12月17日）震荡盘整，反映吃喝板块整体走势的食品ETF（515710）开盘短暂低位震荡后拉升翻红，截至发稿，场内价格涨 0.34%。 成份股方面，大众品涨幅居前，截至发稿，妙可蓝多大涨超5%，莲花控股涨超4%，安琪酵母、新乳业、东鹏饮料等多股涨超2%。 | | | | 多日 1分 5分 15分 30分 | | | | | | F9 盎前盘后 叠加 九转 画线 工具 (2) | > | | 食 | | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

| | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘航盘后 婴加 九转 画线 工具 ( ( ) | | 食品ETF O | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.595 | | | | 515710[食品ETF] 15:00 价 0.591 器歌 0.004(0.68%) 均价 0.592 周交量 0 IOPV | | | | -4 Annu 18 | 0.591 | | +0.004 +0.68% | | | | | | 2391 North Antional Marce many relation worn 2000 | | | | | SSE CNY 15:00:14 Ititle 净值走势 | 华宝中证细分食品饮料产业主题ET | 通用7 4 | | 0.587 | | | | | | | | 0.00% | 受比 | -30.61% 受差 | -58956 | | 0.583 | | | | | | | | 0.70% | 定行 ...

Group 1 - The food and beverage sector is experiencing a significant upward trend, with the Food ETF (515710) showing a maximum intraday increase of 1.36% and currently up by 1.19% [1] - Major liquor stocks are seeing substantial gains, with brands like Jiu Gui Jiu, Jin Hui Jiu, and Jin Zhong Zi Jiu rising over 4%, while others like Ying Jia Gong Jiu and Gu Qing Gong Jiu are up over 3% [1] - Leading liquor companies such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao are also performing well, contributing to the overall positive sentiment in the sector [1] Group 2 - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau jointly issued a notice to enhance collaboration between commerce and finance, aiming to boost consumption [3] - Analysts suggest that the current period is crucial for consumption structure upgrades and the acceleration of new consumption, indicating that the notice has significant implications for stimulating consumption [3] - The Food ETF (515710) has seen substantial net subscriptions, with a total of 65.61 million yuan in net subscriptions over the last five trading days, indicating strong investor interest [3] Group 3 - The Food ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its holdings in high-end and mid-range liquor stocks, and nearly 40% in other beverage and dairy sectors [4] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [4]

Core Viewpoint - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing a decline of 0.34% as of the latest update, driven by poor performance in consumer staples and certain liquor stocks [1] Group 1: Market Performance - The food and beverage sector has seen significant capital inflow, with over 96 million yuan invested in the Food ETF (515710) over the past five trading days [3] - Major liquor companies, Guizhou Moutai and Wuliangye, announced interim dividend distributions totaling approximately 40 billion yuan, with Moutai distributing 30 billion yuan and Wuliangye distributing 10 billion yuan [3] Group 2: Valuation and Investment Opportunities - The valuation of the food and beverage sector is at a historical low, with the price-to-earnings ratio of the Food ETF's underlying index at 19.99, placing it in the 4.7% percentile of the last decade [4] - Analysts suggest that the current market conditions present a favorable opportunity for left-side positioning in the sector, particularly in high-quality assets like liquor and consumer staples [4] - Recommendations include focusing on leading companies with stable demand and strong risk resilience, as well as those actively developing new products and channels [4] Group 3: ETF Composition - The Food ETF (515710) tracks the CSI Sub-Industry Food and Beverage Index, with approximately 60% of its holdings in high-end and mid-range liquor stocks, and nearly 40% in beverage, dairy, seasoning, and beer sectors [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili [5]

吃喝板块今日（12月9日）继续深度回调，反映吃喝板块整体走势的食品ETF（515710）开盘后持续走弱，截至发稿，场内价格跌1.35%。 成份股方面，白酒跌幅居前。截至发稿，泸州老窖、古井贡酒双双大跌超3%，五粮液、今世缘跌超2%，贵州茅台、山西汾酒等多股跌超1%。 | | 零日 | 1分 5分 15分 30分 | | 100 | | | F9 盘前盘后 叠加 九转 圆线 | 工盲 | 6 (7 > | 食品ETF O | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.60 | | | 515710[食品ETF] 13:57 价 0.585 涨跌 | | | | -0.008(-1.35%) 均价 0.589 成交审 | 727 | .359 | 0.58 | | | | | | | | | | | | | SSE CNY 13:57:59 交易中 | | | 0.597 | | | | | | | | | 0.67% | | | | | | | | | | | | | | 净值走势 | 华宇中证 ...

Group 1 - The food and beverage sector is experiencing a significant pullback, with the Food ETF (515710) down 1.35% as of the latest report [1] - Major stocks in the sector, particularly in the liquor category, are seeing substantial declines, with Luzhou Laojiao and Gujing Gongjiu both dropping over 3% [1] - The recent launch of a commemorative product by Kweichow Moutai, priced at 11,000 yuan per bottle, sold out quickly, indicating strong demand in a specific consumer group [2][3] Group 2 - Analysts highlight that the rapid sellout of the commemorative liquor reflects the brand's strong market appeal and pricing power, serving as a barometer for the high-end liquor market [3] - Kweichow Moutai maintains a strong brand barrier and a solid business model, with expectations for stable growth during the 14th Five-Year Plan period [3] - The Food ETF (515710) has Kweichow Moutai as its largest holding, accounting for 14.89% of the fund's assets as of Q3 2025 [4] Group 3 - The valuation of the food and beverage sector is currently at a historical low, suggesting a potential opportunity for investment [4] - The price-to-earnings ratio for the Food ETF's underlying index is 20.15, placing it in the lower 5.48% of the past decade [4] - Analysts recommend focusing on leading companies with stable demand and risk resilience, as well as those actively pursuing new channels and high-growth opportunities [6]

Group 1 - The food and beverage sector experienced a decline on December 4, with the Food ETF (515710) dropping 1.16% and marking three consecutive days of losses [1][8] - Major stocks in the sector, particularly in the liquor category, saw significant declines, with Luzhou Laojiao, Shanxi Fenjiu, and Shede Liquor each falling over 3% [1][8] - The overall market sentiment indicates a challenging environment for consumer staples, as several mass-market products also performed poorly [1][8] Group 2 - Guizhou Moutai held a temporary shareholders' meeting where several key resolutions were passed, including the election of directors and share buyback plans [1][10] - The new chairman, Chen Hua, emphasized the commitment to high-quality development and sustainable value creation during discussions with investors [1][10] - Moutai remains a dominant player in the Food ETF, accounting for 14.89% of the fund's holdings as of the third quarter of 2025 [3][10] Group 3 - The valuation of the food and beverage sector is currently at historical lows, with the Food ETF's underlying index PE ratio at 20.45, placing it in the 7.05% percentile over the past decade [4][11] - Analysts suggest that this may present a favorable opportunity for left-side positioning in the sector [4][11] - Institutions are optimistic about the food and beverage sector for 2026, highlighting potential growth driven by consumer demand and innovative health products [5][12] Group 4 - The Food ETF (515710) tracks the China Securities Index for the food and beverage sector, with approximately 60% of its holdings in high-end and mid-range liquor stocks [5][13] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili [5][13] - Investors can also consider connecting funds to gain exposure to core assets in the food and beverage sector [5][13]

Core Viewpoint - The food and beverage sector is experiencing a period of consolidation, with the Food ETF (515710) showing a slight increase of 0.16% as of the latest report, indicating a potential recovery phase in the market [1][3]. Market Performance - The Food ETF (515710) fluctuated during the trading session, reaching a peak increase of 0.65% before settling at a 0.16% gain [1]. - Major consumer goods, particularly in the liquor segment, have shown strong performance, with stocks like Gujing Gongjiu and Tianwei Foods rising over 2% [1]. Sales Growth - JD.com reported an 18% year-on-year increase in sales of alcoholic beverages during the recent Double Eleven shopping festival, with brands like Moutai and Wuliangye achieving double-digit growth [2][4]. - The liquor industry is expected to benefit from trends such as online sales, lower alcohol content products, and internationalization, which may provide structural growth opportunities [2]. Valuation Insights - The food and beverage sector is currently at a historical low in terms of valuation, with the Food ETF's underlying index PE ratio at 20.86, placing it in the 9.41% percentile over the past decade, suggesting a favorable entry point for long-term investments [3][4]. - Analysts indicate that the food and beverage sector is in a "difficult to fall, easy to rise" phase, with expectations of a recovery in earnings and valuation improvements starting from 2026 [4]. Investment Strategy - The Food ETF (515710) is recommended for investors looking to gain exposure to high-end and mid-range liquor stocks, as well as other segments like beverages and condiments [5]. - The ETF's portfolio consists of approximately 60% allocation to leading liquor brands and 40% to other food and beverage sectors, making it a diversified investment option [5].

Core Viewpoint - The food and beverage sector demonstrates resilience, with the food ETF (515710) showing a slight increase despite market fluctuations, indicating potential investment opportunities in this sector [1][4]. Group 1: Market Performance - As of November 21, the food and beverage sector ranks third among 30 sectors in terms of growth, with the food ETF (515710) reaching a peak intraday price increase of 0.48% and a current increase of 0.16% [1]. - Leading stocks in the liquor segment, such as Shede Liquor, Tianwei Food, and Jinhuijiu, have shown significant gains, with Shede Liquor rising nearly 3% and others like Guizhou Moutai and Wuliangye also experiencing slight increases [1][4]. Group 2: Investment Opportunities - Analysts suggest that the current market conditions may present a favorable opportunity for investment in the food and beverage sector, particularly in high-quality liquor companies that have shown resilience and clear strategies [1][3]. - The food ETF (515710) is noted for its low valuation, with a price-to-earnings ratio of 21, indicating a potential for long-term investment returns [3][4]. Group 3: Regulatory Environment - Douyin has taken measures against black market accounts promoting counterfeit Moutai products, which may impact the market dynamics for high-end liquor brands but ultimately aims to enhance the integrity of the e-commerce ecosystem [3]. - The recent crackdown on low-priced and counterfeit products is expected to have short-term effects on accounts relying on such gray market flows, but it is anticipated to benefit the overall market order in the long run [3]. Group 4: Future Outlook - With ongoing macroeconomic policies aimed at boosting domestic demand, the food and beverage sector is expected to see improvements in both performance and valuation in the medium to long term [4]. - The food ETF is highlighted as a key asset for investors looking to capitalize on the sector's recovery, with a significant portion of its holdings in leading liquor brands and other food-related stocks [4].

Core Insights - The food and beverage sector experienced a reversal on November 13, with the Food ETF (515710) showing a slight increase of 0.16% after a period of low volatility [1][2] - Major liquor stocks, including Jinhuijiu, Gujinggongjiu, and Jiugui Jiu, saw significant gains, with increases exceeding 2% [1] - The China Alcohol Industry Association released a new cultural development outline for the industry, emphasizing the importance of cultural initiatives in addressing current challenges and enhancing international competitiveness [3] Industry Analysis - The newly released outline is seen as an upgrade from the previous five-year plan, targeting industry transformation by focusing on cultural aspects to resolve short-term sales issues and enhance long-term value recognition [3] - The food and beverage sector is currently at a historical low in terms of valuation, with the Food ETF's underlying index PE ratio at 21.24 times, indicating a favorable entry point for long-term investments [3] - The liquor sector has undergone five years of adjustment, with the average PE ratio of major liquor companies now below 20 times and an average dividend yield of approximately 3.5%, suggesting that the sector is entering a value zone [4] Investment Opportunities - The Food ETF (515710) is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with a significant portion of its holdings in leading high-end liquor stocks [5] - The ETF tracks the China Securities Index's food and beverage theme index, with around 60% of its portfolio allocated to high-end liquor leaders and 40% to other segments like beverages and condiments [5]