成份股方面，大众品涨幅居前，部分白酒股亦表现不俗。截至发稿，古井贡酒、天味食品双双大涨超 2%，金徽酒、广州酒家、迎驾贡酒、妙可蓝多等多股跟涨超1%。 吃喝板块今日（11月24日）震荡盘整。反映吃喝板块整体走势的食品ETF（515710）盘中多数时间红盘 震荡，场内价格最高涨0.65%，后有所回落，截至发稿，涨0.16%。 | 分时 多日 1分 5分 15分 30分 60分 ▼ | F9 盘前盘后 盘加 九转 画线 工具 @ 00 | 食品ETF O | 515710 | 5157101食品ETFI 10:33 价 0.512 温庆 0.0010.16%) 均价 0.613 版交量 1732 IDPV | 0.67 | +0.001 +0.16% | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.01 | SSE CNY 10:33:54 ...

周五（11月21日），全球市场避险情绪继续发酵，受隔夜美股剧烈震荡影响，亚太主要股指齐挫。A股 大幅调整，超5000股飘绿，沪指失守3900点，收跌2.45%报3834.89点，深成指、创指分别下跌3.41%、 4.02%。全市场成交1.98万亿元，环比显著放量。 科技成长首当其冲，硬科技宽基双创龙头ETF（588330）场内收跌4.1%。创业板人工智能ETF （159363）跳空低开，场内放量跌4.83%，失守所有短期均线。此前持续活跃的有色、化工等周期板块 亦受挫，有色龙头ETF（159876）、化工ETF（516020）双双重挫，不过场内放量溢价，显示抄底资金 活跃。 普跌之际，"银伟大"再秀防御力，中国银行逆市涨0.8%续创历史新高，全市场规模最大的银行ETF （512800）早盘一度翻红。消费股逆市表现，消费龙头ETF（516130）、食品ETF（515710）、农牧渔 ETF（159275）等均跑赢大市，东方证券提示，展望2026年，食品饮料板块或"易涨难跌"。 | 代码 | 美型 名称 | 现价 | 涨跌幅 ▼ | 成交额 | 溢折率 | | --- | --- | --- | --- | -- ...

周五（11月21日），全球市场避险情绪继续发酵，受隔夜美股剧烈震荡影响，亚太主要股指齐挫。A股 大幅调整，超5000股飘绿，沪指失守3900点，收跌2.45%报3834.89点，深成指、创指分别下跌3.41%、 4.02%。全市场成交1.98万亿元，环比显著放量。 科技成长首当其冲，硬科技宽基双创龙头ETF（588330）场内收跌4.1%。创业板人工智能ETF （159363）跳空低开，场内放量跌4.83%，失守所有短期均线。此前持续活跃的有色、化工等周期板块 亦受挫，有色龙头ETF（159876）、化工ETF（516020）双双重挫，不过场内放量溢价，显示抄底资金 活跃。 普跌之际，"银伟大"再秀防御力，中国银行逆市涨0.8%续创历史新高，全市场规模最大的银行ETF （512800）早盘一度翻红。消费股逆市表现，消费龙头ETF（516130）、食品ETF（515710）、农牧渔 ETF（159275）等均跑赢大市，东方证券提示，展望2026年，食品饮料板块或"易涨难跌"。 | 代码 | 美型 名称 | 现价 | 涨跌幅 ▼ | 成交额 | 溢折率 | | --- | --- | --- | --- | -- ...

Core Viewpoint - The food and beverage sector demonstrates resilience amid market corrections, with the food ETF (515710) showing fluctuations in performance, reflecting the overall market sentiment [1][3]. Group 1: Market Performance - The food and beverage sector ranks among the top three in performance across 30 CITIC primary industries, despite a broader market downturn [1]. - The food ETF (515710) experienced a decline of 1.29% by the end of the trading day, after an initial rise [1][2]. - Key stocks such as Yunnan Energy Investment fell by 7.73%, while others like Jiu Gui Jiu and Jin Da Wei dropped over 4%, negatively impacting the sector's overall performance [1][2]. Group 2: Sales and Demand Insights - Recent research indicates that Moutai 1935 has seen over 20% year-on-year sales growth in several markets since Q3, with some areas reporting growth exceeding 30% [1][3]. - High opening rates and positive feedback from distributors suggest strong recognition of the product in both distribution and consumer channels [3]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, presenting a potential opportunity for left-side positioning [3]. - As of November 20, the food ETF's underlying index had a price-to-earnings ratio of 21, placing it in the lower 10.2% percentile over the past decade, indicating favorable long-term investment potential [3]. - Analysts predict that the food and beverage sector will experience a shift from valuation recovery to performance-driven growth starting in 2026, with expectations of improved earnings across various segments [4]. Group 4: Sector Composition and Focus - The food ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other segments like beverages and dairy [5]. - Key stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [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].

成份股方面，伊利股份、古井贡酒和养元饮品表现较为突出，涨幅分别为2.42%、1.93%和1.38%。另一 方面，金禾实业、盐津铺子和金达威表现较弱，跌幅分别为2.36%、1.85%和1.51%。 消息面上，国家统计局数据显示10月CPI同比上涨0.2%，核心CPI连续6个月扩大至1.2%，消费端复苏趋 势明确，食品饮料行业需求有望持续改善。此外，中银国际证券建议关注餐饮消费场景修复带动的速冻 食品、调味品等大众品龙头企业，华龙证券则指出白酒行业处于调整期，建议关注高端白酒及区域龙头 企业的结构性机会。 11月18日，截至9时50分，食品ETF（515710）盘中表现强势，场内价格现涨0.96%，成交额为1323万 元。 申万宏源证券指出，食品饮料行业需求稳健。行业整体盈利稳定，龙头企业通过产品结构优化和渠道精 细化运营实现业绩增长。 食品ETF（515710）及其联接基金（联接A：012548，联接C：012549）被动跟踪细分食品指数，该指 数前十大权重股分别为贵州茅台、五粮液、伊利股份、泸州老窖、山西汾酒、海天味业、东鹏饮料、洋 河股份、今世缘、古井贡酒。 数据来源于沪深交易所、公开资料等。 平安证券指出 ...

Group 1 - The food ETF (515710) showed weak performance with a decline of 0.32% and a trading volume of 54.66 million yuan as of November 17 [1] - Leading stocks in the food sector included Tianwei Food, Lianhua Holdings, and Kweichow Moutai, with increases of 2.06%, 1.37%, and 0.65% respectively [1] - Conversely, Dongpeng Beverage, Yunnan Energy Investment, and Yanghe Distillery experienced declines of 3.02%, 2.34%, and 2.33% respectively [1] Group 2 - The white liquor industry is undergoing a destocking phase, with expectations of recovery in demand and economic revival by Q4 2025 [2] - The trend towards healthier snacks is evident, with categories like konjac continuing to benefit, and leading companies are expected to gain from this trend [2] - The dairy product demand is gradually recovering, with raw milk prices potentially stabilizing [2] Group 3 - The food ETF and its linked funds passively track a segmented food index, with the top ten weighted stocks including Kweichow Moutai, Wuliangye, and Yili [2]

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]

Core Viewpoint - The food and beverage sector continues to rise, with the Food ETF (515710) showing a positive trend and notable gains in key stocks like Tianwei Food and Guizhou Moutai [1][3]. Group 1: Market Performance - The Food ETF (515710) experienced a daily increase of 0.48%, marking its fourth consecutive day of gains, with an intraday peak increase of 1.28% [1]. - Major consumer goods stocks led the gains, with Tianwei Food rising by 4.18%, and other companies like Yunnan Energy Investment and Yanjing Beer also showing significant increases [1][2]. Group 2: Key Holdings - Guizhou Moutai is the largest holding in the Food ETF (515710), accounting for 14.89% of the fund's net asset value as of Q3 2025 [3][4]. - Other significant holdings include Wuliangye and Yili Group, with respective holdings of 14.65% and 12.49% [4]. Group 3: Valuation Insights - The food and beverage sector is currently at a historical low valuation, with the Food ETF's underlying index P/E ratio at 21.21, placing it in the 11.74% percentile over the past decade, indicating a favorable long-term investment opportunity [4][5]. - The liquor sector has undergone five years of adjustment, with current market sentiment improving as companies adjust their operational strategies [5][6]. Group 4: Future Outlook - Analysts suggest that the food and beverage sector is entering a potential recovery phase, with a focus on new consumption trends and low valuations [6]. - The Food ETF (515710) is recommended for investors looking to capitalize on core assets in the food and beverage sector, with a significant portion of its holdings in high-end liquor and dairy products [6].

Group 1 - The food and beverage sector continues to rise, with the Food ETF (515710) showing a maximum intraday increase of 1.28% and currently up 0.64% [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor brands such as Tianwei Food up over 3% and Yangyuan Beverage up over 2% [1] - Guizhou's government has introduced multiple consumption expansion measures related to liquor, aiming to boost production and consumption during peak holiday seasons [2][3] Group 2 - Analysts highlight that Guizhou's consumption expansion policy aims to deeply integrate liquor consumption with industrial upgrades and cultural promotion, rather than just short-term sales boosts [3] - The food and beverage sector is currently at a historical low valuation, with the Food ETF's underlying index PE ratio at 21.21 times, indicating a favorable long-term investment opportunity [3] - Future projections suggest that the liquor industry may see improvements in financial reports by 2026, with a gradual recovery in demand expected as policy impacts diminish [4] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end liquor stocks and nearly 40% in other beverage and food segments [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]