Core Viewpoint - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing a decline of 0.97% as of the latest report, influenced by significant drops in major liquor stocks [1][3]. Market Performance - The Food ETF (515710) has seen substantial net inflows, with a total of 36.91 million yuan in net subscriptions over the last five trading days, and over 130 million yuan in the last ten days [3]. - Major liquor stocks such as Jinhuijiu, Shanxi Fenjiu, and Gujinggongjiu have dropped over 3%, while others like Luzhou Laojiao and Dongpeng Beverage have seen declines exceeding 2% [1]. Company Developments - Kweichow Moutai has launched an instant retail service on its "i Moutai" app, enhancing brand control and consumer engagement [3]. - The introduction of this service is expected to create a win-win situation by complementing traditional sales channels [3]. Valuation Insights - The current valuation of the food and beverage sector is considered low, with the food index's price-to-earnings ratio at 20.38, placing it in the 6.47% percentile over the past decade, indicating a favorable long-term investment opportunity [3][5]. Future Outlook - The upcoming holiday season is expected to boost liquor sales, with strong performance anticipated from leading brands due to improved supply and demand dynamics [4]. - Analysts suggest that the second half of the year may see a recovery in the liquor and restaurant supply chains, with positive signals emerging from the supply side [4][5].