The food and beverage sector continued its pullback today (October 13th). The Food ETF (515710), which reflects the overall performance of the food and beverage sector, fluctuated at low levels throughout the day, with intraday prices falling as much as 1.78% before closing down 1.13%.
Among component stocks, consumer staples led the decline, with some liquor stocks also performing poorly. At market close, Yangyuan Yinpin plunged 9.21%, Eastroc Beverage dropped 4.84%, Bestore fell 3.48%, while Jiugui Liquor, Jiannanchun, and Jin Dawei all declined over 2%.
Notably, as the food and beverage sector has continued its recent pullback, significant capital has been flowing in, with investors using the Food ETF (515710) as a popular on-exchange tool to increase exposure to the sector. Data shows that over the past 5 trading days, the Food ETF (515710) attracted cumulative inflows of 50.68 million yuan; over the past 10 trading days, cumulative inflows exceeded 110 million yuan.
On the news front, MEITUAN-W's flash delivery service recently released data showing that from October 1-8, premium liquors led the consumption surge during the National Day and Mid-Autumn Festival holiday, with regional specialty liquor companies seizing the opportunity to break through. Specifically, Moutai's sales grew nearly 10-fold year-over-year, Wuliangye's sales increased nearly 3-fold, and Luzhou Laojiao's sales surged over 11-fold year-over-year. Jinshiyuan Rouya Guoyuan's sales grew over 5-fold year-over-year, Honghua Lang Fifteen's sales increased nearly 7-fold, and Baiyunbian 15-year aged liquor's sales rose nearly 6-fold year-over-year.
Analysts point out that the explosive growth of instant retail is gradually becoming another growth driver for major liquor distribution channels, driving exponential growth for premium brands and regional leaders. The surge in sales for leading companies like Moutai and Luzhou Laojiao demonstrates the strong premium pricing power of high-end brands in instant retail channels; regional leaders are using instant retail to break geographical constraints and reach broader consumption scenarios. This reflects the explosive demand for "30-minute delivery" scenario-based consumption. Looking ahead, the ability to balance channel efficiency with value competition will be key for liquor companies to navigate through the industry adjustment period.
From a valuation perspective, the food and beverage sector remains at low valuations, potentially presenting a good allocation opportunity. Data shows that as of the previous trading day (October 10th) close, the Food ETF (515710)'s underlying Segmented Food Index had a P/E ratio of 20.31x, at the 6.16th percentile of the past 10 years, highlighting attractive medium to long-term allocation value.
Looking forward, Guosheng Securities notes that for liquor, sales momentum during the Mid-Autumn and National Day peak season showed sequential improvement, with wedding banquets and mass drinking scenarios remaining resilient. Leading liquor companies performed better, with continued supply-side efforts and balance sheet clearing, highlighting medium to long-term industry value. Focus on flexibility in the short term and leaders in the long term. For consumer staples, the dining and gifting market showed overall recovery during the holiday, with accelerated product innovation and intensified channel competition, though new channel structural advantages are emerging, warranting focus on excellent growth stocks.
Founder Securities believes that liquor consumption during the National Day and Mid-Autumn Festival period was generally subdued, in line with prior expectations, though regional performance varied. Industry inventory accumulation showed marginal improvement, with some leading liquor companies releasing channel subsidies and price support signals before the holidays, driving initial channel sentiment recovery. The liquor sector has undergone prolonged adjustment with valuations having declined significantly and market expectations at low levels, making the bottom logic for quality assets clear. Against the backdrop of renewed external disruptions highlighting the importance of domestic demand, the sector may welcome valuation switching and recovery momentum.
For one-stop allocation of core food and beverage sector assets, focus on the Food ETF (515710). According to CSI Index Company statistics, the Food ETF (515710) tracks the CSI Segmented Food and Beverage Industry Thematic Index, with approximately 60% allocated to high-end and sub-premium liquor leaders, and nearly 40% covering leading stocks in beverages, dairy, seasonings, beer and other subsectors. The top ten holdings include the "Big Five" liquor stocks, Yili, Haitian Weiye and others. Off-exchange investors can also access core food and beverage sector assets through Food ETF feeder funds (Class A 012548/Class C 012549).
Images and data sources: Shanghai and Shenzhen Stock Exchanges, etc., as of 2025.10.13.
Risk Warning: The Food ETF passively tracks the CSI Segmented Food and Beverage Industry Thematic Index, with base date of December 31, 2004, published on April 11, 2012. Index constituent composition is adjusted periodically according to index compilation rules, and historical backtesting performance does not predict future index performance. Individual stocks mentioned are objective displays of index constituents only, not recommendations for any individual stocks, and do not represent fund manager or fund investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must take responsibility for any independent investment decisions. Additionally, any views, analysis and predictions in this article do not constitute investment advice to readers in any form, and Huabao Fund assumes no responsibility for any direct or indirect losses arising from the use of this content. Investors should carefully read fund legal documents such as the Fund Contract, Prospectus, and Fund Product Information Summary, understand the fund's risk-return characteristics, and select products appropriate to their risk tolerance. Past fund performance does not predict future performance, and performance of other funds managed by the fund manager does not guarantee this fund's performance. Based on the fund manager's assessment, the Food ETF has a risk rating of R3-Medium Risk, suitable for balanced (C3) and above investors, with suitability matching opinions subject to distribution institutions. Distribution institutions (including fund manager direct sales institutions and other distribution institutions) conduct risk assessments on the above funds according to relevant laws and regulations. Investors should pay timely attention to suitability opinions issued by fund managers. Suitability opinions among distribution institutions may not necessarily be consistent, and fund product risk ratings issued by distribution institutions shall not be lower than those made by fund managers. Differences exist between fund risk-return characteristics in fund contracts and fund risk ratings due to different consideration factors. Investors should understand fund risk-return situations, carefully select fund products based on their investment objectives, terms, experience and risk tolerance, and bear risks independently. Registration of the above funds by China Securities Regulatory Commission does not indicate substantial judgment or guarantee of the fund's investment value, market prospects and returns. Fund investment requires caution.
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