On January 26th, the food and beverage sector continued its correction, with the Huabao Food & Beverage ETF (515710), which reflects the overall trend of the sector, fluctuating downward after opening. As of the time of writing, its on-market price had fallen by 1.39%.
In terms of constituent stocks, baijiu (Chinese liquor) led the declines. By the time of writing, Jiangsu Yanghe Distillery Co.,Ltd. had plunged nearly 9%, while shares like Gujing Distillery, Shuijingfang, Jinhuixj, and Jiugui Liquor all fell more than 2%, dragging down the sector's performance.
On the news front, on January 24th, the "i Moutai" platform announced that due to a recent surge in orders and winter weather changes, logistics and transportation speeds have been somewhat affected. In response, "i Moutai" has added two new distribution warehouses in Nanjing and Beijing, supplementing the original warehouse in Guiyang, to ship orders from the nearest location based on actual circumstances, thereby further optimizing the consumer purchasing experience. Some analysts pointed out that the addition of Nanjing and Beijing warehouses by i Moutai is a practical measure to cope with the surge in orders following the listing of Feitian Moutai, and it also represents a crucial supporting action in Moutai's market-oriented transformation. This expansion achieves a shift from a single Guiyang warehouse to coverage of core regions like the Beijing-Tianjin-Hebei area and East China. The nearby shipping model directly addresses winter logistics delays, significantly enhancing the consumer purchasing experience.
From a valuation perspective, the food and beverage sector is currently at historically low levels, suggesting that now might be a favorable opportunity for contrarian positioning. Data shows that as of the close of the previous trading day (January 23rd), the price-to-earnings ratio of the Segmented Food Index, which the Huabao Food & Beverage ETF (515710) tracks, was 19.39 times, sitting at a low point in the 1.76th percentile over the past decade, highlighting its medium-to-long-term investment appeal.
Looking ahead, China Securities (CSC) pointed out that based on monthly data and market performance, the year-end rally may exhibit a distinct characteristic of "growth stocks leading the way, while baijiu builds momentum." Current market funds show a greater inclination to position in sectors with clear景气度 (prosperity) and higher elasticity, such as snacks and dairy. These sectors, benefiting from policy support and aligned industry trends, have shown continuous improvement in monthly data, becoming the core drivers of the year-end rally. The baijiu sector, meanwhile, is in a phase of "consolidating at the bottom and building strength." With the Spring Festival approaching, terminal stocking demand is gradually starting. Recent marginal improvements, such as stabilized wholesale prices for leading distilleries and declining inventory, have begun to appear. It is anticipated that after the Spring Festival, with the recovery of consumption scenarios and concentrated demand release, the baijiu sector may experience a valuation rebound. Other institutions have indicated that overall demand in the baijiu industry is showing weak recovery, coupled with marginal improvements in economic expectations, suggesting the possibility of a phased recovery in the sector's valuation center. In the short term, it is advisable to focus on certain leading baijiu companies.
For one-click allocation to core assets in the food and beverage sector, focus on the Huabao Food & Beverage ETF (515710). According to China Securities Index Co., Ltd., the Huabao Food & Beverage ETF (515710) tracks the CSI Segmented Food & Beverage Industry Theme Index. It allocates approximately 60% of its portfolio to leading high-end and sub-high-end baijiu stocks, and nearly 40% to leading stocks in sub-sectors such as beverages/dairy, condiments, and beer. Its top ten holdings include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine, Jiangsu Yanghe Distillery Co.,Ltd., Yili Group, and Foshan Haitian Flavouring & Food Co., Ltd. Off-market investors can also gain exposure to the core assets of the food and beverage sector through the Huabao Food & Beverage ETF feeder fund (Class A: 012548 / Class C: 012549).
Image and data source: Shanghai and Shenzhen Stock Exchanges, etc., as of 2026.1.26. Note: When subscribing for or redeeming fund shares, subscription/redemption agent brokers may charge a commission of up to 0.5%, which includes relevant fees charged by stock exchanges and registration institutions. The Huabao Food & Beverage ETF does not charge a sales service fee. The subscription fee rate for Huabao Food & Beverage ETF Feeder Fund A is: below 1 million yuan, 1%; 1 million yuan (inclusive) to 2 million yuan, 0.6%; 2 million yuan (inclusive) and above, a flat fee of 1,000 yuan per transaction. The redemption fee rate is: within 7 days, 1.5%; 7 days (inclusive) to 180 days, 0.5%; 180 days (inclusive) and above, 0%. The redemption fee rate for Huabao Food & Beverage ETF Feeder Fund C is: within 7 days, 1.5%; 7 days (inclusive) and above, 0%. The sales service fee rate is 0.2%. Institutional views source: ① Wanlian Securities research report dated January 19th, "Bottom Building and Repair as the Main Theme, Structural Differentiation Hiding Opportunities – 2026 Food and Beverage Industry Investment Strategy Report"; ② China Securities (CSC) report dated January 18th, "Food and Beverage Industry Dynamics: Moutai Discloses Market-Oriented Operation Plan, Yili's Participation in Youran Placement Demonstrates Confidence". Risk提示 (Risk提示): The Huabao Food & Beverage ETF passively tracks the CSI Segmented Food & Beverage Industry Theme Index. The base date of this index is December 31, 2004, and it was published on April 11, 2012. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its backtested historical performance does not indicate future index performance. Individual stocks mentioned herein are only listed as objective examples of index constituents and are not recommendations for any specific stock, nor do they represent the investment direction of the fund manager or the fund. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, expressions of any form, etc.) is for reference only. Investors must be responsible for any independent investment decisions. Furthermore, any views, analysis, and forecasts in this article do not constitute investment advice of any form to readers, and Huabao Fund shall not be liable for any direct or indirect losses arising from the use of the content herein. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Summary," and other fund legal documents to understand the risk-return characteristics of the fund and choose products that match their own risk tolerance. The past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Based on the assessment by the fund manager, the risk rating of the Huabao Food & Beverage ETF is R3-Medium Risk, suitable for investors with a Balanced (C3) or higher risk profile. The appropriateness matching opinion is subject to the selling institution. Selling institutions (including the fund manager's direct sales agencies and other selling institutions) evaluate the above fund's risk according to relevant laws and regulations. Investors should promptly pay attention to the appropriateness opinions issued by the fund manager. The appropriateness opinions of various selling institutions may not necessarily be consistent, and the risk rating evaluation results of the fund product by fund selling institutions shall not be lower than the risk rating evaluation result made by the fund manager. The description of the fund's risk-return characteristics in the fund contract and the fund's risk rating may differ due to different consideration factors. Investors should understand the risk-return situation of the fund, combine it with their own investment purpose, term, experience, and risk tolerance, prudently select fund products, and bear the risks themselves. The registration of the above fund by the China Securities Regulatory Commission does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Fund investment involves risks.
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