On November 12, as of 9:42 AM, the Food ETF (515710) showed steady performance during intraday trading, with its price rising 0.4% and a turnover of 195.598 million yuan.
Among the constituent stocks, Tianwei Food, Yanjing Beer, and Yangyuan Beverage performed strongly, gaining 3.56%, 1.85%, and 1.06%, respectively. On the other hand, Jiugui Liquor, Jinhu Liquor, and New Hope Dairy were weaker, declining 1.53%, 1.04%, and 0.87%, respectively.
In terms of news, Wuliangye Yibin Co., Ltd. emphasized its core competitiveness as China's leading strong-aroma baijiu producer on November 10, 2025, highlighting advantages such as its unique natural ecological environment, ancient fermentation microflora, and traditional brewing techniques. Additionally, the Jiangsu Alcohol Association proposed on November 3 that the province's liquor industry aims to achieve revenue exceeding 100 billion yuan by 2030, further clarifying long-term development goals for the sector.
Kaiyuan Securities noted that the liquor industry has entered a period of deep adjustment, with slowing demand affecting manufacturers' performance growth. Liquor companies are actively reducing supply to balance market conditions, and short-term financial reports remain in a clearing phase. However, the sector is approaching a strategic entry point. The food and beverage industry's fundamentals are near the bottom, with negative factors largely priced in. Policy impacts are easing marginally, and stronger policy expectations may boost demand. The industry's main trend in 2026 is expected to be a bottom recovery, with the pace of recovery tied to macroeconomic conditions. Mass consumption is likely to remain resilient, while business consumption may improve with economic activity.
Huaxi Securities pointed out that the liquor industry's core lies in its social attributes and price positioning, with a business model built on high gross margins (generally above 70%) and brand perception. The industry is stratified by price segments, with premium liquor meeting identity needs and sub-premium and regional brands achieving growth through structural upgrades. Strategically, companies must focus on "price benchmarks + continuous upgrades" and avoid tactical gimmicks (such as low-alcohol or youth-oriented products). Channel dominance hinges on balancing volume and price while maintaining stable distribution profits and pricing systems. Brand building relies on inherent advantages (e.g., Moutai, Wuliangye) or long-term cultivation, though upward mobility is challenging. Current competition is becoming more systematic, with short-term trends unlikely to secure long-term competitiveness.
The Food ETF (515710) and its feeder funds (Feeder A: 012548, Feeder C: 012549) passively track the Sub-Index for Food, whose top ten holdings include Kweichow Moutai, Wuliangye Yibin, Yili Group, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine, Haitian Flavouring, Dongpeng Beverages, Yanghe Brewery, Jinshiyuan, and Gujing Distillery.
Data is sourced from the Shanghai and Shenzhen stock exchanges and public disclosures.
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A MACD golden cross signal has formed, with some stocks showing strong upward momentum.
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