The food and beverage sector surged across the board today (December 15)! The Food ETF (515710), which reflects the overall performance of the sector, opened with a volatile upward trend, reaching an intraday high of 1.36%. As of the latest update, it has risen by 1.19%.
Among the constituent stocks, liquor shares led the gains. By the latest update, Jiugui Liquor, Jinhu Liquor, and Jinzhongzi Liquor surged over 4%, while Yingjia Gong Liquor and Gujing Gong Liquor followed with gains exceeding 3%. Leading liquor stocks such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine, and Yanghe Brewery all posted gains.
On the policy front, on December 14, the Ministry of Commerce, the People's Bank of China, and the National Financial Regulatory Administration jointly issued a notice titled "Strengthening Collaboration Between Commerce and Finance to Further Boost Consumption." The notice emphasizes coordinated efforts between commerce and financial systems to guide financial institutions in increasing support for key consumption areas, aiming to stimulate and expand consumption.
Analysts pointed out that China is currently at a critical stage of consumption structure upgrading and accelerated development of new consumption models. The notice holds direct and significant implications for boosting consumption.
In terms of capital flows, the Food ETF (515710), a popular tool for sector exposure, has continued to attract funds amid recent adjustments. Exchange data shows that as of the previous trading day (December 12), the ETF recorded net inflows in four out of the last five trading days, totaling 65.61 million yuan. Over the past 10 trading days, it saw net inflows in eight sessions, exceeding 100 million yuan in total.
Guosheng Securities noted that leading liquor companies still possess ample tools to navigate challenges. With demand bottoming out and supply adjustments underway, the sector may see sequential improvements in sales during the 2026 Spring Festival peak season (Q1). Additionally, post-H1 2026 earnings pressure release, a recovery is expected due to a low base effect. Against the backdrop of expanding domestic demand in 2026, valuation recovery and fundamental improvements could materialize sequentially, presenting bottom-fishing opportunities.
Kaiyuan Securities highlighted that the liquor sector is currently at a dual bottom in terms of valuation and market expectations. Positive signals from Kweichow Moutai and pricing adjustments by Wuliangye indicate the industry has entered a deep reform phase. Coupled with optimized positioning structures, the sector may now offer strategic allocation opportunities, particularly in high-conviction liquor leaders.
For one-stop exposure to core assets in the food and beverage sector, consider the Food ETF (515710). According to CSI Index data, the ETF tracks the CSI Sub-Industry Food & Beverage Theme Index, with about 60% allocation to premium and mid-premium liquor leaders and nearly 40% to leading stocks in beverages, dairy, condiments, and beer sub-sectors. Top holdings include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine, Yanghe Brewery, Yili Group, and Haitian Flavouring. Off-exchange investors can access the sector via the Food ETF Connect Fund (Class A: 012548 / Class C: 012549).
Data source: Shanghai/Shenzhen Stock Exchanges, as of December 15, 2025.
Risk Disclosure: The Food ETF passively tracks the CSI Sub-Industry Food & Beverage Theme Index (base date: December 31, 2004; launch date: April 11, 2012). Constituent stocks are adjusted per index rules, and past performance does not indicate future results. Mentioned stocks are for illustrative purposes only and do not constitute recommendations or reflect fund investment direction. All information herein (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, etc.) is for reference only, and investors bear full responsibility for independent decisions. No content herein constitutes investment advice, and ChinaAMC assumes no liability for direct or indirect losses arising from its use. Investors should review fund documents (e.g., Prospectus, Key Facts Statement) to assess risk-return profiles and align with personal risk tolerance. Past performance does not guarantee future results, and other funds managed by the manager do not predict this fund's performance. As per the manager's assessment, the Food ETF carries an R3 (moderate risk) rating, suitable for balanced (C3) or higher-risk investors. Sales agencies may provide differing suitability assessments, though none below the manager's rating. Fund risk classifications may vary based on evaluation criteria. Investors should consider risk-return characteristics and make independent, informed decisions. CSRC registration does not imply endorsement of the fund's value or prospects. Invest with caution.
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