The food and beverage sector experienced a pullback today (April 3). The Huabao Food and Beverage ETF (515710), which reflects the overall performance of the sector, opened lower and weakened with fluctuations during the session. At one point, its intraday price fell over 1%, and as of this writing, it is down 0.89%.
Among the constituent stocks, baijiu and some consumer staple stocks led the declines. As of this writing, Jinhe Industrial fell over 6%, while companies like Jinshiyuan, Jinzhi Seed Liquor, Gujing Distillery, and Jiugui Liquor each dropped more than 2%, dragging down the sector's performance.
On the news front, on April 2, reports indicated that the iMoutai app adjusted the rules for purchasing Feitian Moutai. Users attempting to buy Feitian Moutai were notified by the system: "Limit one order per person per day; please avoid duplicate purchases." Customer service for iMoutai confirmed that under the current rules, each user can only successfully place one order per day. Whether purchasing one bottle or the maximum of six bottles, it counts as using the full daily purchase eligibility.
Analysts suggest that Kweichow Moutai Co.,Ltd.'s move may precisely target scalpers hoarding inventory, strengthening direct consumer access. It also effectively reinforces the price control results of the direct sales system, helping maintain brand premium and stabilizing the company's long-term valuation logic. This reflects that leading baijiu companies are shifting from extensive volume expansion to refined channel management, guiding the sector toward a healthier supply-demand balance.
From a valuation perspective, the food and beverage sector remains at a low level. Data shows that as of yesterday's close (April 2), the price-to-earnings ratio of the Sub-Food Index, tracked by the Huabao Food and Beverage ETF (515710), was 19.8 times, sitting at the 4.12th percentile over the past decade, highlighting attractive medium- to long-term investment value.
Looking ahead, Tianfeng Securities stated that the baijiu industry is currently building momentum through inventory reduction, channel transformation, and demand restructuring. A full recovery in the sector will depend on the stabilization of the external economy boosting government and business demand, along with the fading impact of policies. Considering the low base in the same period of 2025, baijiu sales are expected to gradually recover in the second half of the year.
To conveniently invest in core assets of the food and beverage sector, focus on the Huabao Food and Beverage ETF (515710). According to China Securities Index Co., this ETF tracks the CSI Sub-Index for the Food and Beverage Industry Theme, with leading baijiu holdings accounting for nearly 60%. Top-weighted stocks include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine Factory, and Yanghe Brewery, as well as Yili Industrial Group and Haitian Flavouring & Food Company. Off-exchange investors can also access core sector assets through the Huabao Food and Beverage ETF feeder fund (Class A: 012548 / Class C: 012549).
Note: Fee details are available in each fund's legal documents. Source: Shanghai and Shenzhen Stock Exchanges, data as of April 3, 2026. Reminder: Recent market volatility may be significant; short-term gains or losses do not indicate future performance. Investors should make rational investment decisions based on their financial situation and risk tolerance, paying close attention to position and risk management.
Risk Warning: The Huabao Food and Beverage ETF passively tracks the CSI Sub-Index for the Food and Beverage Industry Theme, which has a base date of December 31, 2004, and was launched on April 11, 2012. The composition of the index's constituent stocks is adjusted according to its rules, and its historical performance does not predict future index results. Stocks mentioned are for illustrative purposes only as index constituents and do not constitute individual stock recommendations or represent the investment direction of the fund manager. All information provided (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, and no liability is accepted for direct or indirect losses arising from the use of this content. Investors should carefully read the fund contract, prospectus, and fund product summary to understand the fund's risk-return characteristics and choose products suitable for their risk tolerance. Past performance of the fund does not guarantee future results, and the performance of other funds managed by the fund manager does not indicate the performance of this fund. Based on the fund manager's assessment, the Huabao Food and Beverage ETF has a risk rating of R3-medium risk, suitable for balanced (C3) and above investors. Suitability matching opinions should be based on the sales institution. Sales institutions (including the fund manager's direct sales and other sales channels) evaluate the fund's risk according to relevant laws and regulations. Investors should promptly follow the suitability opinions provided by the fund manager. Suitability opinions from sales institutions may not necessarily be consistent, and the risk rating results provided by sales institutions shall not be lower than those assessed by the fund manager. The fund contract's description of risk-return characteristics and the fund's risk rating may differ due to different considerations. Investors should understand the fund's risk-return profile and make prudent choices based on their investment objectives, horizon, experience, and risk tolerance, bearing their own risks. The China Securities Regulatory Commission's registration of the fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Fund investments involve risks.
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