The food and beverage sector launched a counteroffensive today (March 24). The Huabao Food and Beverage ETF (515710), which reflects the overall trend of the sector, briefly dipped at the opening before quickly rallying into positive territory. As of the latest update, its on-market price has risen by 0.37%.
Among the constituent stocks, consumer staples led the gains, with some baijiu (white liquor) stocks also performing notably. As of the latest update, Lianhe Holdings hit the daily limit-up, while Andre Group and Chongqing Brewery Co., Ltd. surged over 3%. Anhui Gujing Distillery Co., Ltd., Beijing Yanjing Brewery Co., Ltd., and Wuliangye Yibin Co., Ltd. were also among the top gainers.
On the news front, Kweichow Moutai Co.,Ltd. recently held its 2026 International Distributors Conference in Guiyang. Chen Hua, Chairman of Moutai Group, stated at the conference that despite the complex international market environment, the import and export company has steadily expanded into key markets. Sales through the duty-free channel have doubled, sales in the Southeast Asian market have achieved a leap of over four times, and sales of the Zodiac liquor series have increased by 135.5% year-on-year, effectively stabilizing Moutai's international market presence.
Analysts pointed out that the overseas performance data disclosed by Chen Hua demonstrates the effectiveness of the company's internationalization strategy. The leapfrog growth in overseas markets amid a complex international environment not only broadens revenue sources and optimizes the market structure but also confirms the correctness of its global layout. This conference has consolidated the synergy of global channels, laying a foundation for further deepening the international market and promoting cultural outreach, thereby aiding Moutai's transformation into a global enterprise.
From a valuation perspective, the food and beverage sector remains at a low valuation level. Data shows that as of the close yesterday (March 23), the price-to-earnings ratio of the Segmented Food Index, the underlying index for the Huabao Food and Beverage ETF (515710), was 18.94 times, sitting at a low level near the 1.37th percentile over the past decade, highlighting its medium-to-long-term allocation appeal.
Looking ahead, Kaiyuan Securities noted that after years of adjustment, the accumulated inventory pressure in the baijiu industry has eased somewhat. As terminal prices gradually adjust downward, the decline in baijiu sales has narrowed, and industry consolidation is accelerating. Meanwhile, leading companies continue to gain market share due to their brand advantages, further concentrating the industry towards the top players. On the demand side, consumption scenarios are steadily recovering, and mass consumption remains resilient. The industry has passed the trough of adjustment and is entering a critical stage of bottoming out and recovery, with recovery momentum expected to be gradually released.
For one-stop allocation to core assets in the food and beverage sector, focus on the Huabao Food and Beverage ETF (515710). According to China Securities Index Co., Ltd., the Huabao Food and Beverage ETF (515710) tracks the CSI Segmented Food & Beverage Industry Index, with leading baijiu holdings accounting for nearly 60% of the portfolio. The top ten holdings include "Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Yanghe," as well as Inner Mongolia Yili Industrial Group Co., Ltd. and Foshan Haitian Flavouring & Food Co., Ltd. Off-market investors can also access core sector assets through the Huabao Food and Beverage ETF Link Fund (Class A: 012548 / Class C: 012549).
Note: When subscribing for or redeeming fund shares, subscription and redemption agents may charge a commission of up to 0.5%, which includes relevant fees charged by stock exchanges and registration institutions. For detailed fund fee rates, please refer to the fund's legal documents.
Source: Shanghai and Shenzhen Stock Exchanges, data as of March 24, 2026. Reminder: Recent market volatility may be significant; short-term gains or losses do not indicate future performance. Investors must make rational investment decisions based on their own financial situation and risk tolerance, paying close attention to position management and risk control.
Risk Warning: The Huabao Food and Beverage ETF passively tracks the CSI Segmented Food & Beverage Industry Index. The base date for this index is December 31, 2004, and it was published on April 11, 2012. The composition of the index constituents is adjusted according to the index compilation rules, and its backtested historical performance does not indicate future index performance. Stocks mentioned herein are solely for the objective illustration of index constituents and are not recommendations for any individual 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, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any form to the reader, and no responsibility is accepted for any direct or indirect losses resulting from the use of this content. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Summary," and other legal fund documents to understand the fund's risk-return characteristics 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 guarantee the performance of this fund. Based on the fund manager's assessment, the Huabao Food and Beverage ETF carries a risk rating of R3-Medium Risk and is suitable for Balanced (C3) and higher risk profile investors. Suitability matching opinions are subject to the sales institution. Sales institutions (including the fund manager's direct sales channels and other sales institutions) evaluate the above fund's risk according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. Suitability opinions from different sales institutions may not necessarily be consistent, and the risk rating results for the fund product issued by fund sales institutions shall not be lower than the risk rating result determined by the fund manager. There may be differences between the fund's risk-return characteristics described in the fund contract and the fund's risk rating due to different consideration factors. Investors should understand the fund's risk-return profile and cautiously select fund products based on their investment objectives, horizon, experience, and risk tolerance, bearing the risks themselves. The China Securities Regulatory Commission's registration of the above fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Fund investment involves risks.
A MACD golden cross signal has formed, and these stocks are performing well.
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