The food and beverage sector experienced volatile upward movement today (January 14). The Huabao Food and Beverage ETF (515710), which reflects the overall trend of the sector, traded in positive territory after opening and continued to fluctuate within the green zone. As of this writing, its on-market price has risen by 0.51%.
In terms of constituent stocks, some baijiu and consumer staple stocks showed notable gains. As of this writing, Sinoway surged over 4%, while Shuijingfang and Yangyuan Beverage both rose over 3%. Lianhua Holdings gained over 2%, and stocks including Kuaijishan, Shedaojiu, and Jiuguijiu increased by over 1%.
On the news front, Kweichow Moutai Co.,Ltd. announced on the evening of January 13 that its Fourth Board of Directors' first meeting of 2026 reviewed and passed the "2026 Market-Oriented Operation Plan for Kweichow Moutai Liquor." According to the plan, the company will return to a "pyramid" product structure for Kweichow Moutai liquor, with products like the Feitian 53% vol 500ml Kweichow Moutai liquor forming the "base," premium Moutai and Zodiac Moutai forming the "middle," and the Moutai Aged series and cultural series forming the "apex."
Furthermore, the operational model will shift from "direct sales + dealership" to multi-dimensional coordination involving "direct sales + dealership + commission sales + consignment sales." The channel layout will construct a parallel system of "five major channels": wholesale, offline retail, online retail, food service, and private domains. Regarding the price mechanism, it will be market-oriented, establishing a dynamic adjustment mechanism for self-operated retail prices that "follows market trends while remaining relatively stable." The company also announced self-operated retail prices for multiple products, including the Feitian 53% vol 500ml Kweichow Moutai liquor (2026) at 1,499 yuan per bottle.
Analysis points out that this is a critical step for Moutai in deepening its market-oriented transformation. The core objective is to address supply-demand mismatches and channel irregularities through a four-dimensional restructuring of products, models, channels, and prices, returning to the essence that "liquor is for drinking."
From a valuation perspective, the food and beverage sector's valuation is at a historical low, suggesting the current period might be a favorable time for left-side positioning in the sector. Data shows that as of yesterday's (January 13) market close, the price-to-earnings ratio of the Sub-index for the Food Sector, which the Huabao Food and Beverage ETF (515710) tracks, was 20.23 times, sitting at a low level corresponding to the 6.85th percentile over the past decade, highlighting its medium to long-term allocation value.
Looking ahead, China Securities Co., Ltd. (CSC) stated that reviewing the volume and price changes of premium baijiu during the periods 2012-2016, 2016-2021, and 2022-2025, the baijiu industry's "five-bottom phase" (policy bottom, inventory bottom, sell-through bottom, wholesale price bottom, production-sales bottom) is resonating with the capital market's "three-lows one-high" (low expectations, low valuation, low mutual fund holdings, high dividends). Combined with the recent implementation of market strategies by Moutai, Wuliangye, and Luzhou Laojiao, and with the Spring Festival peak season approaching, the inflection point of this baijiu adjustment cycle may be near. Capital market expectations are leading the way, suggesting the baijiu sector might present a cycle-bottom allocation opportunity.
For one-stop allocation to the core assets of the food and beverage sector, focus on the Huabao Food and Beverage ETF (515710). According to statistics from China Securities Index Co., Ltd., the Huabao Food and Beverage ETF (515710) tracks the CSI Sub-index for the Food & Beverage Industry Theme Index. It allocates approximately 60% of its portfolio to leading stocks in premium and sub-premium baijiu, and nearly 40% to leading stocks in sub-sectors such as beverages/dairy, condiments, and beer. Its top ten holdings include "Moutai, Wuliangye, Luzhou Laojiao, 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 the core assets of the food and beverage sector through the Huabao Food and Beverage ETF Link Fund (Class A: 012548 / Class C: 012549).
Image and data source: Shanghai and Shenzhen Stock Exchanges, etc., as of January 14, 2026.
Note: The subscription fee rate for Huabao Food and Beverage ETF Link A is: below 1 million yuan, 1%; 1 million yuan (inclusive) to 2 million yuan, 0.6%; 2 million yuan (inclusive) and above, 1000 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 and Beverage ETF Link C is: within 7 days, 1.5%; 7 days (inclusive) and above, 0%. The sales service fee rate is 0.2%.
Risk Warning: The Huabao Food and Beverage ETF passively tracks the CSI Sub-index for the 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 listed solely for the objective presentation of index constituents and do not constitute 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, and expressions of any form) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any form to readers, and Huabao Fund assumes no responsibility for any direct or indirect losses arising from the use of this content. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Key Facts Statement," and other fund legal 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 constitute a guarantee of the fund's performance. Based on the fund manager's assessment, the Huabao Food and Beverage ETF has a risk rating of R3-Medium Risk and is 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. Appropriateness opinions from various selling institutions may not necessarily be consistent, and the risk rating evaluation results for the fund product issued 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 its risk rating may differ due to different consideration factors. Investors should understand the fund's risk and return situation, and cautiously select fund products based on their own investment objectives, time horizon, investment experience, and risk tolerance, and bear the risks themselves. The China Securities Regulatory Commission's registration of the above funds does not indicate a substantive judgment or guarantee of their investment value, market prospects, or returns. Fund investment involves risks.
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