The food and beverage sector experienced another downturn today (March 12). The Huabao Food and Beverage ETF (515710), which reflects the overall performance of the sector, continued to fluctuate at low levels. As of the latest update, its intraday price fell by 0.71%.
Among the constituent stocks, mass-market consumer products led the decline. As of the latest update, New Hope Dairy approached a limit-down drop, while Tianwei Food, Dongpeng Beverage, Sinovac, and Adisseo also recorded significant declines, dragging down the sector's performance.
On the news front, iMoutai recently released operational data for the Spring Festival period. During the holiday, the platform recorded over 14 million cumulative user logins. Since the beginning of the year, more than 2 million users have successfully purchased products through the platform.
Analysts pointed out that iMoutai's impressive Spring Festival operational data has significantly boosted market confidence in the sales momentum of leading baijiu companies, potentially supporting their valuation benchmarks. The notable achievements in digital marketing have not only optimized channel structures but also set a benchmark for industry transformation. This may prompt a reassessment of the consumer sector by investors, accelerating the restoration of market confidence.
From a valuation perspective, the food and beverage sector remains at historically low levels. Data shows that as of yesterday's close (March 11), the price-to-earnings ratio of the Segmented Food Index, tracked by the Huabao Food and Beverage ETF (515710), stood at 19.47 times, near the 2.55th percentile of its 10-year range, highlighting its attractive medium- to long-term investment value.
Looking ahead, CITIC Securities stated that, considering the multi-year adjustment in the baijiu industry, which is currently at the bottom of a long-term cycle with low market expectations and holdings, any marginal improvement is expected to significantly boost investment sentiment in the sector. They remain optimistic about a recovery in baijiu stocks. Additionally, they anticipate a mild recovery in the beer industry by 2026, with overall volume stability and price increases, recommending focus on industry leaders with strong brand premiums, firm structural upgrade strategies, and robust channel control.
Wanlian Securities noted that the food and beverage sector is expected to focus on bottoming out and recovery in 2026, with structural investment opportunities arising from demand recovery, cost improvements, and industry differentiation. They recommend attention to: ① Baijiu leaders with potential inventory destocking by 2026, low valuations, and high dividends; ② Beer, condiment, and dairy leaders benefiting from demand recovery and cost improvements; ③ Frozen food leaders with easing price wars and active adoption of new channels; and ④ Soft drink leaders with competitive advantages in the high-growth functional beverage segment.
Note: When subscribing for or redeeming fund units, brokerage firms acting as subscription and redemption agents may charge a commission of up to 0.5%, which includes fees levied by stock exchanges and registration institutions. For detailed fund fee structures, refer to the fund's legal documents.
Source: Shanghai and Shenzhen Stock Exchanges, as of March 12, 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 Disclosure: The Huabao Food and Beverage ETF passively tracks the CSI Segmented Food and Beverage Industry Theme Index, which has a base date of December 31, 2004, and was launched on April 11, 2012. The index's constituent stocks are adjusted according to its compilation rules, and its historical backtested performance does not predict future index performance. Stocks mentioned herein are listed solely as objective examples of index constituents and do not constitute recommendations or reflect the fund manager's investment direction. All information provided (including but not limited to 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, analyses, or forecasts herein do not constitute investment advice of any kind, 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 Key Facts Statement to understand the fund's risk-return profile and select products matching their risk tolerance. Past fund performance does not guarantee future results, and the performance of other funds managed by the fund manager does not indicate this fund's future performance. 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 opinions are subject to sales institutions. Sales institutions (including the fund manager's direct sales channels and other distributors) evaluate the fund's risk per relevant laws and regulations. Investors should promptly follow the fund manager's suitability opinions, as opinions on suitability may vary across sales institutions, and sales institutions' risk ratings cannot be lower than the fund manager's assessment. The fund's risk-return characteristics in the contract may differ from its risk rating due to varying evaluation factors. Investors should understand the fund's risk-return profile and make prudent investment decisions based on their objectives, time horizon, experience, and risk tolerance. The China Securities Regulatory Commission's registration of this fund does not indicate a judgment or guarantee of its investment value, market prospects, or returns. Fund investments carry risks.
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