On February 21, 2024, the three major stock indexes strengthened intraday, with the Shanghai Composite Index and the Shenzhen Component Index rising by more than 2%, and the leisure goods, auto parts, and alcohol industry indices leading the market. As of 13:49, the food and beverage ETF (515170) rose 495%, the position of Ligao Food led the rise, Shede Liquor, Chongqing Beer, Yingjiagong Liquor rose to the limit, with a turnover of nearly 80 million yuan to hit a new high in the past two months, and continued to be at a premium in the afternoon.
Guotai Junan believes that based on the idea of nested cycles, the inventory cycle of liquor revolves around the three major cycles of population cycle, investment cycle and credit expansion, and the characteristics of the liquor inventory cycle will become increasingly obvious under the premise of weakening the support of the three cycles. At present, the demand side of liquor consumption is weakly recovering, the supply side is leading, and the industry is accumulating and destocking, and the micro signal shows that the industry has entered the second half of the inventory cycle, and it is expected that the characteristics of subsequent destocking will be more obvious.
The Food & Beverage ETF (515170) and its feeder** (Class A: 013125 Class C: 013126) closely track the CSI Segment Food Index, and package high-quality leading stocks in the food and beverage industry with one click. The holding industry is dominated by liquor, accounting for more than 64%, followed by beverages and dairy products, flavored fermented products, snack foods and so on. The top 10 heavy stocks include Kweichow Moutai, Wuliangye, Yili shares and other food and beverage leaders, with a "Maotai content" of more than 15%.
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