The eating and drinking sector surged, Huabao Fund Food & Beverage ETF (515710) rose 0.74%! Institutions: The industry turning point is gradually approaching.

The food and beverage sector continued to rise today (March 25). The Huabao CSI Food and Beverage ETF (515710), which reflects the sector’s overall performance, rose in a choppy rally after the market opened. As of the time of this report, the on-exchange price was up 0.74%.

Regarding component stocks, consumer staples names led the gains. As of the time of this report, Lotus Holding surged more than 4%, while Jinhe Industry, Yangyuan Beverages, Yanjin Plaza, and several other stocks rose more than 3%. Some liquor leaders also performed impressively, with Kweichow Moutai, Wuliangye, and others slightly turning positive.

According to Guojin Securities, they are optimistic about the current allocation value of the liquor (white spirit) sector. With low expectations, the win rate is considered attractive, especially during a window period when market risk appetite is affected by external risk events and experiences some fluctuations. With expectations coming first, even during the post-holiday period in the off-season, there is still a top-down catalyst. As the “anti-involution” policy continues to be implemented, companies’ ROE is expected to improve, and that will be passed through to increased spending on areas such as corporate hospitality, improving residents’ income expectations, and the industry inflection point is gradually approaching.

From the valuation perspective, the food and beverage sector is still trading at a low valuation level. Data show that as of yesterday’s (March 24) close, the target index of the Huabao CSI Food and Beverage ETF (515710) — the CSI subdivided Food Index — had a trailing PE ratio of 19.09, which is at the low end of the 1.37% percentile over the past 10 years, highlighting strong long- and medium-term allocation value.

Looking ahead, Aijian Securities said that as policy pressure gradually eases, and under catalysts from policies to boost consumption, demand is expected to gradually recover. The industry is currently at a low valuation level, with pessimistic expectations fully priced in. It is expected that the direction of industry clearing will become clearer going forward, and the bottom will look increasingly clear. Industry quantity control and price stabilization will drive a rebound in invoice prices. During the off-season after the holiday, the relatively stable invoice prices have shown positive signals. Leading liquor companies will also raise dividend payout ratios driven by the leaders, and the dividend yield has some allocation appeal. Over the long term, during the industry adjustment period, the first choice will be high-quality leading companies with strong earnings certainty.

One-click to allocate to core assets in the food and beverage sector—focus on the Huabao CSI Food and Beverage ETF (515710). According to statistics from the CSI Index Company, the Huabao CSI Food and Beverage ETF (515710) tracks the CSI subdivided Food and Beverage Industry Thematic Index. Liquor leaders account for nearly 60% of the holdings, and the top ten weight stocks include “Maowu Wupeng Yang Furang,” Yili Shares, Haitian Flavors, and others. Off-exchange investors can also build exposure to the core assets of the food and beverage sector through the Huabao CSI Food and Beverage ETF Connect Fund (Class A 012548/Class C 012549).

Note: When investors apply for subscriptions and redemptions of fund shares, subscription and redemption agent securities firms may charge commissions according to a standard not exceeding 0.5%, which includes related fees charged by the securities exchange, depository and registration institutions, etc. For fund fee rates, see the fund legal documents.

Source: Shanghai and Shenzhen Stock Exchanges, etc., as of 2026.03.25. Reminder: In the near term, market volatility may be relatively large, and short-term gains or losses do not indicate future performance. Investors should make rational investment decisions based on their own financial situation and risk tolerance, and pay close attention to position sizing and risk management.

Risk warning: The Huabao Food and Beverage ETF passively tracks the CSI subdivided Food and Beverage Industry Thematic Index. The base date of the index is 2004.12.31, and it was released on 2012.4.11. The index constituent stock composition is adjusted from time to time according to the index compilation rules; its historical backtested performance does not indicate the index’s future performance. Individual stocks mentioned in this article are only listed as an objective presentation of index constituent stocks and do not constitute any recommendation for those stocks. They do not represent the fund manager and the fund’s investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, and any form of statements) is provided only for reference. Investors must be responsible for any investment actions they decide independently. Also, any views, analyses, and predictions in this article do not constitute any form of investment advice to readers, nor do they bear any responsibility for any direct or indirect losses arising from the use of the content of this article. Investors should read fund legal documents such as the “Fund Contract,” the “Prospectus,” and the “Fund Product Information Summary” carefully to understand the risk and return characteristics of the fund, select products that are appropriate for their risk tolerance, and bear the risks themselves. Past performance of the fund does not predict its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund’s performance. According to the fund manager’s assessment, the Huabao Food and Beverage ETF’s risk level is R3—medium risk. It is suitable for investors with balance-type (C3) or above. For suitability matching opinions, please refer to the sales institutions. Sales institutions (including the fund manager’s direct sales channels and other sales institutions) conduct risk evaluations of the above funds based on relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. The suitability opinions from different sales institutions may not be consistent. The risk level evaluation results for the fund products issued by the fund sales institutions must not be lower than the risk level evaluation result made by the fund manager. Differences exist in the fund contract regarding the fund’s risk and return characteristics and the fund risk level due to differing considerations. Investors should understand the fund’s risk and return situation, carefully select fund products based on their own investment objectives, time horizon, investment experience, and risk tolerance, and bear the risks themselves. The registration of the above funds by the China Securities Regulatory Commission does not indicate any substantive judgment or guarantee regarding the fund’s investment value, market outlook, or returns. Fund investments involve risks; proceed with caution.

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