The food and beverage sector demonstrated notable resilience during Tuesday's trading session, with leading baijiu producer Kweichow Moutai Co.,Ltd. closing in positive territory despite broader market weakness. Several consumer staples names also delivered solid performances, as 养元饮品 advanced 1.62% by the close, while 妙可蓝多, 承德露露, and 伊利股份 all finished the day in the green.
As of August 19, 2026, the respective weightings of 养元饮品, 妙可蓝多, Kweichow Moutai Co.,Ltd., 承德露露, and 伊利股份 within the sub-food & beverage index stand at 1.75%, 0.53%, 15.26%, 2.25%, 0.49%, and 15.24% respectively.
On the news front, Moutai Health Care Wine released its latest product offering today. According to the company's official WeChat account, the new "微舒·柠檬薄荷" (Wei Shu Lemon Mint) product was officially launched on August 19. The beverage comes in a 27% vol format with a 105mL bottle size.
Industry analysts suggest that Moutai Health Care Wine's push into lower-alcohol flavored products represents a strategic effort to complete its youth-oriented product lineup, which carries positive implications for the company's expansion into new market segments. This move reflects the broader baijiu sector's accelerating exploration of the low-alcohol flavored spirits blue ocean, catering to emerging consumption trends among younger demographics. Traditional liquor enterprises are seeking new growth drivers through category innovation, which bolsters market confidence in differentiated breakthroughs within the broader consumer sector.
From a valuation perspective, the food and beverage sector remains at historically low levels. Data indicates that as of yesterday's close (August 18), the sub-food & beverage index tracked by the Food & Beverage ETF Huabao (515710) was trading at a price-to-earnings ratio of 20.33 times, positioning it at the 11.35th percentile over the past decade (source: Wind), highlighting compelling medium-to-long-term allocation value.
Looking ahead, East Asia Securities notes that recent macroeconomic data has gradually diminished market support for the "K-shaped divergence convergence" narrative in domestic demand. The earlier valuation recovery in the food and beverage sector has been relatively pronounced, and as the sector enters the earnings reporting season, the investment focus is expected to shift back toward marginal improvements and earnings certainty: (1) Companies benefiting from demand-side improvements and easing cost pressures, with potential for marginal earnings improvements, with priority given to beverages and leisure snacks; (2) Leading enterprises leveraging competitive advantages to progressively capture market share and demonstrate earnings certainty, with priority on dairy products and condiments.
Shenwan Hongyuan Securities points out that interim financial reports may continue to reflect underlying fundamental pressure. Baijiu, as a key sub-sector of consumer staples, presents notable allocation value. At current share price levels, sector momentum may stabilize and recover ahead of fundamental improvements. The firm recommends monitoring expected improvements in interim results driven by base effects, with investment opportunities to be identified from perspectives including channel clearance, operational improvements, scenario substitution, and dividend yield when seeking structural opportunities in baijiu.
For investors seeking one-stop exposure to core food and beverage assets, the Food & Beverage ETF Huabao (515710) deserves attention. According to China Securities Index Company statistics, this ETF tracks the CSI Sub-Food & Beverage Industry Theme Index, with leading baijiu names accounting for nearly 50% of holdings. Off-exchange investors can also participate through the Food & Beverage ETF feeder funds (Class A: 012548, Class C: 012549) to gain exposure to core assets in the sector.
Please note that when subscribing or redeeming fund shares, the authorized broker may charge a commission of up to 0.5%, which includes fees levied by stock exchanges and registration institutions. For detailed fee structures, please refer to the fund's legal documents.
Institutional viewpoints referenced from: East Asia Securities' August 18 food and beverage industry weekly report "K-Shaped Convergence Expectations Fade, Seeking Improvements During Earnings Season"; Shenwan Hongyuan Securities' August 11 food and beverage industry research weekly report "Leading Baijiu Brands Maintain Prices Before Peak Season to Stabilize Channel Expectations."
Risk disclosure: The Food & Beverage ETF Huabao passively tracks the CSI Sub-Food & Beverage Industry Theme Index, which has a base date of December 31, 2004, and was published on April 11, 2012. The sub-food & beverage index returns over the past five complete years were: 2025: -11.63%; 2024: -6.12%; 2023: -19.84%; 2022: -15.27%; 2021: -8.3%. The volatility rates over the same periods were: 2025: 13.51%; 2024: 37.1%; 2023: 20.98%; 2022: 29.22%; 2021: 34.04%. Index constituent stocks are adjusted periodically according to index compilation rules, and backtested historical performance does not indicate future index performance. Stocks mentioned in this article are merely objective displays of index constituents and do not constitute recommendations for individual stocks, nor do they represent the fund manager's investment direction. Any information appearing herein (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors must bear full responsibility for their independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any form to readers, and the company assumes no liability for direct or indirect losses arising from the use of this content. Investors should carefully read fund legal documents including the Fund Contract, Prospectus, and Fund Product Information Summary to understand the fund's risk-return characteristics and select products compatible with their own risk tolerance. Past fund performance does not indicate future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. According to the fund manager's assessment, the risk rating of the Food & Beverage ETF Huabao is R3-medium risk, suitable for balanced (C3) and above investors; please refer to the sales institution for suitability matching opinions. Sales institutions (including the fund manager's direct sales and other distribution channels) conduct risk assessments on the above funds in accordance with relevant laws and regulations. Investors should promptly monitor suitability opinions issued by the fund manager. Suitability opinions from various sales institutions may not necessarily be consistent, and fund product risk ratings issued by fund sales institutions shall not be lower than those determined by the fund manager. Differences may exist between the risk-return characteristics described in the fund contract and the fund risk rating due to differing considerations. Investors should understand the fund's risk-return profile and carefully select fund products based on their investment objectives, horizon, experience, and risk tolerance, assuming all risks themselves. Registration of the above funds with the China Securities Regulatory Commission does not imply any substantive judgment or guarantee regarding investment value, market prospects, or returns. Fund investment requires caution.