Food and Beverage ETF Tian Hong (159736) target index rises over 1% against market trend, valuation lower than 98% of the time over the past decade

The market showed a mixed trend with both major exchanges declining, while the consumer sector rose. Regarding related ETFs, the Tianhong Food and Beverage ETF (159736) index increased by 1.12% during the trading session, with a trading volume of 9.8445 million yuan, ranking first among similar funds; its turnover rate reached 0.19%, also the highest among peers. Among its constituent stocks, Xiwang Food hit the daily limit, Xin Nuo Wei rose over 5%, and several other stocks like Jindawi, Jinhui Liquor, and Jingliang Holdings also gained.

The Tianhong Food and Beverage ETF (159736) has seen a net capital inflow of 41.72 million yuan over the past 30 trading days. As of March 13, 2026, the fund’s latest size was 5.255 billion yuan, ranking first among all funds tracking the same index.

This ETF closely tracks the CSI Food and Beverage Index, with industry allocations mainly including Baijiu II (44.91%), Beverage and Dairy (18.34%), and Seasoning and Fermentation Products II (10.67%). Its top five constituent stocks are Kweichow Moutai, Wuliangye, Yili, Luzhou Laojiao, and Shanxi Fenjiu. The ETF also includes two off-market connect funds (Class A: 001631; Class C: 001632).

The CSI Food and Beverage Index is relatively diversified, with the lowest concentration among the top ten stocks, spreading investments across Baijiu, beverages, dairy, and food to avoid risks from a single sector. It has strong performance and a large scale; small-cap stocks account for over 50%, providing greater flexibility.

Over the past ten years, the CSI Food and Beverage Index’s price-to-book ratio has been 3.93, placing it at the 2.06th percentile historically, indicating current levels are below 98% of historical periods. The index has entered a deep value zone, highlighting its cost-effectiveness for allocation.

On the news front, according to data from the National Bureau of Statistics, the CPI in February 2026 increased by 1.3% year-on-year, showing a moderate recovery trend. The latest government work report prioritized expanding domestic demand and proposed in-depth implementation of special actions to boost consumption. Additionally, the Luzhou Baijiu Price Index showed a slight month-on-month increase of 0.03% in early March, while sales of leisure snacks and ready-to-drink tea during the Spring Festival holiday performed well.

Daily Economic News