Moutai's overseas performance is impressive, and the Food and Beverage sector is making a comeback! Huabao Fund Food & Beverage ETF (515710) turns positive during trading.

The food and beverage sector today (March 24) sounded the horn for a counterattack. The Food and Beverage ETF from Huabao (515710) quickly rebounded after a brief dip at the opening, and as of the time of writing, the price has risen by 0.37%.

In terms of constituent stocks, consumer goods led the gains, with some liquor stocks also performing well. As of the time of writing, Lianhua Holdings has hit the upper limit, while Andeli and Chongqing Beer have surged more than 3%. Gujing Gongjiu, Yanjing Beer, and Wuliangye have also seen significant increases.

On the news front, recently, the 2026 International Distributors’ Symposium for Kweichow Moutai was held in Guiyang. Chen Hua, Chairman of Moutai Group, stated at the meeting that in the face of a complex international market environment, the import and export company is steadily expanding into key markets, with duty-free channel sales doubling. Sales in the Southeast Asian market have achieved over 4 times exponential growth, and the sales of zodiac liquor have increased by 135.5% year-on-year, effectively maintaining the stability of Moutai’s international market.

Analysts have pointed out that the overseas performance data disclosed by Chen Hua highlights the effectiveness of the company’s internationalization strategy. In a complex international environment, the exponential growth in overseas markets not only broadens revenue sources and optimizes market structure but also confirms the correctness of its international layout. This symposium has united global channel efforts, laying a foundation for further deepening the international market and promoting cultural outreach, helping Moutai transform into a global enterprise.

From a valuation perspective, the food and beverage sector is currently still at a low valuation. Data shows that as of yesterday (March 23) closing, the price-to-earnings ratio of the Food and Beverage ETF from Huabao (515710) tracking the sub-food index is 18.94 times, at a low level in the 1.37% percentile over the past decade, highlighting the cost-effectiveness for medium to long-term allocations.

Looking ahead, Kaiyuan Securities points out that after years of adjustment, the accumulated inventory pressure in the liquor industry has eased. With terminal prices gradually decreasing, the decline in liquor sales has narrowed, industry clearance is accelerating, and leaders are still increasing their market share due to brand advantages, further concentrating the industry towards the top. On the demand side, consumer scenarios continue to recover, and the resilience of mass consumption remains strong. The industry has passed the adjustment trough and is entering a critical phase of bottom recovery, with recovery momentum gradually being released.

Easily allocate core assets in the food and beverage sector, focusing on the Food and Beverage ETF from Huabao (515710). According to statistics from the China Securities Index Company, the Food and Beverage ETF from Huabao (515710) tracks the sub-food and beverage industry theme index, with a holding ratio of leading liquor stocks close to 60%, and the top ten weighted stocks include “Moutai, Wuliangye, Luzhou Laojiao,” Yili Group, and Haitian Flavoring & Food. Off-market investors can also layout core assets in the food and beverage sector through the Food and Beverage ETF Huabao Connect Fund (Class A 012548/Class C 012549).

Note: When investors subscribe to or redeem fund shares, the brokerage firm may charge a commission not exceeding 0.5%, which includes related fees charged by securities exchanges, registration agencies, etc. Fund fee rates are detailed in the fund legal documents.

Source: Shanghai and Shenzhen Stock Exchanges, etc., as of 2026.03.24. Reminder: Recent market fluctuations may be significant, and short-term price changes do not indicate future performance. Investors must invest rationally based on their own financial situation and risk tolerance, paying close attention to positions and risk management.

Risk warning: The Food and Beverage ETF from Huabao passively tracks the sub-food and beverage industry theme index, with a base date of December 31, 2004, released on April 11, 2012. The composition of the index constituents is adjusted in a timely manner according to the index compilation rules, and its historical back-tested performance does not predict future performance of the index. The individual stocks mentioned in the text are only objective demonstrations of index constituents and are not recommendations for any specific stocks, nor do they represent the views of the fund manager or fund investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must be responsible for any investment decisions made independently. Furthermore, any opinions, analyses, and predictions in this article do not constitute any form of investment advice to the reader, nor does it bear any responsibility for direct or indirect losses arising from the use of the content of this article. Investors should read the “Fund Contract,” “Prospectus,” “Fund Product Information Summary,” and other fund legal documents carefully to understand the risk and return characteristics of the fund and choose products that match their own risk tolerance. Past performance of the fund does not predict its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. According to the fund manager’s assessment, the risk level of the Food and Beverage ETF from Huabao is R3 - medium risk, suitable for balanced (C3) and higher-level investors; the suitability matching opinions should be based on the sales institution. Sales institutions (including direct sales institutions of fund managers and other sales institutions) evaluate the risk of the above funds according to relevant laws and regulations. Investors should pay attention to the suitability opinions issued by the fund manager in a timely manner; the suitability opinions from various sales institutions may not be consistent, and the risk level assessment results issued by fund sales institutions must not be lower than the risk level assessment results made by the fund manager. There may be differences in the fund contract regarding the fund’s risk and return characteristics and risk level due to different considerations. Investors should understand the risk and return situation of the fund and cautiously choose fund products based on their investment objectives, time horizon, investment experience, and risk tolerance, and assume risks independently. The registration of the above funds by the China Securities Regulatory Commission does not indicate any substantial judgment or guarantee regarding the investment value, market prospects, and returns of this fund. Fund investment must be cautious.

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