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"Mao Wulu" fell together, and the food ETF (515710) fell nearly 3% to a new low in nearly one year, with a high premium in the market

"Mao Wulu" fell together, and the food ETF (515710) fell nearly 3% to a new low in nearly one year, with a high premium in the market

On December 11, 2023, the eating and drinking sector suffered another setback! Liquor stocks fell first, Kweichow Moutai fell more than 2%, Wuliangye fell more than 4%, and Luzhou Laojiao fell more than 5%; "Soy sauce grass" Haitian Flavor Industry fell more than 2%, and "Milk Mao" Yili shares fell nearly 1%.

In terms of ETFs, the food ETF (515710), which reflects the overall performance of the core assets of the food and drink sector, opened low and went low, with the on-site price now down 2.74%, and the intraday price hit a new low in nearly 1 year!

"Mao Wulu" fell together, and the food ETF (515710) fell nearly 3% to a new low in nearly one year, with a high premium in the market

Image source: Wind

As a sector with heavy positions in northbound funds, the core assets of the eating and drinking sector fell sharply in early trading, or were affected by the sharp sell-off of northbound funds. According to the data, as of 10:30, the net sale of northbound funds exceeded 8.8 billion yuan.

From a fundamental point of view, the food and drink sector is more resilient. In the first three quarters of 2023, the performance of the food and beverage sector maintained steady growth, with a total operating income of 788.541 billion yuan, a year-on-year increase of 8.71%, ranking 4th among the 31 Shenwan first-class industries, and a total net profit attributable to the parent company of 162.171 billion yuan, a year-on-year increase of 15.28%, ranking 7th. In recent years, even during the period of public health prevention and control, the revenue/net profit attributable to the parent company of the food and beverage sector has maintained positive growth, and the performance of the sector has been stable.

"Mao Wulu" fell together, and the food ETF (515710) fell nearly 3% to a new low in nearly one year, with a high premium in the market

Image source: Wanlian Securities

The market and performance of the eating and drinking sector have deviated, and the valuation level of the sector has been greatly digested, and it has now reached a historical low. According to the data, as of December 8, the PE valuation of the subdivided food index tracked by the food ETF (515710) was 25.63 times, which was at the 21.33% quantile since 2014, and the cost performance of medium and long-term allocation was particularly prominent.

"Mao Wulu" fell together, and the food ETF (515710) fell nearly 3% to a new low in nearly one year, with a high premium in the market

Image source: Wind

It is worth noting that funds have recently begun to increase the eating and drinking sector against the market. According to the data, as of December 8, the food ETF (515710) has received net subscriptions for 6 consecutive days, with a total amount of nearly 22 million yuan, and a total of nearly 26 million yuan in the past 10 days. In early trading today, the food ETF (515710) continued to trade at a premium, indicating that buying funds are still strong.

"Mao Wulu" fell together, and the food ETF (515710) fell nearly 3% to a new low in nearly one year, with a high premium in the market

Image source: Wind

Optimistic about the valuation repair opportunities and long-term investment value of the food and drink sector, related products Food ETF (515710). According to the statistics of China Securities Index Company, the food ETF (515710) tracks the CSI subdivision food and beverage industry theme index, with more than 6 positions in high-end and sub-high-end liquor leading stocks, and nearly 4 positions in leading stocks in beverage and dairy products, seasoning, beer and other sub-sectors. Kweichow Moutai is the largest weighted stock, accounting for more than 17%!

The pictures and data in this article are from the Shanghai and Shenzhen Stock Exchanges and Huabao Fund, as of December 11, 2023. Risk Warning: Food ETF (515710) passively tracks the CSI Subdivision Food and Beverage Industry Theme Index, the base date of the index is 2004.12.31, released on 2012.4.11, and the composition of the index constituents is adjusted in due course according to the index compilation rules. The index constituents in this article are for illustration purposes only, and the individual stock descriptions are not intended as investment advice of any kind, nor do they represent the position information and trading trends of any fund under the manager. The risk rating of the Fund assessed by the fund manager is R3-medium risk, which is suitable for investors with an appropriateness rating of C3 or above. 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 shall be responsible for any investment behavior determined independently. In addition, any opinions, analysis and forecasts in this article do not constitute any form of investment advice to the reader, nor do they assume any responsibility for any direct or indirect losses arising from the use of the content of this article. Fund investment is risky, the past performance of the fund is not indicative of its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund, so fund investment should be cautious.

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