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perhaps due to a large amount of funds subscribing to index fund products, the shares of kweichow moutai held by related passive funds have further increased.

information disclosed by kweichow moutai on the evening of september 26 showed that the equity held by kweichow moutai, including the shanghai stock exchange 50 etf, huatai-berry csi 300 etf, and e fund csi 300 etf, has increased significantly compared with the end of june this year. this may be related to the subscription coverage of institutional investors. related to index funds of leading stocks.

wind data shows that on september 26, the net purchase amount of main funds in the food and beverage sector reached 11.646 billion yuan, ranking second among the 30 citic first-level industries.

3 index funds increased their holdings of kweichow moutai

the latest shareholder list disclosed by kweichow moutai on the evening of september 26 shows that as of september 20 (the trading day before the resolution to repurchase shares), the shareholding ratio of multiple index funds has increased compared with the end of the second quarter. among them, the shareholding ratio of sse 50 etf increased from 0.80% to 0.97%, an increase of 2.1187 million shares; the shareholding ratio of huatai-berry csi 300 etf increased from 0.59% to 0.87%, an increase of 3.536 million shares; the shareholding ratio of e fund csi 300 etf increased from 0.59% to 0.87%, an increase of 3.536 million shares. 0.39% increased to 0.60%, adding 2.6455 million shares.

industry insiders judge that a large number of institutional funds may be subscribing to index fund products based on the overall judgment of the current stock market.

previously, as institutional investors redeemed shares of related liquor index funds, kweichow moutai's position proportion in the benchmark liquor index fund had dropped significantly. taking a large liquor index fund in south china as an example, kweichow moutai accounted for more than 16% of the total positions of the liquor index fund at the end of march this year. against the backdrop of investors redeeming their shares, kweichow moutai accounted for more than 16% of the total positions in the liquor index by the end of june this year. the proportion of fund positions dropped to 14.7%.

wind data shows that on the 26th, the net purchase amount of main funds in the food and beverage sector reached 11.646 billion yuan, ranking second among the 30 citic first-level industries. as of today's close, the food and beverage sector has attracted a total of 11.646 billion yuan in net purchases in the past five days. the amount is as high as 17.287 billion yuan, ranking fourth in the industry.

consumption policy stimulus fund allocates liquor faucet

the strong news stimulus has greatly reversed the core logic of institutional investors, which caused fund managers who were still waiting on the liquor track to quickly start going long.

moutai is a pioneer in the rebound in the liquor industry. in just three trading days, kweichow moutai’s cumulative stock price rose by more than 21%, which made active equity fund products that heavily invested in moutai significantly profitable. among them, dongcai quality life fund, which has a heavy position in moutai and other liquor tracks, has a single-week increase of more than 17%, ranking first in the single-week increase of partial equity funds. the net value of e fund core advantage fund, a heavy position in kweichow moutai, has increased by more than 14% in a single week. the china-europe core consumer fund, with a maotai ratio of 10%, rose as high as 13.88% in a single week, and was also at the top of the list of partial equity funds for recovery.

in terms of news, at the state council press conference on september 24, "one bank, one bureau, one meeting" launched a number of major incremental policies, including lowering reserve requirements and interest rates, lowering existing mortgage interest rates, and creating swap facilities for securities, funds, and insurance companies. directly improve market liquidity expectations, and multi-faceted measures boost market confidence. on september 26, the political bureau of the central committee of the communist party of china held a meeting, emphasizing the need to increase the countercyclical adjustment of fiscal and monetary policies; in particular, make detailed arrangements for the real estate market, and put forward the requirement to promote the real estate market to "stop falling and stabilize"; for the capital market it is clear that we must "vigorously" guide medium and long-term funds into the market.

relevant people from great wall fund emphasized that the a-share market has rebounded sharply and the effect is obvious, but the market is also worried that subsequent policies will not keep up and the sustainability of the improvement in confidence is insufficient. this meeting dispelled this concern, and it is expected that there may be further support in the future in guiding medium and long-term funds to enter the market, improving the quality of listed companies, and protecting investors. from the financial policy package on september 24 to the rare discussion of economic issues at the politburo meeting on september 26, the introduction of a series of favorable policies will help stabilize the economy and improve market expectations. from the perspective of major asset categories, the stock market should not be pessimistic. it is recommended to actively seize rebound opportunities, or focus on the main line of overall development and safety, focusing on high-dividend dividend assets in the context of asset shortages.

the liquor sector is expected to be a rebound leader

regarding the market continuity and current layout strategy of the liquor track, the fund company believes that the current liquor sector is expected to become the vanguard of the stock market rebound.

jiang junyang, fund manager of huabao fund company food etf (515710), said that overall, the central, local and financial regulatory authorities have taken multiple measures to support high-quality development. the economy is expected to accelerate recovery in the fourth quarter with policy support, social zero growth is expected to continue, and real estate is gradually dragging down the weakening has led to continued growth in the scale of the food and beverage industry and improvement in consumer confidence. for the food and beverage industry, the gradual recovery of the macro economy and policy support in expanding domestic demand may become an important driver of further recovery in food and beverage demand.

regarding investment opportunities in the market outlook, jiang junyang, fund manager of food etf (515710), said that the food and beverage sector has experienced substantial adjustments in the early stage, and the overall valuation is at a relatively low historical level, with obvious mid- and long-term allocation value. food etf tracks the csi subdivided food and beverage industry theme index, focusing on leading companies in the industry. against the background of expanding domestic demand and recovery of consumption, the high market share of high-quality leading companies is expected to translate into more profits. it is recommended to actively pay attention to the subdivided food index. long term investment opportunity.

from a valuation perspective, wind data shows that as of yesterday's close, the food etf (515710) underlying index subdivision food index price-to-earnings ratio was 18.23 times, which is at the low of the 0.59% quantile in the past 10 years. the mid- and long-term allocation is cost-effective.

zhang yuxiang, manager of penghua liquor fund, believes that there will be positive changes in fundamentals, capital and sentiment in the second half of the year, which will help the stock market continue to rise. the current domestic economy has shifted from high-speed development to high-quality development. the old and new driving forces are switching. the old growth driving forces, which were mainly real estate and infrastructure in the past, have slowed down. focusing on the primary task of high-quality development, the current period of time is in the midst of economic transformation and industrial transformation. during the "window period" of upgrade, the turning point is expected to be confirmed with the continued promotion of policies. it is expected that macroeconomic growth will pick up and corporate profits will recover. in terms of funds, there is still a lot of room for long-term stable funds to flow in. improved overseas liquidity in the second half of the year may help long-term foreign capital return to china. relevant reform policies may increase market risk appetite and promote a recovery in the stock market.

zhang yuxiang emphasized that in the second quarter, liquor companies' sales dropped significantly from the previous quarter. channel inventories have increased but are still controllable. the consumption environment is expected to be more stable in the second half of the year. liquor companies attach importance to enhancing shareholder returns by increasing dividend rates. as the current stock price becomes more it is attractive, and the value of the alcoholic beverage sector is highlighted.