基金1Q25食品饮料持仓分析：白酒重仓占比环比小幅上升大众品类呈现分化

中金公司2025-04-25

行业近况公募基金1Q25 报告披露完毕，我们重点分析了普通股票型基金、偏股混合型基金和互联互通资金的食品饮料持仓情况及变化趋势。评论1Q25 食品饮料板块重仓市值占比环比小幅下降。1Q25 食品饮料板块涨跌幅为-1.42%，同期沪深300 指数涨跌幅为-2.79%，期间食品饮料板块跑赢沪深300 指数1.38ppt。1Q25 主动偏股型基金的重仓持股中食品饮料板块比重为8.2%，环比-0.3ppt...

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食品饮料板块涨跌幅为-1.42%，同期沪深300 指数涨跌幅为-2.79%，期间食品饮料板块跑赢沪深300 指数1.38ppt。1Q25 主动偏股型基金的重仓持股中食品饮料板块比重为8.2%，环比-0.3ppt。1Q25 板块超配比例环比-0.12ppt。1Q25 重仓持股占比中，白酒/啤酒/其他酒类/食品综合/软饮料等重仓持股占比环比上升，乳品/调味发酵品/肉制品重仓持股占比环比下降。1Q25 白酒重仓持股占比6.61%，环比+0.1ppt；啤酒重仓持股占比0.46%，环比+0.02ppt；食品综合重仓持股环比+0.17ppt；软饮料重仓持股占比0.26%，环比+0.12ppt；乳品重仓持股占比0.24%，环比-0.20ppt；调味发酵品重仓持股占比0.02%，环比-0.04ppt；肉制品环比-0.21ppt。1Q25 食品饮料公司重仓仓位环比表现分化，五粮液重仓仓位环比下降，汾酒环比提升。1Q25 食品饮料公司重仓仓位环比表现分化，其中白酒板块，贵州茅台/五粮液/山西汾酒/泸州老窖/古井贡酒重仓持股占比分别-0.04/-0.21/0.30/0.13/-0.06。除白酒以外的重仓个股中青岛啤酒/海天味业/百润股份/重庆啤酒仓位环比有所下降，分别-0.05/-0.03/-0.01/-0.01ppt。1Q25 末陆股通持仓市值占食品饮料板块市值比重环比上升0.01ppt至9.4%。其中，珠江啤酒（+6.08ppt）、天味食品（+3.23ppt）、山西汾酒（+3.03ppt）等获得北上资金较多增持。港股通持股比例：1Q25 纳入港股通的卫龙及部分分红率较高的港股获得南下资金增持。1Q25 期间内，卫龙（+8.95ppt）、统一企业中国（+6.52ppt）、现代牧业（+5.48ppt）、康师傅控股（+4.86ppt）、颐海国际（+4.18ppt）、H&H国际控股（+4.12ppt）获得南下资金增持较多。估值与建议我们维持个股盈利预测，估值与评级。推荐组合： A股酒类：贵州茅台、古井贡酒、山西汾酒、五粮液、今世缘、泸州老窖、青岛啤酒、燕京啤酒；A股非酒：盐津铺子、万辰集团、涪陵榨菜、东鹏饮料；H股：农夫山泉、华润饮料、蒙牛、青岛啤酒股份、康师傅、统一。风险需求疲弱、原材料价格波动、食品安全风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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基金1Q25食品饮料持仓分析：白酒重仓占比环比小幅上升 大众品类呈现分化

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基金1Q25食品饮料持仓分析：白酒重仓占比环比小幅上升大众品类呈现分化