食品饮料行业ETF周报：新消费景气度正好资金逆势流入酒ETF

恒泰证券2025-07-01

1、核心观点：（1）酒类：白酒板块：“违规吃喝”政策纠偏信号出现，尽管当前商务需求表现依旧疲软，近期批价震荡走弱，飞天茅台批价波动加大且跌破整数关口，但随着利空逐步出清，板块有望进入筑底阶段；啤酒板块：行业进入旺季，同样此前受到政策情绪压制，但在后续低基数下，旺季销量有望持续超预期。此外，品类拓展也是头部公司战略上的调整，有望打开第二成长曲线；大众品：由零食量贩渠道带来的红利仍在释放，新渠道和新...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n食品饮料行业ETF周报：新消费景气度正好 资金逆势流入酒ETF\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-01 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250701191630a4c8dfd0&s=b><strong>恒泰证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1、核心观点：（1）酒类：白酒板块：“违规吃喝”政策纠偏信号出现，尽管当前商务需求表现依旧疲软，近期批价震荡走弱，飞天茅台批价波动加大且跌破整数关口，但随着利空逐步出清，板块有望进入筑底阶段；啤酒板块：行业进入旺季，同样此前受到政策情绪压制，但在后续低基数下，旺季销量有望持续超预期。此外，品类拓展也是头部公司战略上的调整，有望打开第二成长曲线；大众品：由零食量贩渠道带来的红利仍在释放，新渠道和新...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250701191630a4c8dfd0&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"512690","symbol_name":"酒ETF","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250701191630a4c8dfd0&s=b","article_id":"2548005369","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250701191630a4c8dfd0&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2548005369","pubTimestamp":1751299200,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"旅游ETF 为+2.89%，教育ETF 为+6.50%。酒ETF成交额超30 亿，为观察ETF 中成交第一。消费相关ETF 普遍都为净流入，食品饮料类+综合消费类本周合计流入5.99 亿元，酒ETF 逆势净流入4.14亿元，港股消费类2 只ETF 本周合计流出0.97 亿元。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159843":"食品饮料","512690":"酒ETF","603536":"惠发食品","000807.SH":"食品饮料","BK0238":"农副食品"},"translate_title":"Food and Beverage Industry ETF Weekly Report: The new consumption boom is just right, and funds buck the trend and flow into wine ETFs","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159843":1,"512690":1,"603536":0.9,"000807.SH":1},"content_text":"1、核心观点：（1）酒类：白酒板块：“违规吃喝”政策纠偏信号出现，尽管当前商务需求表现依旧疲软，近期批价震荡走弱，飞天茅台批价波动加大且跌破整数关口，但随着利空逐步出清，板块有望进入筑底阶段；啤酒板块：行业进入旺季，同样此前受到政策情绪压制，但在后续低基数下，旺季销量有望持续超预期。此外，品类拓展也是头部公司战略上的调整，有望打开第二成长曲线；大众品：由零食量贩渠道带来的红利仍在释放，新渠道和新产品同步驱动，板块成长性更为明显，龙头个股后续有望享受品牌力提升带来的估值红利。（2）行业ETF 推荐：关注景顺长城恒生消费ETF（513970.SH）、广发恒生消费ETF（159699.SZ），聚焦港股消费龙头的战略性投资工具，配置方向为A 股缺失的新消费标的，具有稀缺性。底部重视白酒ETF 配置机会，头部酒企茅台+五粮液权重占45%深度绑定高端龙头酒企，底部利空钝化，若政策压制得到释放，龙头估值有望快速修复。2、行业ETF 行情回顾：本周（25.06.23-25.06.27），食品饮料板块主要ETF表现疲软，酒ETF（512690.SH）、消费ETF（159928.SZ）本周涨跌幅分别为-1.08%、-0.25%，恒生消费ETF（513970.SH）、（159699.SZ）分别为+3.63%、+3.24%。旅游ETF 为+2.89%，教育ETF 为+6.50%。酒ETF成交额超30 亿，为观察ETF 中成交第一。消费相关ETF 普遍都为净流入，食品饮料类+综合消费类本周合计流入5.99 亿元，酒ETF 逆势净流入4.14亿元，港股消费类2 只ETF 本周合计流出0.97 亿元。3、行业板块行情回顾：本周上证综指周涨1.91%，沪深300 指数周涨1.95%，食品饮料板块周跌0.88%，跑输上证综指2.80 个百分点，跑输沪深300指数2.84 个百分点。子板块本周大部分上涨，保健品（+3.65%）周涨幅最大，啤酒（-1.89%）为本周跌幅最大。大部分个股本周上涨，金达威（+17.54%）本周涨幅最大，惠发食品（-5.15%）跌幅最大，27 家下跌个股中酒类个股占14 家。4、行业要闻：政策扰动放大悲观情绪，6 月各地陆续发货，叠加进入电商促销旺季，价格震荡下行，本周价格波动较大且再创年内新低，飞天整箱价格回落至1920 元/瓶，散飞回落至1850 元/瓶，五粮液八代普五、国窖1573 批价同步回落至870 元/瓶、830 元/瓶。行业新闻方面，侯孝海辞任华润啤酒董事会主席；飞天53%vol 1L 贵州茅台酒登陆i 茅台，定价3799 元/瓶，同一用户每日至多购买1 次，每次购买数量为1-6 瓶；泸州老窖召开2024 年度股东大会。5、风险提示：宏观经济增长不及预期，行业竞争加剧的影响，食品安全的影响，ETF 基金产品跟踪误差风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","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; 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食品饮料行业ETF周报：新消费景气度正好 资金逆势流入酒ETF

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食品饮料行业ETF周报：新消费景气度正好资金逆势流入酒ETF