The Zhitong Finance App learned that Wanlian Securities released a research report saying that the 2026Q3 food and beverage industry fund heavy position ratio rebounded to 1.64% (up 0.32pcts month-on-month), ending the continuous downward trend in the previous period, but the overall situation is still significantly lower than the historical average of 6.34% since 2018, operating in a historically low range. Among them, liquor is still the absolute main force of food and beverage sector fund holdings. Judging from the performance of the first three quarters of 2026, the food and beverage industry showed a fragmented trend. Most of these wine companies were still in a situation where both revenue and profit declined, but the decline in single-quarter performance narrowed month-on-month, and the price market for leading core products stabilized, judging that the liquor industry channel to remove inventory was nearing its end. Overall, current food and beverage sector valuations and fund holdings are at historically low levels. Once there are positive signs of marginal improvement in fundamentals, the food and beverage industry is expected to rebound. It is recommended to focus on structured investment opportunities in segments with clear expectations for business improvement, including companies with relatively good performance in the liquor, dairy products, soft drinks, and snack industries.
The main views of Wanlian Securities are as follows:
The proportion of heavy warehouses in the food and beverage industry bottomed out and is still at a historically low level
According to 2026Q3 fund heavy holdings data (excluding Hong Kong stock stocks in this article), the food and beverage industry fund heavy holdings ratio was 1.64%, up 0.32pcts month-on-month, ending the continuous downward trend in the previous period. Although the holding ratio showed signs of a steady recovery, it is still significantly lower than the historical average of 6.34% since 2018, and is operating in a historically low range. In Shenwan's tier-1 industry, the food and beverage industry's fund ratio ranking remained the same as in the previous quarter, and remained in 8th place.
The proportion of heavy stocks in the liquor sector rebounded steadily, and the trend in the popular product sector diverged
After five and a half years of decline and bottoming out in 2026Q2, 2026Q3 showed signs of stopping falling and rebounding. The heavy inventory ratio rebounded to 1.31%, +0.25pcts month-on-month, accounting for 80.21% of heavy inventory within the industry, and the core dominant position remained stable; the trend of segment segments in the mass goods sector was divided. Among them, beverages and dairy products continued to recover, and the heavy warehouse ratio increased steadily and 0.04pcts to 0.15% month-on-month; fermented flavored products and non-liquor rose steadily and 0.01pcts to 0.01pcts month-on-month, respectively. 7% and 0.05%; food processing and Snack foods are still being refined, and the heavy stock ratio remains at 0.05% and 0.02%, respectively.
Liquor is still the absolute core of heavy individual stocks in the food and beverage sector, and occupies 7 seats in the top 10 holding ratios
2026Q3, the total heavy stock ratio of the top ten stocks in the food and beverage sector was 1.45% (+0.29pcts month-on-month), indicating a significant recovery in the concentration of leading positions in the sector. Among them, individual liquor stocks occupied 7 seats, and the total proportion of liquor heavy stocks in the top 10 stocks was 1.28%. Among the top 5 stocks with a month-on-month increase in fund holdings, liquor occupied 4 seats, namely Kweichow Moutai, Yili (Volkswagen), Shanxi Fenjiu, Gujing Gongjiu, and Jinshiyuan; the top 5 stocks with a decline in fund heavy holdings were Wuliangye, Shede Liquor, Tsingtao Brewery, Chongqing Beer, and Shuanghui Development, respectively.
Risk factors: risk of economic growth falling short of expectations; food safety risk; policy risk