食品饮料行业2025年一季度基金持仓分析：白酒板块基金持仓比例回升，大众品略有减配

Investment Rating - The food and beverage industry maintains an "Outperform" rating, with a current holding ratio of 8.1% [1][5][4]. Core Views - The report indicates that the white liquor sector's fund holding ratio has increased, while the consumer goods sector has seen a slight reduction in allocation [2][3]. - The overall fund holding ratio for the food and beverage industry has decreased by 0.26 percentage points from the previous quarter, but it remains the fourth highest among the Shenwan first-level industries [1][11]. - The white liquor sector continues to lead in fund holding ratios, with a current ratio of 6.57% and an increased overweight ratio of 2.86% [2][16]. Summary by Sections Fund Holdings Analysis - In Q1 2025, the food and beverage industry has a fund holding ratio of 8.1%, down 0.26 percentage points from Q4 2024, with an overweight ratio of 2.71% [1][11]. - The white liquor sector's fund holding ratio increased by 0.11 percentage points to 6.57%, while the consumer goods sector saw a decrease in fund holdings across various categories [2][16]. Subsector Performance - The white liquor sector's overweight ratio has expanded, while the consumer goods sector has experienced a reduction in fund holdings, particularly in beer, condiments, dairy, soft drinks, and snacks [2][16]. - Specific increases in fund holdings were noted for Shanxi Fenjiu and Luzhou Laojiao, while reductions were observed for Kweichow Moutai and Wuliangye [3][32]. Individual Stock Recommendations - The report recommends increasing allocations to Shanxi Fenjiu and Luzhou Laojiao, while reducing allocations to Kweichow Moutai and Wuliangye [3][32]. - The top ten stocks by fund holdings in the food and beverage sector include Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, with notable changes in their respective holding ratios [33][36]. Investment Suggestions - The report suggests that demand in the white liquor sector is still stabilizing, with companies focusing on the consumer end and emphasizes the importance of Q1 earnings reports [38][39]. - For consumer goods, the report highlights a recovery in demand and suggests monitoring the upcoming earnings reports for further insights [39].