Caitong Food & Beverage: Capital Rebalancing, How to Allocate in Food & Beverage?

English summary

Fund active holdings in Q2 fell to 1.5%, at the 1.5th percentile historically. Chip structure has been thoroughly cleared. With market style rebalancing, the sector is expected to usher in bottom opportunities. ■ #Chip trading opportunities: Mainly from baijiu. Weak expectations and weak reality in Q2, with expectations of fundamental inflection in H2: Moutai, Yingjia, Jinshiyuan, Gujing, Fenjiu. Also pay attention to oversold Dongpeng and Yanjin. ■ #Bottom value targets: Industry leaders with fundamental resilience: Moutai, Haitian, Anjoy, Angel, Yili, New Hope Dairy, Yihai, H&H. ■ #Sharp assets: Performance + bottom with active stock nature + long narrative: Tianwei, Bailun, Ximai, Zhongju, Miaoke, Yanjing, Wanchen. Core portfolio: Moutai, Yingjia, Anjoy, Angel, Tianwei, Zhongju, Bailun.