Dongwu Securities: The proportion of active equity funds in the food and beverage sector continued to decline in the third quarter.

Dongwu Securities research report stated that in the third quarter of 2025, the proportion of active equity funds in the food and beverage sector continued to decrease compared to the previous quarter. While the holdings of liquor stocks continued to decrease, the growth of mass market holdings weakened marginally, and individual stock allocations became more diversified. In terms of fundamentals, the liquor cycle is accelerating towards the bottom, with liquor companies increasing their efforts to shift focus, prioritize financial statements and channel clearance in order to maintain channel order stability and solidify long-term development foundations. The subsequent performance recovery depends on the synergy between inflation environment or macro demand and the improvement in liquor company operations. The growth prospects for mass market segments in the short term are relatively sufficient, and the market is awaiting confirmation during the peak season for growth realization.