Institution: Spring-Festival Peak-Season Baijiu Sell-In Kicks Off,Penghua CSI Alcoholic Drink Index ETF(512690) Rises Nearly 1% in Morning Trading

NewTimeSpace News – As of 11:07 on January 20, 2026, Alcohol ETF (512690) rose 0.93%, with the latest price at RMB 0.54. (The stocks listed above are index constituents only and do not constitute specific investment recommendations.)

In terms of liquidity, Alcohol ETF recorded an intraday turnover ratio of 2.79% with trading volume of RMB 511 million. Looking at the broader period, as of January 19, the ETF's average daily trading volume over the past year reached RMB 889 million.

Regarding scale, Alcohol ETF's latest assets under management reached RMB 18.042 billion. (Data source: Wind)

From a fund-flow perspective, Alcohol ETF has received continuous net capital inflows for 5 consecutive days, with a peak single-day net inflow of RMB 210 million, totaling RMB 650 million in "capital attraction" with an average daily net inflow of RMB 130 million. (Data source: Wind)

Data shows leveraged funds continue to build positions. Alcohol ETF has seen net purchases through margin financing for 5 consecutive days, with a peak single-day net purchase of RMB 28.6747 million, bringing the latest financing balance to RMB 971 million.

In terms of return capability, as of January 19, 2026, since its inception, the ETF's highest monthly return reached 26.08%, the longest consecutive gain period lasted 5 months with a total gain of 85.52%, and the average return during positive months was 8.38%. As of January 19, 2026, Alcohol ETF's 1-year annualized excess return over benchmark was 2.82%.

Regarding drawdown, as of January 19, 2026, Alcohol ETF's maximum year-to-date drawdown was 3.34%, with a relative benchmark drawdown of 0.06%.

In terms of fees, Alcohol ETF's management fee rate is 0.50% and custody fee rate is 0.10%.

In tracking accuracy, as of January 19, 2026, Alcohol ETF's year-to-date tracking error was 0.022%.

From a valuation perspective, the latest price-earnings ratio (PE-TTM) of the CSI Alcohol Index tracked by Alcohol ETF is only 18.42 times, placing it in the 7.26th percentile of the past year—meaning the valuation is lower than 92.74% of the time over the past year and is at a historical low.

Alcohol ETF closely tracks the CSI Alcohol Index. The CSI Alcohol Index selects listed securities of companies engaged in baijiu, beer, wine brewing, and other related businesses as index constituents to reflect the overall performance of alcohol-related listed companies.

Guosheng Securities stated that the Spring-Festival peak-season baijiu sell-in is gradually kicking off. Moutai's sell-through and wholesale-price feedback are expected to lead the industry to achieve better-than-expected improvement. In the short term, investors are advised to focus on Spring-Festival rigid demand, while in the medium term, position leaders in each price segment. In the near term, focus on Spring-Festival inventory restocking catalysts, catering improvements, and parallel reforms. The snack-food peak-season catalyst is significant—prioritize growth opportunities and later switch to recovery plays.

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