Moutai Wholesale Price Stabilizes, Penghua CSI Alcoholic Drink Index ETF (512690) Gains 3.70%

NewTimeSpace News - As of 09:54 on February 2, 2026, the Liquor ETF (512690) gained 3.70%, with its latest price reaching 0.56 yuan. Looking at a longer timeframe, as of January 30, 2026, the ETF posted a cumulative gain of 2.66% over the past week. (Stocks listed above are constituent stocks of the index and do not constitute specific investment recommendations.)

In terms of liquidity, the Liquor ETF recorded an intraday turnover rate of 5.69%, with trading volume reaching 1.106 billion yuan. Looking at a longer timeframe, as of January 30, the average daily trading volume over the past week stood at 1.990 billion yuan.

On the size front, the Liquor ETF's latest assets under management reached 18.938 billion yuan. (Data source: Wind)

On capital flows, the ETF's latest net capital outflow reached 77.9885 million yuan. Looking at a longer timeframe, capital inflows were recorded on 3 out of the past 5 trading days, accumulating to a total of 139 million yuan in attracted funds and an average daily net inflow of 27.7470 million yuan. (Data source: Wind)

Data shows that leveraged funds continue to build positions. The Liquor ETF's latest margin purchase amount reached 275 million yuan, with the latest margin financing balance standing at 953 million yuan. (Data source: Wind)

In terms of return capability, as of January 30, 2026, since the ETF's inception, its highest monthly return reached 26.08%, with the longest consecutive winning streak lasting 5 months and generating a cumulative gain of 85.52%. The average monthly return during up months stands at 8.18%. As of January 30, 2026, the ETF's annualized excess return over its benchmark over the past two years reached 2.63%.

Regarding drawdowns, as of January 30, 2026, the ETF's maximum year-to-date drawdown was 6.92%, with a relative drawdown against its benchmark of 0.17%. The recovery time after the drawdown was 2 days.

On fees, the Liquor ETF's management fee rate is 0.50% and custodian fee rate is 0.10%.

In terms of tracking accuracy, as of January 30, 2026, the ETF's tracking error over the past month stood at 0.063%.

From a valuation perspective, the CSI Liquor Index tracked by the ETF has a latest price-to-earnings ratio (PE-TTM) of only 18.62x, placing it at the 9.56th percentile over the past three years—meaning its valuation is lower than over 90.44% of the time in the past three years, positioning it at a historical low.

The Liquor ETF closely tracks the CSI Liquor Index, which selects listed securities involved in baijiu, beer, and wine brewing as index constituents to reflect the overall performance of liquor-related listed securities.

Tianfeng Securities stated that the liquor sector has been in adjustment for approximately five years, with the industry's current valuation and institutional holdings already at historical lows. The market is currently generally pessimistic about the liquor sector, and the sector's overall fundamental recovery will still need to be matched by the recovery of external macro demand. The sector may currently be in the final stage of fundamental clearance. The stabilization of Moutai's wholesale price is a positive signal of marginal improvement, and the sector's valuation repair may precede earnings recovery.

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