NewTimeSpace News: Amid intensifying global geopolitical tensions, market risk appetite has been subdued. Against this backdrop, defensive assets are once again drawing investor attention. E Fund CSI Liquor Index ETF (03189.HK) demonstrated notable resilience in morning trading, rising nearly 1% against the market trend.

According to HKEX data, this fund is Hong Kong's first exchange-traded fund dedicated to the mainland China's baijiu sector, closely tracking the CSI Baijiu Index. The index selects listed companies engaged in baijiu production from the CSI All Share Index universe, offering investors diversified exposure to the sector. Top 10 constituents include leading distillers such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao.

NewSpace analysis shows that as of the close on March 9, 2026, the CSI Baijiu Index's PE (TTM) stood at approximately 17.69-18.14x, with its 10-year valuation percentile ranging between 1.96% and 10%—positioning it at historically low levels.

Looking ahead, CITIC Securities notes that given the multi-year adjustment in the baijiu sector, the industry is currently at the bottom of a long-term cycle with low market expectations and light institutional holdings. Any marginal improvement is expected to significantly boost sector sentiment, with a constructive view on the baijiu sector's recovery prospects.

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