NewTimeSpace News: A-share liquor stocks demonstrated resilient strength today amid market volatility. Huangtai Wine Industry and Haodangjia both surged over 4%, while Kweichow Moutai climbed more than 2%.E Fund CSI Liquor Index ETF(03189.HK) exhibited notable resilience in early trading, advancing over 2% against the broader market downturn, leading all Hong Kong equity ETFs.

Hong Kong Exchanges and Clearing data indicates that this fund represents the first exchange-traded fund in the Hong Kong market exclusively dedicated to the mainland China liquor industry, closely tracking the CSI Liquor Index. The CSI Liquor Index selects constituent stocks from companies engaged in liquor production business within the CSI All Share Index universe, providing investors with diversified exposure to this specialized sector. The top ten weighted holdings include leading distillers such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao.

New Space research reveals that as of March 2026, the CSI Liquor Index's price-to-earnings ratio (TTM) stands at approximately 17x, positioned at the 6.27th percentile over the past decade. Specifically, Kweichow Moutai's P/E ratio hovers around 19.5x, marking a near-decade low.

According to Guosen Securities' "Food and Beverage Industry 2025 Q3 Fund Holdings Analysis" published on October 30, 2025, the fund heavy-holding proportion in the liquor sector declined to 3.69% in Q3 2025, the lowest level since 2017. Excluding holdings by key fund managers, the heavy-holding ratio for the six major liquor stocks plummeted to merely 1.9%, approaching the trough observed in 2013.

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