Beer Exports See Double Drop in Volume and Price in Jan-Feb,Penghua CSI Alcoholic Drink Index ETF(512690) Falls 2.80% Intraday

NewTimeSpace News: As of 13:35 on March 23, 2026, the CSI Wine Index (399987) fell 2.88%. Among its constituent stocks, Yongshuntai led the decline with a 6.92% drop, Zhujiang Brewery fell 6.42%, Weilong Co., Ltd. slid 4.95%, Huangtai Wine Industry dropped 4.84%, and Jinseed Wine fell 4.54%. The Penghua CSI Alcoholic Drink Index ETF(512690) declined 2.80% to a latest price of RMB 0.49. (The stocks listed above are only constituent stocks of the index and do not constitute any specific investment recommendation.)

In terms of liquidity, the Penghua CSI Alcoholic Drink Index ETFrecorded an intraday turnover rate of 3.48% with a trading volume of RMB 610 million. Over a longer time frame, as of March 20, the average daily trading volume of the Penghua CSI Alcoholic Drink Index ETFstood at RMB 918 million in the past year.

In terms of scale, the latest scale of the Penghua CSI Alcoholic Drink Index ETFreached RMB 17.893 billion. (Data source: Wind)

In terms of capital inflows, the latest net capital inflow of the Penghua CSI Alcoholic Drink Index ETFhit RMB 38.91 million. Looking back, the ETF saw net capital inflows on 9 out of the past 15 trading days, raking in a total of RMB 706 million with an average daily net inflow of RMB 47.044 million. (Data source: Wind)

Data showed that leveraged funds have been continuously building positions in the ETF. The Penghua CSI Alcoholic Drink Index ETFhas seen net purchases by leveraged funds for three consecutive days, with the highest single-day net purchase of RMB 31.3043 million, and its latest margin balance reached RMB 809 million. (Data source: Wind)

In terms of earnings capacity, as of March 20, 2026, since its inception, the Penghua CSI Alcoholic Drink Index ETFhas achieved a maximum monthly return of 26.08%, a longest consecutive monthly gain streak of 5 months with a cumulative increase of 85.52% during the streak, and an average monthly return of 8.18% in positive months. As of March 20, 2026, the ETF had an annualized excess return of 2.60% over the benchmark in the past two years.

In terms of drawdown, as of March 20, 2026, the Penghua CSI Alcoholic Drink Index ETFhad a relative drawdown of 0.17% against the benchmark since the start of the year.

In terms of fees, the Penghua CSI Alcoholic Drink Index ETFhas a management fee rate of 0.50% and a custodian fee rate of 0.10%.

In terms of tracking accuracy, as of March 20, 2026, the Penghua CSI Alcoholic Drink Index ETFhad a tracking error of 0.017% in the past month.

From a valuation perspective, the latest price-to-earnings ratio (PE-TTM) of the CSI Wine Index tracked by the Penghua CSI Alcoholic Drink Index ETFwas only 18.3 times, at the 10.08% quantile of the past year. That is, the valuation was lower than that in more than 89.92% of the time over the past year, standing at a historical low.

The Penghua CSI Alcoholic Drink Index ETFclosely tracks the CSI Wine Index, which selects securities of listed companies engaged in the brewing of Baijiu, beer, wine and other related businesses as index samples to reflect the overall performance of securities of listed companies related to the wine industry.

Data showed that as of February 27, 2026, the top 10 weight stocks of the CSI Wine Index (399987) were Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Yanghe Co., Ltd., Jinshiyuan, Tsingtao Brewery, Gujing Gongjiu, Yanjing Brewery and Chongqing Brewery in sequence, with the combined weight of the top 10 stocks accounting for 77.94%. (The stocks listed above are only constituent stocks of the index and do not constitute any specific investment recommendation.)

Kaiyuan Securities stated that according to data from the National Bureau of Statistics, China's cumulative beer exports reached 99,110 kiloliters in January-February 2026, a year-on-year decrease of 11.4%; the export value stood at RMB 460 million, a year-on-year drop of 17.1%. Among them, China's beer exports in February 2026 were 41,970 kiloliters, a year-on-year decrease of 15.5%, with an export value of RMB 200 million, a year-on-year fall of 14.8%.

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