食品饮料行业2026Q2机构持仓总结：食饮板块获配比例延续回落

重仓持股高度集中，食饮占比处于历史低位我们分析了2026Q2公募基金报告中食品饮料板块基金持仓情况及变化趋+混合型基金2026Q2例延续2024Q2以来连续9个季度环比下行。-2.41pct22Q2425（环比23.0pc16.05（3.8pc、.7环比4.45pc、6.（3.40pc）及5.61+129pc行业排名25Q3行业排名25Q4行业排名26Q1行业排名25Q3行业排名25Q4行业排名26Q1行业排名26Q2电子23.31电子21.47电子19.5412.249.736.924.324.18电子42.56医药生物11.08电力设备9.87通信通信16.05电力设备10.19通信9.83电力设备电力设备6.75通信8.059医药生物9.16医药生物医药生物6.33传媒5.75有色金属7.83有色金属机械设备5.61有色金属5.72汽车4.86机械设备有色金属3.52汽车4.76传媒4.40汽车基础化工2.09食品饮料4.18机械设备4.07食品饮料3.90汽车1.99机械设备3.38食品饮料4.04基础化工3.83建筑材料1.65商贸零售2.80非银金融2.96传媒2.77食品饮料1.49资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。图1：食品饮料板块基金重仓持股占比处于近五年历史低位18%16%14%12%10%8%6%4%2%20Q320Q420Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q324Q124Q224Q324Q425Q125Q225Q325Q426Q126Q2

-2.4%1.5%

8%6%4%2%0%-2%-4%-6%食品饮料重仓持股占比 环比（右轴）资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。2026Q2环比变动(pct)2026Q12026Q2环比变动(pct)2026Q12025Q42025Q32025Q22025Q1电子通信电力设备医药生物机械设备有色金属汽车42.5616.056.756.335.613.521.9923.023.80-4.45-3.401.29-3.40-2.1919.5412.2411.209.734.326.924.1821.479.839.879.164.077.834.8623.318.0610.1911.083.385.724.7617.775.288.0211.473.124.296.0917.943.448.919.973.704.227.72食品饮料其中：白酒1.490.97-2.41-1.933.902.904.042.924.183.215.623.987.395.95重仓股占比总计60.593.8556.7457.2257.6755.7056.28资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。食品饮料子板块均减配，白酒仓位降至0.97%2026Q2-1.93pct至0210.13pc01%（环比0.08c0.10环比0.12pc0.6（0.07pc0.04环比0.08pc（%）2026Q2环比变动（%）2026Q2环比变动(pct)2026Q12025Q42025Q32025Q22025Q1食品饮料1.49-2.413.904.044.185.627.39其中：白酒0.97-1.932.902.923.213.985.95饮料乳品0.21-0.130.340.440.390.630.50调味发酵品0.11-0.080.190.140.100.080.07食品加工0.10-0.120.220.130.080.140.16休闲食品0.06-0.070.130.260.180.330.21非白酒0.04-0.080.120.150.220.450.50资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。2026Q2食品饮料各子板块内个股配比变动分化。公募重仓食品饮料各子板块标的中：2026Q2环比0.98pc（环比0.39pc0.30pc0.24pc+0.005pct。股票名称进入前十大重仓基金数（家）基金数环比变化（家）股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化(万股)重仓股持股占流通股比(%)持股比例环比变化(pct)重仓股市值相对全行业比例(%)重仓市值相对比例环比变化（pct）贵州茅台441-229-755.61.05-0.600.60-0.977山西汾酒61-25-2687.72.42-2.200.13-0.301泸州老窖60-18-2431.92.75-1.650.12-0.236五粮液28-94-6580.30.36-1.700.04-0.395迎驾贡酒2416441.00.670.550.010.005古井贡酒20-1568.13.321.390.04-0.001洋河股份19-319.90.790.010.02-0.014今世缘1910-7.20.36-0.010.00-0.002舍得酒业9-5-289.10.91-0.870.00-0.010酒鬼酒40-24.10.16-0.070.00-0.001金徽酒4-4-96.70.14-0.190.00-0.001水井坊21-33.40.01-0.070.00-0.001口子窖2049.80.090.080.000.000顺鑫农业1-6.70.01-0.00-皇台酒业1-1-7.10.01-0.040.000.000天佑德酒10-21.50.02-0.050.000.000资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。调味发酵品板块：板块26Q2整体环比减配，其中安琪酵母环比减配0.01pcA股重仓比例环比降低0.0pc0.01pc；股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化(万股股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化(万股)重仓股持股占流通股比(%)持股比例环比变化(pct)重仓股市值相对全行业比例(%)重仓市值相对比例环比变化（pct）安琪酵母51-8481.83.300.560.04-0.010海天味业-A股38-23543.60.430.100.03-0.009中炬高新231-131.74.01-0.170.02-0.012海天味业-H股1042.10.050.000.00-0.002天味食品7-3-3106.60.15-2.920.00-0.020颐海国际6-9-1518.92.35-1.470.01-0.020涪陵榨菜1-2-35.10.00-0.030.000.000资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。A股环比-0.07pct环比-0.01pct，双汇食品环比-0.01pct、锅圈环比-0.01pct。莲花控股环比+0.001pct，重仓市值比例提升。股票名称进入前十大重仓基金数（家）基金数环比变化（家）股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化(万股)重仓股持股占流通股比(%)持股比例环比变化(pct)重仓股市值相对全行业比例(%)（pct）安井食品-A股95-30-507.97.91-1.730.07-0.067双汇发展240-197.60.30-0.060.01-0.010安井食品-H股23-5-145.71.15-0.440.01-0.011华统股份711322.83.091.660.010.000莲花控股54190.90.110.110.000.001H&H国际控股41263.11.240.410.000.000锅圈2-21-6437.10.38-2.340.00-0.014仙乐健康201.00.930.000.00-0.001百合股份2146.20.730.720.000.000巴比食品2-11-408.10.11-1.700.00-0.006三全食品1-22.80.04-0.00-万洲国际1-4-43.20.000.000.000.000汤臣倍健1-30.40.03-0.00-紫燕食品1-11-775.70.00-1.880.00-0.010康比特1-44.10.39-0.00-资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。青岛啤酒环比减少0.006pct0.001pct0.015pct。股票名称进入前十大重仓基金数（家）基金数环比变化（家）股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化(万股)重仓股持股占流通股比(%)持股比例环比变化(pct)重仓股市值相对全行业比例(%)重仓市值相对比例环比变化（pct）燕京啤酒47-12-1549.92.88-0.620.03-0.032百润股份172-1444.21.24-1.890.01-0.015青岛啤酒70-80.50.34-0.110.00-0.006重庆啤酒3-8-34.30.03-0.070.00-0.001华润啤酒2168.00.130.020.00-0.001会稽山2-1-6.10.06-0.010.000.000珠江啤酒1-5.10.00-0.00-古越龙山1-2-265.60.07-0.290.00-0.001金枫酒业1-289.50.43-0.00-资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。饮料乳品业0.04pc（0.025pc（比0.008pc（0.008pc环比0.004pc（环比0.01pc（0.009pc。股票名称进入前十大重仓基金数（家）基金数环比变化（家）股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化(万股)重仓股持股占流通股比(%)持股比例环比变化(pct)重仓股市值相对全行业比例(%)重仓市值相对比例环比变化（pct）伊利股份102172429.51.290.390.08-0.004优然牧业45-25728.79.080.720.04-0.025东鹏饮料32-483.50.68-0.040.02-0.019新乳业21-10669.14.150.790.02-0.008蒙牛乳业16-24-4745.20.51-1.220.01-0.043现代牧业13-46113.45.080.770.01-0.008农夫山泉111-81.80.18-0.020.01-0.009泉阳泉105695.33.570.970.010.000妙可蓝多9-316.60.62-0.00-养元饮品74-16.40.03-0.010.000.000中国飞鹤7-1-1105.61.00-0.120.01-0.008天润乳业4-37.30.12-0.00-康师傅控股1-48.60.01--0.00-三元股份1-12-1340.20.09-0.890.00-0.004资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。0.004pct0.037pct股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化股票名称进入前十大重仓基金数（家）基金数环比变化（家）环比持股总数变化(万股)重仓股持股占流通股比(%)持股比例环比变化(pct)重仓股市值相对全行业比例(%)重仓市值相对比例环比变化（pct）西麦食品33-1141.27.95-2.550.02-0.012盐津铺子18-11-697.64.45-2.860.02-0.037洽洽食品16-3-389.42.74-0.770.01-0.010有友食品75143.70.740.340.000.000立高食品5-3-212.00.86-1.790.00-0.004卫龙美味3-2-295.60.08-0.120.00-0.002甘源食品20-11.55.43-0.230.00-0.003好想你1-1-58.20.04-0.170.000.000劲仔食品10-4.70.10-0.020.000.000广州酒家1-5-236.70.56-0.420.00-0.003资料来源：Wind，注：统计口径为Wind主动偏股类公募基金前十大重仓股。盈利预测与估值股票代码公司总市值归母净利润（亿元）CAGRPEPEGPS25A26E27E评级（亿元）股票代码公司总市值归母净利润（亿元）CAGRPEPEGPS25A26E27E评级（亿元）25A26E27E2025-2725A26E27E600519.SH贵州茅台16,151823.20836.36879.523%2019185.79.48.98.5增持000858.SZ五粮液2,90589.54164.15177.8641%3218160.47.26.15.6增持000568.SZ泸州老窖1,253108.3197.88105.53-1%121312-4.95.24.8增持600809.SH山西汾酒1,500122.46122.66126.892%1212126.83.93.83.6增持600702.SH舍得酒业1142.233.704.9349%5131230.62.62.42.3谨慎增600779.SH水井坊1354.064.795.1713%3328262.24.54.34.1持增持000799.SZ酒鬼酒127-0.340.330.63--386202-11.511.110.2增持002304.SZ洋河股份60622.0638.5245.9244%2716130.43.22.92.8增持603369.SH今世缘33226.0425.8928.104%1313123.33.33.23.0增持000596.SZ古井贡酒48035.4937.1439.926%1413122.12.62.62.5增持603198.SH迎驾贡酒28619.8619.8920.762%1414146.44.84.54.3增持603589.SH口子窖1176.7312.0512.5837%171090.32.92.52.4增持600559.SH老白干酒1074.304.885.5414%2522191.62.62.62.5增持000860.SZ顺鑫农业80-1.522.553.47--3223-1.10.90.9增持603919.SH金徽酒753.543.643.804%2121205.82.62.52.4增持600197.SH伊力特482.162.853.3023%2217150.72.82.42.1增持6979.HK珍酒李渡2355.238.119.6436%4529240.86.45.54.8增持600600.SH青岛啤酒73545.8848.3051.206%1615142.72.32.22.2增持0291.HK华润啤酒67233.7161.4366.2440%2011100.31.81.71.7增持600132.SH重庆啤酒21512.3112.7613.495%1717163.61.51.41.4增持002461.SZ珠江啤酒1869.049.4410.427%2120182.73.23.13.0增持002568.SZ百润股份1916.377.288.1613%3026232.06.55.95.4增持605499.SH东鹏饮料94144.1555.3167.3023%2117140.74.53.73.1增持000848.SZ承德露露836.277.027.368%1312111.42.62.42.3增持605337.SH李子园341.961.912.073%1718166.62.62.42.3增持603711.SH香飘飘420.952.582.2253%4416190.31.41.31.2增持605198.SH安德利1663.303.514.1412%5047404.09.99.48.2增持9633.HK农夫山泉3,939158.68178.87206.7014%2522191.67.56.55.7增持56245.0147.2951.6056245.0147.2951.607%1212111.70.70.70.7增持27420.5021.5322.956%1313122.20.90.80.8增持2460.HK中国华润饮料2460.HK中国华润饮料1569.8510.9912.8314%1614121.01.41.31.2增持300783.SZ三只松鼠661.553.394.0461%4319160.30.70.60.6增持002847.SZ盐津铺子1287.488.9711.0922%1714120.72.21.91.7增持003000.SZ劲仔食品452.432.973.5421%1915130.71.91.61.4增持9985.HK卫龙美味16314.2516.5