食品饮料行业深度报告：2026Q2基金食品饮料持仓分析白酒出清关键期基金持仓大幅下降

食品饮料持仓继续下降，白酒、大众品普遍减配26Q2主动权益基金食品饮料持仓比例环比继续回落截至2026年7月21日，基金（本报告基金样本为全部内地主动权益公募基金）202622.574011.56%。26Q2全部主动权益公募基金食品饮料重仓股持仓比例环比26Q1下降2.44pct。26Q21.56%（/），26Q12.44pct；25Q2~26Q25.62%、4.17%、4.04%、4.00%、1.56%。26Q2占A202525Q42026图1：食品饮料板块基金持仓变化（基金股票投资市值口径）食品饮料超配比例 基金重食品料配比例食品饮料市值/A股 食品饮市值/A股（银行油化）25%20%15%10%5%0%-5%、 （主动基金包括普通股票型基金、偏股混合型、平混合型基金、灵活配置型基金，下同）白酒明显减配，大众品持仓普遍转降26Q2白酒明显减配，大众品持仓普遍转降。26Q2白酒持仓比例环比-1.93pct至3.98%3.21%2.92%2.90%、-0.06pct、-0.13pct、-0.11pct、、-0.08pct、-0.02pct。表1：主动权益基金重仓持股比例26Q2环比26Q226Q125Q425Q325Q225Q124Q424Q3食品饮料-2.44pct1.56%4.00%4.04%4.17%5.62%7.39%7.51%8.16%白酒-1.93pct0.97%2.90%2.92%3.21%3.98%5.95%5.73%6.97%啤酒-0.06pct0.04%0.10%0.12%0.16%0.38%0.40%0.48%0.35%饮料乳品-0.13pct0.21%0.34%0.44%0.39%0.63%0.50%0.60%0.33%食品加工-0.11pct0.10%0.21%0.13%0.08%0.14%0.16%0.15%0.20%休闲食品-0.11pct0.13%0.24%0.26%0.18%0.33%0.21%0.31%0.14%调味发酵品-0.08pct0.11%0.19%0.14%0.10%0.08%0.07%0.12%0.09%预调酒-0.02pct0.01%0.02%0.03%0.05%0.07%0.10%0.11%0.07%、从超配比例来看，25Q2~26Q2季末白酒超配比例分别为1.12%、0.60%、0.58%、0.58%、-0.74Q21.32pc522Q2季末啤酒超配比例分别为020.05、0.01%-0.01%-0.03pct-0.09%、-0.06%、0.04%、-0.13%、-0.01%。表2：主动权益基金超配比例26Q2环比26Q226Q125Q425Q325Q225Q124Q424Q3食品饮料-1.60pct-1.05%0.55%0.50%0.32%1.34%2.57%2.61%2.68%白酒-1.32pct-0.74%0.58%0.58%0.60%1.12%2.56%2.34%2.99%啤酒-0.03pct-0.05%-0.01%0.01%0.05%0.24%0.25%0.33%0.20%饮料乳品-0.07pct-0.09%-0.02%0.04%-0.03%0.15%0.04%0.12%-0.13%食品加工-0.06pct-0.06%0.01%-0.07%-0.12%-0.08%-0.07%-0.08%-0.05%休闲食品-0.08pct0.04%0.13%0.11%0.04%0.16%0.05%0.13%-0.01%调味发酵品-0.02pct-0.13%-0.11%-0.14%-0.20%-0.25%-0.28%-0.27%-0.32%预调酒-0.01pct-0.01%0.01%0.01%0.03%0.04%0.07%0.08%0.05%、图2：白酒板块主动基金持仓变化 图3：啤酒板块主动基金持仓变化基金啤酒配置比例啤酒市值/A股啤酒市值/A股（非银行石油石化）基金白酒配置比例白酒市值/A股基金啤酒配置比例啤酒市值/A股啤酒市值/A股（非银行石油石化）16%

白酒市值/A股（非银行石油石化）

1.0%0.9%0.8%0.7%0.6%0.5%0.4%0.3%0.2%0.1%0.0% 、 、图4：休闲食品板块主动基金持仓变化 图5：调味品板块主动基金持仓变化0.9%0.8%0.7%0.6%0.5%0.4%0.3%0.2%0.1%0.0%

基金休闲食品配置比例休闲食品市值/A股休闲食品市值/A股（非银行石油石化）

基金调味发酵品配置比例调味发酵品市值/A股1.4% /A股）1.2%1.0%0.8%0.6%0.4%0.2%0.0% 、 、主要消费基金白酒持仓环比大幅减配，全基食饮持仓维持低配主要消费基金白酒持仓环比大幅减配。我们将主动权益基金区分为主要消费基金（10）26Q2-12.27pct-12.86pct至11.21%。26Q2-0.94pct表3：主要消费基金重仓持股比例变动重仓持仓比例26Q2环比26Q226Q125Q425Q325Q225Q124Q424Q3食品饮料-12.27pct13.28%25.55%25.83%28.42%31.31%37.32%36.80%40.49%白酒-12.86pct11.21%24.07%23.52%25.74%27.69%34.93%33.80%38.36%啤酒-0.27pct0.06%0.33%0.48%0.88%1.70%1.63%1.98%1.60%饮料乳品0.39pct0.71%0.32%1.25%1.28%1.46%0.73%0.82%0.14%食品加工0.01pct0.12%0.11%0.02%0.00%0.00%0.00%0.17%0.28%休闲食品0.05pct0.64%0.59%0.46%0.51%0.46%0.02%0.03%0.10%调味发酵品0.41pct0.54%0.13%0.10%0.00%0.00%0.00%0.00%0.02%预调酒0.00pct0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%、表4：剔除主要白酒基，其余主动基金持仓比例变动重仓持仓比例26Q2环比26Q226Q125Q425Q325Q225Q124Q424Q3食品饮料-1.48pct1.08%2.56%2.33%2.13%2.97%4.04%4.15%4.36%白酒-0.94pct0.55%1.49%1.31%1.31%1.54%2.71%2.52%3.29%啤酒-0.05pct0.04%0.08%0.09%0.10%0.24%0.26%0.31%0.20%饮料乳品-0.15pct0.19%0.34%0.38%0.31%0.55%0.48%0.57%0.34%食品加工-0.12pct0.10%0.22%0.14%0.09%0.15%0.18%0.14%0.19%休闲食品-0.11pct0.11%0.21%0.24%0.16%0.32%0.23%0.34%0.15%调味发酵品-0.10pct0.09%0.19%0.14%0.10%0.09%0.08%0.14%0.10%预调酒-0.02pct0.01%0.02%0.04%0.06%0.07%0.11%0.13%0.08%、表5：剔除主要白酒基，其余主动基金超配比例26Q2环比26Q226Q125Q425Q325Q225Q124Q424Q3食品饮料-0.65pct-1.53%-0.89%-1.21%-1.72%-1.30%-0.77%-0.75%-1.11%白酒-0.33pct-1.16%-0.83%-1.04%-1.30%-1.32%-0.68%-0.87%-0.69%啤酒-0.02pct-0.05%-0.03%-0.02%-0.02%0.11%0.11%0.16%0.05%饮料乳品-0.09pct-0.11%-0.02%-0.02%-0.11%0.06%0.01%0.09%-0.11%食品加工-0.07pct-0.06%0.01%-0.07%-0.12%-0.07%-0.05%-0.09%-0.06%休闲食品-0.08pct0.02%0.10%0.09%0.01%0.14%0.07%0.16%0.00%调味发酵品-0.05pct-0.15%-0.11%-0.14%-0.19%-0.24%-0.27%-0.26%-0.31%预调酒-0.02pct-0.01%0.01%0.02%0.04%0.05%0.08%0.10%0.05%、持仓更趋分散，白酒普遍流出，大众品龙头边际向好食饮个股持仓更趋分散，茅台退出前20大重仓股截至26Q22026Q20.98pct、0.39pct、0.24pct、0.30pct0.60%、0.04%、0.12%、0.13%。图6：茅台、五粮液主动基金持仓变化 图7：泸州老窖、山西汾酒主动基金持仓变化2010201120102011201220132014201520162017201820192020202120222023202420252026

贵州茅台 五粮液

3.0%2.5%2.0%1.5%1.0%0.5%0.0%2010201120102011201220132014201520162017201820192020202120222023202420252026

泸州老窖 山西汾酒、 、表6：近期主动基金重仓股前20大个股持仓比例（%）排名股票简称 基金重仓例股票简称 基金重仓例股票简称 基金重仓例股票简称 基金重仓例股票简称 基金重仓例2026Q22026Q12025Q42025Q32025Q2中际旭创6.42中际旭创6.42中际旭创3.89中际旭创4.03宁德时代3.60腾讯控股3.55新易盛5.28宁德时代3.79新易盛3.38腾讯控股3.30宁德时代3.13东山精密2.61新易盛3.57宁德时代3.27新易盛2.71贵州茅台1.76寒武纪2.49腾讯控股1.77腾讯控股2.98中际旭创2.70美的集团1.69宁德时代2.11贵州茅台1.58紫金矿业1.97阿里巴巴-W2.38紫金矿业1.39北方华创1.90东山精密1.40阿里巴巴-W1.60立讯精密1.76小米集团-W1.28源杰科技1.79紫金矿业1.25寒武纪1.52工业富联1.76阿里巴巴-W1.25兆易创新1.79阿里巴巴-W1.01立讯精密1.45紫金矿业1.59立讯精密1.25中微公司1.45药明康德0.93贵州茅台1.34中芯国际1.40新易盛1.16三环集团1.29立讯精密0.90东山精密1.30贵州茅台1.34中芯国际0.99立讯精密1.27中国海洋石油0.86美的集团1.06寒武纪-U1.26北方华创0.97海光信息1.23北方华创0.85阳光电源0.99沪电股份1.07恒瑞医药0.96沪电股份1.21源杰科技0.83沪电股份0.99恒瑞医药1.01中际旭创0.95中芯国际1.20天孚通信0.81中芯国际0.96兆易创新0.94泡泡玛特0.94生益科技1.18美的集团0.79工业富联0.93美的集团0.91招商银行0.88中科飞测1.05沪电股份0.78中国平安0.93药明康德0.88胜宏科技0.80长川科技0.92恒瑞医药0.76北方华创0.91亿纬锂能0.88五粮液0.77药明康德0.91亨通光电0.73恒瑞医药0.82北方华创0.80信达生物0.7023456789101213141516171819 拓荆科技 0.89 中微公司 0.73 兆易创新 0.81 阳光电源 0.8020 工业富联 0.87 思源电气 0.73 生益科技 0.78 东山精密 0.72、

药明康德

0.68山西汾酒0.67山西汾酒白酒持仓普遍流出，大众品龙头边际向好26Q25只个股5只个股H。白酒板块，26Q21）26Q2别环比-36.6%-82.5%-37.6%26Q2-47.7%、-31.3%、-48.9%。3）26Q2+461.4%+72.1%、+1.7%，今世缘26Q2环比-1.6%。燕京啤26Q2-17.7%A26Q2+42.9%、+37.4%+29.1%、+23.4%、+22.1%、+20.5%、+17.9%、+16.3%。表7：26Q2食品饮料主动基金重仓持股市值前30大个股持仓变动情况代码名称基金持股市值亿元)持股市值变动比例持股总量(万股)季报持仓变动万股)持股数量环比变化持有基金数（家）持有基金数增加数量（家）1600519.SH贵州茅台155-48.2%1,307-756-36.6%441-2292600887.SH伊利股份1929.9%8,0972,429 42.9% 102 17 3603345.SH安井食品19-29.5%2,320-508-18.0%95-304300972.SZ万辰集团18-0.4%1,063494.8%6315600809.SH山西汾酒32-60.0%2,950-2,688-47.7%61-256000568.SZ泸州老窖31-53.8%4,040-2,432-37.6%60-187600298.SH安琪酵母108.0%2,83148220.5%51-88000729.SZ燕京啤酒7-36.3%7,220-1,550-17.7%47-1299858.HK优然牧业10-17.9%40,7825,72916.3%45-210603288.SH海天味业84.4%2,41154429.1%38-2311002956.SZ西麦食品5-16.1%2,4851416.0%33-112605499.SH东鹏饮料6-26.6%4618322.1%32-413000858.SZ五粮液10-87.5%1,394-6,580-82.5%28-9414000895.SZ双汇发展2-33.7%1,047-198-15.9%24-15603198.SH迎驾贡酒2411.3%537441461.4%2416162648.HK安井食品2-41.2%384-146-27.5%23-517600872.SH中炬高新5-12.6%3,092-132-4.1%23118002946.SZ新乳业5-3.4%3,53366923.4%21-1019000596.SZ古井贡酒1133.5%1,35656872.1%20-120002304.SZ洋河股份5-23.5%1,186201.7%19-321603369.SH今世缘1-11.9%455-7-1.6%191022002847.SZ盐津铺子5-54.3%1,086-698-39.1%18-1123002568.SZ百润股份2-60.5%945-1,444-60.5%172242319.HK蒙牛乳业3-73.0%1,971-4,745-70.6%16-2425002557.SZ洽洽食品2-33.8%1,379-389-22.0%16-3261117.HK现代牧业3-16.4%40,2076,11317.9%13-4279633.HK农夫山泉3-23.9%896-82-8.4%111283288.HK海天味业1-18.9%26920.8%10429600189.SH泉阳泉238.1%2,555695 37.4% 10530600702.SH舍得酒业1-59.8%303-289-48.9%9-5、 （注：橙色为正向变动前5名）代码名称持有基金数持有基金数持有基金数持有基金数持有基金数持有基金数表代码名称持有基金数持有基金数持有基金数持有基金数持有基金数持有基金数2026Q22026Q12025Q42025Q32025Q22025Q16005