段永平：增持贵州茅台！

Core Viewpoint - The stock price of Kweichow Moutai has been fluctuating due to the ongoing deep adjustment in the liquor industry, with notable investment activity from prominent investors like Duan Yongping, who sees long-term value in the company [1][2][5]. Company Performance - Kweichow Moutai reported a total revenue of 91.094 billion yuan for the first half of the year, representing a year-on-year growth of 9.16%, while the net profit attributable to shareholders was 45.403 billion yuan, up 8.89% year-on-year [6]. - Despite a slowdown in growth rates, the company's performance highlights its resilience amid high industry inventory and pressure on main product prices [6]. Market Dynamics - The liquor industry is undergoing a significant transformation, with consumers increasingly focusing on cost-effectiveness and rational consumption, leading to a new round of deep adjustments in the sector [6]. - Recent market research indicates a recovery in terminal sales since August, suggesting a potential improvement in market conditions [6]. Investor Sentiment - Duan Yongping has consistently increased his holdings in Kweichow Moutai, emphasizing the importance of understanding investments without leveraging, as he believes that knowledgeable investors will eventually profit [4][5]. - Public funds have also shown strong support for Kweichow Moutai, with 1,661 funds collectively holding 92.08 million shares, valued at approximately 129.789 billion yuan as of the end of the second quarter [5]. Industry Outlook - Analysts from招商证券 (Zhaoshang Securities) believe that the industry is gradually emerging from a period of underestimated demand, with Kweichow Moutai positioned to lead the recovery [7]. - Long-term growth prospects for Kweichow Moutai remain strong, supported by ongoing marketing reforms and a three-year dividend plan that enhances its attractiveness to investors [7].