天风·遇见首席｜刘洁铭：Stay hungry,stay foolish

Core Viewpoint - The article highlights the journey and insights of Liu Jieming, a senior analyst in the food and beverage industry, emphasizing the cyclical nature of the industry and the importance of deep research and understanding to identify investment opportunities and risks [4][5]. Group 1: Industry Insights - The food and beverage industry has experienced significant fluctuations, with the liquor sector witnessing a peak in 2010 followed by a downturn starting in 2012, leading to a prolonged bear market [4]. - The liquor industry began to recover in 2016, resulting in a five-year bull market, but faced another downturn post-2021, characterized by valuation and performance declines [4]. - The analyst emphasizes the need for a calm mindset when facing market volatility, suggesting that pessimism can present investment opportunities [7]. Group 2: Research Philosophy - The analyst's approach to food and beverage research is rooted in the belief that understanding the nuances of the industry requires extensive experience and attention to detail, as market dynamics can be complex and misleading [5]. - The goal is to provide forward-looking and differentiated research by identifying subtle industry changes that may lead to significant investment opportunities [6]. - The analyst values reliability and objectivity, aiming to maintain a consistent judgment regardless of market sentiment [8]. Group 3: Personal Insights - The analyst expresses a passion for the food and beverage sector, viewing work as an extension of personal interests, which contributes to a positive and optimistic outlook [9].