雪球·2025-06-18 09:22Core Viewpoint - The relationship between banks and the liquor industry, particularly baijiu, has evolved over the years, reflecting a shift in investment preferences and market dynamics [1][2]. Group 1: Liquor Industry Insights - The baijiu industry is viewed as a pinnacle of growth stock investment, characterized by decreasing volume but increasing prices, with leading brands benefiting from cost control and price hikes [2]. - The current decline in baijiu stocks is attributed to long-term demand concerns, consumption downgrade affecting prices, and a shift away from financial attributes as inventory levels rise [3]. - The valuation of baijiu stocks, particularly for leading brands like Kweichow Moutai and Wuliangye, should be reassessed based on dividend yields rather than traditional growth metrics [4]. Group 2: Banking Sector Dynamics - The banking sector is currently in a phase where public funds are entering the market, contrasting with the baijiu sector, where public funds are exiting [3]. - Historical context shows that bank stocks were once undervalued, with dividend yields of 10% being disregarded, raising questions about what yield would attract new investments into baijiu stocks [4].