Core Viewpoint - The article discusses the recent decline in the stock price of Kweichow Moutai and highlights the interest from notable investors like Duan Yongping, who questions the market's fears regarding the company [1][3]. Group 1: Kweichow Moutai Stock Performance - Kweichow Moutai's stock price has dropped over 12% since May 15, as of July 1 [3]. - Despite the poor performance of the liquor sector, there is a continuous inflow of funds into liquor-related ETFs [1][5]. Group 2: Investor Sentiment and Strategies - Duan Yongping has expressed strong confidence in Kweichow Moutai, having previously invested in the company and advised against leveraged investments [4]. - Public funds have a significant long-term holding in Kweichow Moutai, with 1,194 funds holding over 90 million shares as of the end of Q1 [6]. Group 3: Liquor Sector Analysis - The proportion of active equity funds in the liquor sector has slightly increased to 5.94% as of the end of Q1, although it has decreased significantly compared to the high point in Q3 2023 [6]. - The recent influx of funds into liquor ETFs, such as the Penghua CSI Liquor ETF, has seen a net subscription of 2.392 billion yuan since June [6]. Group 4: Broader Consumer Sector Trends - The overall consumer sector has seen a rise in institutional interest, with public funds increasing their allocation to consumer-themed funds in Q2 [9]. - Traditional consumer sectors, including liquor, are viewed as having long-term investment value due to their historical low valuations and strong cash flow [7][9].
段永平再谈茅台:“大家在害怕什么?”