段永平再谈茅台：“大家在害怕什么？”

Group 1: Core Views on Guizhou Moutai - Guizhou Moutai's stock price has declined over 12% since May 15, raising concerns among investors, including notable investor Duan Yongping, who questions the market's fears [3] - Despite the downturn in the liquor sector, there is a notable influx of funds into liquor-related ETFs, indicating continued interest in the sector [3][4] - Public funds have a long-term heavy position in Guizhou Moutai, with 1,194 funds holding over 90 million shares as of the end of Q1 [4] Group 2: Market Trends and Consumer Sector Insights - The overall attention on the consumer sector has significantly increased, with public funds actively increasing their allocation to consumer-themed funds since Q2 [7] - The valuation of the liquor sector is currently at historically low levels, with strong cash flow and high ROE, suggesting potential for recovery as the macroeconomic environment stabilizes [5] - New consumption companies are attracting significant attention and capital, although many are currently at high valuations, indicating potential short-term adjustment risks [8]