中泰资管田瑀最新交流深剖白酒航空光伏，把中报持仓和商业模式思考讲透了……

Core Viewpoint - The investment philosophy emphasizes buying good companies at reasonable prices, focusing on business models and competitive advantages [3][8]. Group 1: Investment Philosophy - The investment framework is built on understanding business models and identifying sustainable competitive advantages, referred to as "moats" [3][9]. - The core questions for evaluating a business include whether it can outperform peers, the reasons for its strength, and the depth of its moat [3][9]. - The approach involves a long-term perspective, waiting for opportunities when the market undervalues a company [4][35]. Group 2: High-End Liquor Industry Insights - High-end liquor is viewed as a strong business model characterized by long-term brand building and consumer education [5][6]. - The moat of high-end liquor companies is considered robust as long as their business model and scarcity are maintained [6][21]. - Despite market fluctuations, the strategy for high-end liquor companies is to control supply to stabilize prices rather than aggressively expand market share [21][25]. Group 3: Competitive Dynamics - In the high-end liquor sector, competition is often segmented by product type, allowing multiple companies to coexist with strong moats [21][22]. - The industry consensus is that maintaining a stable pricing structure is crucial, as price drops can undermine brand perception and market dynamics [27][28]. - Current market conditions indicate a cautious outlook for sales, with potential negative growth anticipated during peak seasons due to consumer spending constraints [30][31]. Group 4: Airline Industry Analysis - The airline industry is facing challenges with profitability due to declining ticket prices despite high passenger loads, attributed to aggressive competition [37][40]. - Factors influencing ticket pricing include competitive dynamics and changes in consumer payment capabilities, which have led to a decrease in average ticket prices [46][47]. - The long-term outlook for airlines remains uncertain, with a preference for non-aggressive pricing strategies to ensure sustainable profitability [48][49]. Group 5: Investment in Solar Industry - The solar industry presents mixed opportunities, with certain segments like inverters showing promise despite overall competitive pressures [52][56]. - Identifying companies with sustainable competitive advantages within the solar supply chain can present investment opportunities, even in a challenging market [58][60]. Group 6: Portfolio Management - The portfolio strategy emphasizes business-level diversification rather than strict industry categorization, allowing for a more nuanced approach to risk management [61][62]. - The focus remains on long-term value creation, with adjustments made based on the long-term implied return rates of holdings [80].