罕见一幕！茅台“基金地位”下滑，张坤继续加仓

Core Viewpoint - The article highlights the significant decline in the stock position of Kweichow Moutai among public funds, dropping from the third to the tenth position in the top ten holdings of actively managed equity funds within a single quarter, indicating a shift in investor sentiment and market dynamics [1][5]. Fund Holdings Overview - As of the end of Q3, Kweichow Moutai's market value held by actively managed equity funds was 283.72 billion yuan, with a decrease of 9.7 billion yuan from the previous quarter [5]. - The number of funds holding Kweichow Moutai decreased by 27 to 573, and the number of shares held fell by 1.1684 million to 1.9684 million shares [5]. - Despite the decline in rankings, Kweichow Moutai remains the second-largest holding among all public funds, largely due to passive investment products [5]. Market Performance and Analysis - Kweichow Moutai's revenue for the first nine months of the year was 130.904 billion yuan, a year-on-year increase of 6.32%, while net profit rose by 6.25% to 64.626 billion yuan [5]. - The divergence in market sentiment is attributed to differing views on the industry's future and relative returns, with some funds shifting investments to other more flexible liquor stocks for better returns [5][6]. Fund Manager Actions - There is a clear division in the actions of public funds regarding Kweichow Moutai, with some funds like招商基金 and 汇添富基金 increasing their holdings, while others such as 华夏基金 and 易方达基金 have reduced their positions [7]. - Notable fund managers have shown mixed strategies, with some reducing their stakes while others continue to support Kweichow Moutai, reflecting varied investment philosophies [7][9]. Industry Outlook - The white liquor industry is facing challenges, with companies adjusting growth targets amid demand pressures, suggesting a potential long-term strategy shift towards stability rather than aggressive growth [6]. - Analysts believe that the current valuation of the food and beverage sector is at a near ten-year low, presenting a favorable investment opportunity, especially for leading brands like Kweichow Moutai as the market recovers [6].