来源丨深蓝财经 撰文丨王鑫 基民的钱包在白酒家电的泥潭里越陷越深，同一基金经理的个人账户却在科技股的狂欢中一路高歌。这 不是电影情节，这是正在发生的现实。 基金评论区已经炸锅了。 愤怒的投资者们发现了一个令人心寒的真相：他们信任的基金经理，正用两种完全不同的策略对待资金 ——一种让基民躺平，一种留给自己躺赢。 泰康基金经理桂跃强因此被推上风口浪尖。这位管理着超20亿元资产的"资深人士"，用基民的钱五年死 守白酒、家电等传统板块，基金亏损高达30%，管理费却照收不误；而据多方信源透露，他自己的账户 早已重仓科技股，一度浮盈超过5000万元。 1 五年死守"老登股"， 基民血亏30% 公开资料显示，桂跃强目前管理6只基金，其中独立管理两只偏股型基金：泰康优势企业混合基金和泰 康蓝筹优势一年持有股票基金。 然而，桂跃强却选择了一条令人费解的道路：死守白酒、家电。 翻开泰康蓝筹优势一年持有股票基金的十大重仓股持仓记录，可以看到一种令人震惊的"稳定性"。 这两只基金自成立以来，业绩均表现惨淡。泰康优势企业混合基金在2020年底成立，至今已超过五年， 目前仍亏损近30%。 | 泰康优势企业混合C(010537) | | ...

当前市场对一些优质公司的定价已经非常低，甚至"即使私有化也是非常划算的"。 作者 | 市值风云基金研究部 编辑 | 小白 随着公募基金2025年四季报披露，顶流基金经理的动向再次成为市场焦点。 易方达基金张坤，作为长期价值投资的代表人物，其报告中的每一个数字与每一句观点，都引发了广 泛解读。 旗下四只产品业绩分化 2025年四季度，张坤在管规模降至483亿元，单季度缩水超80亿。 其管理的四只基金业绩呈现出明显的结构性分化，其中三只主投A股的基金表现相对承压，规模最大 的易方达蓝筹精选混合（005827.OF）四季度亏损近9%，跑输业绩基准超6%，25年全年收益不到 7%。 （来源 ： Wind ） 与此同时，部分医药与传媒股也遭到明显减持，比如京东健康被两只基金砍仓约一半，此外，腾讯控 股、分众传媒等也出现在减持名单中。 然而，主投海外的易方达亚洲精选股票（118001.OF）则成为亮点，四季度实现了4.5%的正回报，跑 赢业绩基准超2%，而且该基金25年全年涨幅近42%。 | 序号 | 证券代码 | 证券名称 | > | 基金规模合并值 [交易日期]最新( ... [单位]亿元 | 区间复权单位净值增长率 ...

今日（1.26），A股震荡走低，大消费窄幅震荡。规模领跑的消费ETF（159928）探底回升收平，全天成交额近8亿元，环比放量 102%，上演"金针探底"走势。资金面上，全天大举揽金2.6亿份，近10日大举净流入超16亿元！最新规模超228亿元，同类遥遥领先！ 白酒方面，1月23日，洋河股份预计2025年全年归母净利润为21.16亿元至25.24亿元，同比下滑62%-68%，创下公司上市以来最大年度 跌幅。更为关键的是，洋河股份删除了此前"现金分红不低于人民币70亿元"的承诺，引发了投资者广泛关注和不满。截至收盘，洋河 股份跌9.85%，逼近跌停，创下2017年以来新低。 政策方面，1月26日，有关部门举行新闻发布会，指出将优化实施消费品以旧换新，促进家电等大宗耐用商品消费。此外，消息人士 称，加快培育服务消费新增长点相关政策近日将推出。1月16日召开的重要会议提出，要加快培育服务消费新增长点，支持新业态新 模式新场景竞相涌现，增加优质服务供给，解决好信用、标准、安全管理等问题，促进服务消费提质惠民。 国际黄金突破5000美元，老铺黄金"逆势打折"股价飙升。1月26日，现货黄金价格突破每盎司5000美元，再刷 ...

Group 1: Brand Collaborations and Marketing Strategies - Tuo Pai Jiu has announced celebrity endorsements with Liu Xiaoqing and Yang Yuguang, aiming to enhance brand visibility through live streaming on Douyin [1] - The trend of celebrity endorsements in the liquor industry is increasing, with brands like Shui Jing Fang and Gu Xiao Jiu also engaging well-known figures to boost sales and brand image [3][5] - The shift in marketing strategy reflects a move towards more consumer-friendly approaches, with brands seeking to connect with younger audiences through relatable celebrities [6][8] Group 2: Industry Performance and Trends - The white liquor production in China has seen a significant decline, with a 19% drop in December 2025 compared to the previous year, marking the ninth consecutive year of decline [9][11] - The total production for 2025 was reported at 354.9 million liters, a cumulative decrease of 12.1% [9][11] - The changing landscape of the liquor market is evident, with a notable increase in the import of white spirits, particularly vodka and tequila, indicating a shift in consumer preferences [13] Group 3: Company-Specific Developments - Yanghe Co. has projected a significant decline in profits for 2025, estimating earnings between 2.116 billion to 2.524 billion yuan, a decrease of 62% to 68% year-on-year [28] - The company attributes this downturn to intensified competition and reduced market demand, particularly affecting mid-range and high-end products [28] - Yanghe has also announced a new cash dividend policy, committing to distribute at least 100% of the net profit to shareholders from 2025 to 2027 [29]

Group 1 - The article discusses the increasing trend of liquor brands, particularly baijiu, collaborating with celebrities for endorsements as the Spring Festival approaches, indicating a shift in marketing strategies to attract younger consumers [2][3][4] - Notable endorsements include Liu Xiaoqing and Yang Yuguang for Tuopai, and other brands like Shui Jing Fang and Gu Xiao Jiu have also engaged celebrities like Liang Chaowei and Luo Yonghao to enhance brand image and drive sales [2][3][6][7] - The shift towards celebrity endorsements reflects a broader strategy to connect with younger demographics and improve brand perception, as seen with brands like Wuliangye and Moutai [6][7] Group 2 - The baijiu industry is experiencing a significant decline, with production dropping 19% year-on-year in December 2025, marking the ninth consecutive year of decline since 2017 [10][14] - In contrast, the production of beer and wine has also seen declines, with beer production down 1.1% and wine production down 17.1% in 2025 [11][12] - The changing landscape of the liquor market is highlighted by the growth of white spirits, such as vodka and tequila, which have seen substantial increases in import volumes, indicating a shift in consumer preferences [16] Group 3 - Companies like Langjiu reported a slight increase in distributor shipments for 2025, while others like Jinpin Xijiu are implementing strict production controls to manage supply [19][23] - Yanghe Co. has announced a significant expected profit decline of 62% to 68% for 2025, attributing this to increased competition and reduced market demand [30] - The company has also introduced a new cash dividend policy, committing to distribute at least 100% of net profit to shareholders from 2025 to 2027 [31]

Core Viewpoint - The article emphasizes the importance of quality management and innovation for the Chinese liquor company Wuliangye in navigating industry changes and maintaining its competitive edge in the face of uncertainty [1][6]. Group 1: Quality Management - Wuliangye has established a comprehensive quality management system, including a sample wine library that has accumulated over 220,000 bottles, which supports product quality tracking and authenticity verification [2][5]. - The company has implemented a three-dimensional integrated quality management model focusing on employee integration, process integration, and data integration, ensuring quality control across 93 process steps, 310 operations, and 218 inspection points [2][10]. - Wuliangye has received the "National Quality Award" four times, making it the only liquor company to achieve this distinction, and has been recognized for its quality management excellence with a nomination for the "Fifth China Quality Award" [5][6]. Group 2: Innovation and Technology - Wuliangye combines traditional brewing wisdom with modern management and digital technologies, establishing seven national-level innovation platforms to enhance quality management through scientific research [7][9]. - The company has integrated automation and AI technologies into its production control systems, achieving a 50% increase in data-driven decision-making, which enhances predictive quality management [9][10]. - Wuliangye's approach to quality management transforms abstract quality requirements into quantifiable, traceable, and optimizable capabilities, providing a resilient quality advantage during industry adjustments [9][10]. Group 3: Sustainable Development - Wuliangye adheres to a long-term perspective on quality management, integrating ecological protection and cultural development into its operational strategy to ensure sustainable brand value [10][11]. - The company promotes green development practices, aiming for "zero-carbon" production and conducting carbon footprint evaluations for its products to support environmental sustainability [10][11]. - Wuliangye emphasizes the importance of quality culture, implementing comprehensive quality education and ESG assessments for suppliers to enhance sustainable development across the industry chain [11].

Group 1 - The core viewpoint of the articles suggests that the public fund holdings in the liquor sector have dropped to a historical low, indicating a potential "golden pit" for investment opportunities as market sentiment is extremely pessimistic [1][2] - Public fund holdings in the liquor sector have decreased for nine consecutive quarters, now standing at 2.9%, close to the historical low of 2015 [2] - Despite the negative sentiment, the fundamentals of high-end liquor brands like Moutai show resilience, with sales and prices performing better than expected [6] Group 2 - The current overweight ratio of the liquor sector is only 1.0%, lower than levels seen in early 2013, indicating that panic selling by institutional investors has likely concluded, creating a clean chip structure [5] - Moutai's sales and pricing have shown improvement, with a price stabilization around 1570 yuan, and cash reserves of major brands like Wuliangye and Luzhou Laojiao provide a strong safety margin during performance fluctuations [6][7] - The upcoming Spring Festival in 2026 is anticipated to be a significant turning point, with expectations of improved sales performance as market pessimism may be overly exaggerated [8]

Group 1 - The Chinese real estate market is entering a new phase of "stabilization" as the government prioritizes market stability as an economic baseline, focusing on structural recovery rather than a broad market rebound [1][4] - The macroeconomic focus is shifting from investment-driven growth to consumption-driven growth, with policy benefits directed towards sectors like elderly care, AI efficiency, and real demand [1][6] - The rise of independent brand websites indicates that Chinese companies are striving to reduce reliance on platforms, marking a significant shift in the e-commerce landscape [1][22] Group 2 - The demand for rare metals is increasing due to the rapid development of technology sectors such as new energy vehicles and AI, while supply is constrained by declining ore grades and limited new mining projects [10] - The Chinese duty-free market is becoming increasingly significant, bolstered by policies like the Hainan closure, which enhances the market position of large enterprises and promotes industry upgrades [8] - The competitive landscape in the food delivery industry is evolving towards a duopoly, with Meituan and Alibaba dominating the market, while other players like JD maintain a niche presence [20]

1月26日午后，食品饮料板块上扬，贵州茅台股价翻红，截至14点10分，贵州茅台涨超1%。此前，或受 指数基金大额流出、卖出权重股，以及批价疲弱的影响，贵州茅台自1月13日以来"9连跌"，累计跌超 6%。 基本面上，截至1月26日，已有5家白酒上市公司披露2025年业绩预告，行业整体承压明显。其中，洋河 股份、口子窖、水井坊的归母净利润同比最大降幅均超过60%；金种子酒、*ST岩石则预计将继续处于 亏损状态。 多家公司在公告中坦言，当前白酒行业处于深度调整期，行业竞争格局发生深刻变革，存量竞争博弈加 剧，导致2025年行业持续低迷。 但也有机构在困境中看到了"机遇"。西部证券曹柳龙指出：当前公募基金持仓白酒已经低于第二轮 （2009年）和第四轮（2019年）白酒周期启动时的仓位，筹码出清，新一轮周期启动的筹码条件已基本 满足。 华创证券董广阳、欧阳予团队认为：2026年全年看，酒企从被动应对进入主动调整，机会在于茅台批价 回落并企稳之后，预期筑底企稳，越往年中越明朗，仓位加起来更确定。 投资工具方面，普通个人投资者可以通过行业主题ETF把握贝塔机会，如食品饮料ETF （515170.SH），相比纯酒类ETF，更 ...

Market Overview - The A-share market opened higher but experienced fluctuations, with the Shanghai Composite Index closing at 4141.01 points, a slight increase of 0.12% [1] - The Shenzhen Component Index fell by 0.74%, and the ChiNext Index dropped by 0.86% [1] Individual Stock Performance - A total of 3756 stocks declined, while 1606 stocks rose, with 50 stocks hitting the daily limit up [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion yuan, an increase of 347.8 billion yuan compared to the previous trading day [2] Sector Performance Precious Metals - The precious metals sector saw significant gains, with stocks such as Hunan Gold (002155) hitting the daily limit up, and others like Jin Hui Shares (603132) and Zhao Jin Gold (000506) also achieving 10% limit up [3][5] - The price of spot gold surpassed $5000 per ounce for the first time, increasing by over 1%, while spot silver rose by over 5% [5] Oil and Gas - The oil and gas sector experienced a rally, with major companies like China Petroleum and China Oil & Gas seeing increases of over 4% [6] - International oil prices surged, with WTI and ICE crude oil both rising by over 3% due to escalating geopolitical tensions [6] Financial Sector - The financial sector showed upward movement, with securities stocks rising, and insurance and banking stocks also performing well [8] - Notable gains were seen in stocks like Caitong Securities (601108) and Xingye Securities, both increasing by over 4% [9] Alcoholic Beverages - The liquor sector faced a downturn, with a decline of over 1%, particularly affected by a significant drop in Yanghe Shares (002304), which fell by over 8% [13] - Yanghe Shares projected a net profit decline of 62.18% to 68.30% for the fiscal year 2025, indicating potential financial distress [14]