春节假期，我收到了北京市统计局的一条短信，"邀请"我参与春节庙会体验调研。印象中，这还是 第一次。 这些实招，解决的是"来了能不能住得起、玩得好"的基础问题。而第二道考题，是要让老人"来了 不想走，走了还想来"，考验城市服务的"软实力"。 但今年春节，有个夸张的说法是北京有"好几亿"人——1亿人在故宫，1亿人在颐和园，1亿人在爬 长城，1亿人在圆明园赏灯会，1亿人在厂甸逛庙会……上海、深圳、广州、重庆等地也是差不多的"人 从众"。 城里的小团圆，总不能挤在子女的出租屋里凑合一顿年夜饭，他们要带父母体验城市里的日常生活 ——Citywalk、喝咖啡、逛主题乐园。要求城市提供足够丰富的消费场景和公共空间，让两代人的生活 方式在这里交融。庙会不仅要办起来，更要办得对老年人的胃口；Citywalk的路线，最好能设计一条适 合爸妈慢慢逛的"年味打卡线"。这些都需要城市管理者拿出更多的智慧和诚意。 哪来的这么多人呢？有一部分是老家的爸爸妈妈来城市看望在外打拼的孩子，反向过年了。 根据多家平台发布的报告，2026年春节，"反向过年"持续升温。美团数据显示，2月初至2月中下 旬，飞往北上广深渝杭等大城市的机票预订量同比增长8 ...

Core Viewpoint - The article discusses the investment strategy of Duan Yongping, who continues to buy shares of Kweichow Moutai despite a significant decline in its stock price, indicating a long-term confidence in the company's business model and market position [1][3][5]. Company Performance - Kweichow Moutai's stock price fell to 1419.2 CNY per share, down over 45% from its peak of 2600 CNY in 2021 [1]. - The company reported revenue of 910.94 billion CNY and a net profit of 454.03 billion CNY in the first half of 2025, both showing over 8% year-on-year growth [9]. Investment Strategy - Duan Yongping's investment approach is characterized by a long holding period, often spanning a decade, and he views Moutai as a superior alternative to cash [5][13]. - He has publicly increased his stake in Moutai three times in 2025, demonstrating a contrarian investment strategy against prevailing market fears [3][5]. Business Model and Financials - Moutai enjoys a high gross margin of 92% and a net margin of 52%, significantly higher than typical consumer goods [5]. - The company has a strong pricing power, with a factory price of 1169 CNY per bottle and a market price of approximately 1760 CNY per bottle, allowing for profit margins even under wholesale price pressure [7]. - Moutai's operating cash flow has exceeded net profit for seven consecutive years, with a dividend yield of 3.47% in 2025, surpassing the yield of ten-year government bonds [7]. Market Challenges - The overall liquor industry is facing challenges, with over 100 distilleries closing and 60% of companies experiencing price declines [9]. - Kweichow Moutai is also contending with a generational gap in consumer preferences, as only 13% of Gen Z consumers choose liquor, prompting the company to explore new product lines [11]. Future Outlook - The company's rolling P/E ratio is approximately 20 times, which is only 60% of its average over the past five years, indicating potential undervaluation [13]. - Moutai's management plans to repurchase 6 billion CNY worth of shares and maintain a dividend payout ratio of at least 75% of net profit over the next three years [13].