Core Viewpoint - The resignation of Shen Qi, Vice President of Zhejiang Kang En Bei Pharmaceutical Co., Ltd., is due to work adjustments, and he will no longer serve as the investment director but will remain as the chairman of a subsidiary [1] Group 1 - Shen Qi submitted a written resignation report to the board of directors on October 17, 2025 [1] - After resigning from the vice president position, Shen Qi will not hold the role of investment director anymore [1] - Shen Qi will continue to serve as the chairman of Zhejiang University of Traditional Chinese Medicine's Chinese Medicine Decoction Pieces Co., Ltd. [1]

责任编辑：刘万里 SF014 10月13日，知名投资人段永平在社交平台上（ID：大道无形我有型）再次发声，"今天买了点茅台！" 早在6月30日，茅台于上一个交易日下跌1.13%后，段永平便发文鼓励茅台投资者："大家在害怕什么 呢？有点意思！"随后近三个月内，茅台股价从1403.9元涨至最高1538.02元，同比上涨9.6%。 此前，他还多次强调，"茅台是茅台最好的背书""茅台有啥不确定""高档酒里，茅台最经济实惠。" ...

Group 1 - Liu Jipeng, a professor at China University of Political Science and Law, emphasizes the need for China to focus on high-tech investments rather than traditional sectors like liquor, questioning the sustainability of relying on alcohol for economic growth [1] - The liquor sector has dominated the market in the past five years, but Liu argues that it cannot be the sole driver for revitalizing China's economy, drawing a comparison to the absence of liquor in the "Seven Sisters" of the U.S. [1] - Liu acknowledges that investing in high-tech comes with high risks, stating that capital markets are characterized by a pursuit of high risk and high returns, and investors must be prepared for potential losses [1] Group 2 - Recent market data shows fluctuations in major indices, with the Shanghai Composite Index at 3853.30, down 0.34%, while the Shenzhen Component Index increased by 0.67% to 13445.90 [2] - The ChiNext Index rose by 1.58% to 3235.76, indicating a positive trend in growth-oriented sectors [2] - The hardware and communication equipment sectors have shown notable gains, with increases of 3.59% and 2.35% respectively, reflecting investor interest in technology-related stocks [3]

Core Viewpoint - The significant investment by Ge Weidong and Ge Guilian in Kuaijishan indicates a growing interest in the yellow wine sector, with Kuaijishan's stock price experiencing a substantial increase of over 150% from late March to late May 2023 [2][5]. Company Summary - Kuaijishan's half-year report shows a revenue of 817 million yuan, representing a year-on-year growth of 11.03%, and a net profit attributable to shareholders of 94 million yuan, up 3.41% year-on-year [7]. - The company's gross margin improved by 5.4 percentage points to 55.5%, attributed to a continuous high-end product strategy [7]. - Despite the traditional off-season for the yellow wine industry in Q2, Kuaijishan maintained stable performance through online brand cultivation and the promotion of sparkling yellow wine products [7]. Shareholder Activity - Ge Weidong acquired 4.9715 million shares of Kuaijishan, while Ge Guilian purchased 13.802 million shares, together holding over 18 million shares [3][4]. - The Abu Dhabi Investment Authority significantly reduced its holdings in Kuaijishan, exiting the top ten shareholders list after selling at least 1.5 million shares in Q2 [4][5]. Industry Context - The yellow wine sector is gaining attention, paralleling the white wine sector, which has seen a resurgence in interest despite previous downturns [8][10]. - The white wine sector has experienced a significant adjustment over the past few years, but some investors remain committed, as evidenced by the increased holdings in major brands by funds like E Fund [8][10]. - Recent data indicates that the white wine sector's valuation has reached historical lows, suggesting potential for recovery and investment opportunities [10][11].

Core Viewpoint - The liquor sector, particularly the baijiu industry, is currently experiencing a rebound, with expectations for further investment opportunities in the second half of the year as the industry is rapidly bottoming out [1][7]. Summary by Sections Market Performance - The baijiu sector has seen a significant rebound, with a notable increase on August 20, 2023. However, since 2021, the industry's valuation has been in a continuous decline, with the current PE-TTM at 18.61 as of August 19, 2023, indicating it is at a relative bottom compared to the 2012-2015 adjustment period [1][7]. Investment Logic - Institutions suggest that the baijiu sector is now worth considering for gradual investment. The current low expectations and valuations present a potential opportunity for investors. Additionally, the proportion of funds holding baijiu stocks has been decreasing, indicating a favorable chip structure [4][7]. Dividend and Growth Potential - Leading baijiu companies maintain high dividend payout ratios, providing attractive yield rates. This suggests that the sector may offer good investment opportunities in the near future [5][7]. Structural Adjustments - Major companies in the baijiu industry are adjusting their channel structures and enhancing market development capabilities. If consumer demand begins to recover, these companies are likely to benefit significantly from their proactive adjustments [5][8]. Long-term Outlook - The baijiu sector is transitioning from a cyclical growth model, which relied heavily on economic fluctuations, to a more stable cash flow and dividend-focused investment model by 2025. This shift indicates a long-term investment potential worth monitoring [5][8]. Future Projections - The industry is expected to reach its performance bottom by the first half of 2026, with stock prices likely to show a trend reversal ahead of demand recovery, based on high-frequency signals and pricing trends [5][8].

贵州茅台发布了半年报，营业收入超过了910亿元，归母的净利润也不错，也达到了454亿元，但是比较可惜的是，无论是营收还是净收入增速，都降到了个 位数，分别为9.16%和8.89%，应该说这个增速是相当低了。 不管这是有意为之，还是茅台公司的战略所在，无疑都给我们传递了一个重要信号，连茅台这样的公司增速都能出现如此幅度的下滑，其他的白酒企业就可 想而知了，这说明整个白酒行业的预期是处在下坡路中。 即便是目前的CPI有企稳的迹象，茅台要想回到过去的那种辉煌恐怕是很难了，当然了茅台就是茅台，其他公司与其没办法相提并论，这也是茅台的走势为 什么始终强于其他白酒。 这让我想起了历史上的四川长虹和深发展，其实过去的茅台和如今的茅台对市场的影响力已经清晰可见，时代就是这样不断的发展着，即便再喜爱茅台，也 要从过去的影子中走出来。 说这么多，核心只有一点，那就是对白酒的投资不能刻舟求剑，不能排除的是目前白酒行业见底了，但是有一点，未来会不会反弹，或者反弹多少就是未知 数了，从投资的角度来说，我宁愿追高一个景气的行业，即便是短期被套也心甘情愿，也不愿意去低位买入一个没有前景的行业，所以说很多人拿当前的创 新药跟白酒对比，认为白 ...

曾经的"理财神器"飞天茅台，如今却成了黄牛们甩也甩不掉的"烫手山芋"。价格跌破2000元，昔日疯抢的盛况已成云烟，取而代之的是亏本甩卖的无奈。白 酒股应声下跌，无数投资者深陷其中，血本无归。 这突如其来的变局，究竟是如何发生的？普通投资者又该如何自处？ 贵州回收茅台的老李，便是这波行情下的一个缩影。去年高价收购的大批飞天茅台，如今价格暴跌，最终以亏损一辆奔驰的惨痛代价，认清了现实的残酷。 不仅是老李，许多小型烟酒店和专营店也开始缩减业务，甚至将茅台下架，避免尴尬的询价。 朋友圈和二手平台上，充斥着低价转让飞天茅台的信息，"保 本出"、"亏本也要脱手"的呼声此起彼伏，与几年前的"惜售"形成鲜明对比。 "茅台镇从不相信眼泪，只有行情说了算"，这句冷酷的话，道出了残酷的现 实。 飞天茅台曾被视为"硬通货"，用途广泛，甚至有人将其当成"理财产品"，定期购入，期待未来高价卖出。然而，如今这一逻辑已彻底崩塌。 茅台价格暴跌的原因，并非单一因素，而是多重因素共同作用的结果。首先，消费需求放缓，高端白酒不再是送礼的首选；其次，资本市场对白酒行业的预 期下降，机构资金撤离，导致整个板块下行；最后，市场监管趋严，国家加强对炒酒行 ...

21世纪经济报道特约记者 庞华玮 广州报道 白酒已不复当年。当新消费"向10倍股神话"奔跑时，传统的白酒板块却已连续4年下跌，最近甚至来到 近5年低点。众多重仓白酒的投资者感到阵阵寒意。 不过，自5月中旬以来的这一个月，在跌跌不休中，资金抄底白酒的意愿转强，越跌越买，白酒基金 LOF增加3亿份，鹏华中证酒ETF增加45亿份。 只是据21世纪经济报道记者了解，目前机构对白酒行业的投资仍存在分歧，部分基金对白酒板块进行了 加仓，而另一些基金则对白酒板块减仓。 对此，有接受采访的机构投资者表示，目前白酒股估值降至历史低位，白酒板块在未来的半年或一年之 内可能迎来拐点，业绩和估值将双双上升，这个周期有望持续三至五年，而当下已进入较好的加仓时 间。 事实上，从一季度起，一批明星基金经理已转向加仓白酒股，包括赵枫、萧楠、劳杰男、曲扬、李晓 星、何帅、周文波等。 低迷 5月以来，白酒板块快速下跌，截至6月18日，万德白酒指数年内已下跌15.21%。 年内19只A股上市白酒股全部录得下跌，跌幅在-2%至-28%之间。其中，8只白酒股跌幅超过20%，跌幅 最大的是迎驾贡酒，跌幅达27.81%；而山西汾酒的跌幅最小，为2.31% ...