（来源：望京博格投基） 转自：望京博格投基 回调时更是越跌越补。 今天净值出来了。 场内ETF账户今天盈利3.4万（资产240万）； 场外基金账户今天盈利3.3万（资产560万）； 两个账户合计盈利6.7万， 期望本周可以大涨~ 前几天，一位上海周边的大户想约博格见面聊聊。 博格和他简单聊了几句，摸清了大体情况： 起初，大户听博格说"恒生消费"估值便宜，便小仓位跟进。 后来指数一路小步上扬，他又不断加码； 若明天继续反弹，他的亏损可能进一步缩小。 几轮"抄底"下来，仓位失控，竟把"恒生消费"买成了第一重仓，浮亏已超 10%。 那么，消费的反弹能走多远？ 眼下账面上只是浮亏，一旦调仓换股，浮亏立刻变实亏，心理关口不好过。 双方约好这周碰头，地点定在上海。 没想到周末公布的 10 月 CPI 数据超预期，周一"恒生消费"收涨 3%+，大户的浮亏瞬间收窄。 他一时没了主意，想请博格帮忙做持仓优化，还提前塞了个大红包。 博格却直言：这事儿棘手。 以茅台为例，过去靠成长讲故事，如今靠股息率"保底"，仍被调侃"利润若下滑，分红都悬"。 如今 CPI 初现企稳迹象，情绪略有回暖，资金开始回补消费，估值修复顺理成章。 如果下 ...

Core Viewpoint - The A-share market experienced slight declines today, with the three major indices showing mixed performance, indicating a divergence in market sentiment and sector performance [1] Market Performance - The A-share indices closed with minor losses: Shanghai Composite Index down 0.02%, Shenzhen Component down 0.12%, and ChiNext down 0.17%. The total trading volume in Shanghai and Shenzhen was 26,407 billion yuan, a decrease of 1,685 billion yuan from the previous day [1] - The white wine sector saw a significant rebound, with stocks like JiuGuiJiu hitting the daily limit, and others like SheDeJiuYe and YangHe股份 rising over 4% [8][10] Company-Specific Developments - Dongfang Zhenxuan's stock price fluctuated dramatically, initially rising over 12% to reach a 1.5-year high, but later plummeting by over 20% before the close [2][6] - Dongfang Zhenxuan's Q4 revenue for the fiscal year ending May 31, 2025, is projected at 150 million USD, a year-on-year decline of approximately 30% [6] Sector Analysis - The white wine sector is under pressure, with major companies like Moutai and Wuliangye reporting slower growth rates. Moutai's H1 revenue grew by 9.2%, while Wuliangye's Q1 net profit growth was only 5.8%, marking a recent low [10][12] - The government has emphasized boosting domestic consumption, which may positively impact the white wine sector as the Mid-Autumn Festival approaches [10][12] CPO Sector Insights - The CPO (Co-Packaged Optics) sector continues to show strength, driven by technological advancements and increased demand for AI computing power. Companies like Tianfu Communication and Zhongji Xuchuang have seen significant stock price increases [15][19] - The CEO of OpenAI has announced plans for substantial investments in AI infrastructure, which could further stimulate demand in the CPO sector [19]