In 2020, the sudden epidemic broke people's normal life, the global economy was in turmoil, and the uncertainty rose sharply, which brought great challenges to China's financial industry. In the same year, the bank wealth management subsidiary was born, financial technology empowerment was in full swing, wealth management transformation was surging, and the fund industry ushered in an unprecedented storm. 12 10, the 5th international forum on smart finance and the annual ceremony of financial pilot in 2020, hosted by the financial sector, were held in Beijing. Hundreds of financial giants gathered together to discuss and exchange in-depth and pragmatic topics such as the digital transformation and development of the financial industry, the application of financial technology in wealth management, the great era of Public Offering of Fund, and the future of pension finance.

Hou Hao, manager of China Merchants CSI Liquor Fund, participated in the sub-forum of "Great Consumption Opportunities under the Double Cycle Strategy".

As the manager of China Merchants CSI Liquor Fund, Hou Hao is optimistic about the market opportunities of liquor. He said: "At present, we are optimistic about the liquor sector, especially the high-end liquor brands. Because of the recent research on liquor listed companies, some new products will be launched next year, and the performance of some liquor companies may exceed expectations. Personally, I am optimistic about the growth rate of the liquor sector and the performance next year, as well as the explosive market prospects next year. Although some sub-high-end liquor brands will have some pressure, the whole sector is still very healthy, so at least in the first half of next year, the prosperity of the liquor sector is still very optimistic. In the second half of next year, we may also observe the launch of some new products and some parity actions.

Pictured: Hou Wei, manager of China Merchants CSI Liquor Fund.

Regarding the valuation of liquor industry, Hou Hao analyzed that the performance of liquor enterprises in the first half of this year was low, and the supply and marketing links of other liquor enterprises were not so ideal. Therefore, liquor enterprises are developing new big single products. If these products can be developed next year, the growth rate of these liquor enterprises may exceed expectations. If we use exceeding expectations to measure the performance of enterprises, or look at the valuation from the perspective of growth to digest this valuation problem, I think there may be game factors in the short term, but in the long run, these are not problems.

In addition, for the sub-category of Maotai-flavor wine, Hou Hao said that the dividend of Maotai-flavor wine will continue. This year, the price increase of Maotai-flavor wine is very large, and some wine companies are also making mergers and acquisitions while laying out new varieties. This bonus will last for a long time. Liquor plate is a category to be analyzed separately.