Text | Zhang Jiaru The stock market in recent days can only be described as "the mother does not recognize the decline".

The fall was so clear, the fall was so joyful, the fall was so bad that my mother didn’t even recognize her.

To say that the one who suffered the most dramatic fall has to be Kweichow Moutai, the "King of Stocks".

In just 6 days, Moutai lost 600 billion yuan in market value.

It is equivalent to 30% of Guizhou Province’s GDP in 2020.

Calculated based on the number of 114,000 shareholder households, the average household loss is 5.26 million, and a Rolls-Royce loses all its wheels.

Moutai is the most expensive stock in the two cities, and its sharp decline seems to have nothing to do with ordinary retail investors.

Don’t forget, Moutai is still a heavy holding of the fund. Those who bought the liquor fund will be in misery, losing several points a day.

Christians are panicking. Are there any fees for checking accounts?

Every time you click in, you will save thousands.

Looking at it now, the biggest suspense in the market is, how much further can Moutai fall?

Before the Spring Festival, how high can the suspense rise?

Things have changed too quickly.

It was said that "everything is good for Maotai", why didn't it work?

What's even more embarrassing is that Moutai's continuous decline has not only lost its market value, but may also have lost its reputation.

Looking back in recent days, Moutai has suffered at least three waves of violence.

The first blow came from abroad, with U.S. bond yields rising.

According to brokerage firms, the valuation levels of leading consumer stocks favored by foreign investors have a strong inverse correlation with U.S. bond yields.

Higher U.S. Treasury yields have put highly valued stocks under tremendous pressure, especially at a time when core stocks are trading at historically high valuations.

Moutai is the leader in domestic consumption and has long been one of the stocks with the highest market value held by foreign investors.

Three days before the Spring Festival, Moutai continued to surge and hit a record high.

U.S. bond yields have risen, global giants such as Tesla have been hit hard, and A-share Moutai has also been affected.

The second hammer came from China. E Fund suspended subscriptions for small and medium-sized companies and took the initiative to pay dividends.

Moutai is a major stock in E Fund’s small and medium-cap stocks, and E Fund’s small and medium-cap stocks are a hot-selling fund managed by Zhang Kun, the “big brother in public fundraising”.

Zhang Kun's suspension of subscription was interpreted as being unfavorable about the market outlook for liquor.

In market news, some fund managers have begun to actively adjust positions and focus on small-cap stocks, which means that in the eyes of these fund managers, small-cap stocks are expected to become the protagonist in 2021.

The third blow came from one's own people, the "Liquor Academician" controversy, and "minor shareholders" reporting on competition within the industry.

Not much to say about the "Liquor Academician" controversy, Maotai-flavor technology has always been controversial.

Let’s talk about the report. The reporter claimed to be a small shareholder of Moutai. He reported that Moutai and Xijiu have a high degree of overlap in terms of flavor, alcohol content, price, consumer groups, etc., and are suspected of horizontal competition.

In recent days, Maotai has been surrounded by soldiers.

Small shareholders stepped forward to "make up for the damage" again, which can be called the righteous killing of relatives.

Under the three waves of violent attacks, Moutai not only lost its market value, but may also have lost its reputation.

What reputation?

Moutai is no longer a core asset.

A recent research report from Guosen Securities was uncovered, which explains what core assets are: what goes up is a core asset, what goes down is not.

According to this logic, Moutai may not be a core asset if it continues to fall.

Some private equity fund managers "make up for the loss" by saying core assets mean core good stocks, not core good companies.

If the valuation is attractive, cheap, and the performance is good, then it is a core asset. But if the company is good but not cheap and has skyrocketed, then it can only be a core company, not a core stock.

Currently, Moutai is the only thousand-yuan stock in the two cities, with a total market value of 2.7 trillion yuan, which is 1 trillion yuan more than the GDP of Guizhou Province in 2020.

Just before the Spring Festival, Moutai's market value exceeded Shenzhen's GDP.

Going north to Guangzhou and Shenzhen has become "going north to Maoshen".

Maotai's "rising too high" has always caused huge controversy in the market.

The bears believe that Moutai has risen too high and the bubble is too big.

The bulls believe that there is no bubble in liquor, and as long as the water in the Chishui River is still flowing, there will be no moment when Maotai collapses!

Combined with the position adjustment actions of fund managers in the market and the explanation of core assets, Moutai's current definition is a core company, not a core stock.

The core criterion for judgment is valuation.

However, valuations fluctuate and are often affected by market sentiment. When Moutai adjusts to a certain point, it will become a core stock.

A recent official media article pointed out that many fund managers do not really consider Moutai as a core asset.

"Even the positions held by star fund managers show that when Moutai's stock price weakened, various positions were reduced, even if Moutai's stock price was very attractive at that time." From this point of view, regardless of whether Moutai rises or falls, the status of core assets is

Questioned.

Moutai has become Schr?dinger’s core asset.

The research report of Guosen Securities also sorted out a list.

The list shows that only 10 stocks have appeared in the top 100 stocks of fund managers for five consecutive years, only 4 have appeared for 7 consecutive years, and only 3 have appeared for 10 consecutive years.

In this list, Moutai has become a fund heavyweight only in the past five years.

4 of them for 7 consecutive years and 3 of them for 10 consecutive years all missed Moutai.

Since 2011, Moutai has risen more than 30 times. If you had bought it at that time, you would be a stock god now.