In fact, from the eve of the Spring Festival, some funds began to reduce their holdings of Kweichow Moutai. The American fund holding the most shares in Maotai reduced its holdings in the fourth quarter, and then UBS's China Opportunity Fund also reduced its holdings in Maotai. Although the number of reductions is not large, combined with the high price-earnings ratio of Maotai earlier, institutional investors do not seem to be very optimistic about the market outlook of Maotai. After the Spring Festival, Maotai's performance was indeed the same, and the market ushered in the long-awaited disintegration of group stocks. Some analysts pointed out that at present, white horse stocks have seen a sharp retracement. The high probability is that the fund is switching positions, not necessarily the collapse of the group, but also the loosening of the group.
Some liquor industry researchers said that after the Spring Festival, the liquor industry also ushered in the off-season, and it is not surprising that the stock price fell. But in the long run, the prospect of liquor remains unchanged, especially for high-end liquor brands. In the future, as the epidemic subsides and the economy recovers, the consumption of high-end liquor will definitely pick up further.
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Soochow securities believes that the scale of new domestic funds is still relatively high, and the risk appetite of overseas funds has increased. The large scale of funds to be entered into the market and abundant market liquidity will promote the slow growth pattern of A shares. With the marginal reduction of the new fund scale, the extreme differentiation of the market will continue to ease, but the overall group style will not change.
Zhongtai Securities said that a reasonable valuation comes from games and transactions, but under the imbalance of the long-short system, the game price is easily distorted. Compared with developed markets such as the United States, the short-selling mechanism of A-share stocks is not perfect. Holding a group as long as the fundamentals of the company and industry have not fundamentally changed? It seems difficult? Collapse? .
Zhongtai Securities pointed out that the global capital market is gradually emerging? Blister? In contrast, the sensitivity of high valuation to marginal changes in monetary policy has increased significantly. Once the Fed's interest rate hike is expected to heat up, global liquidity will tighten, and high valuation will even? Blister? The market means greater potential risks.