"Drink" The Logic of Liquor: The Organization "Zuiyan" Dim again gambling news?

"Now go to white wine, relative to finance, real estate, wine is safe and relatively large space." "From the beginning of June, we have been increasing the proportion of white wine (stock)," a public fund manager in Shanghai told reporters. June 29, liquor industry listed companies have emerged, of which high-end liquor is the leading leader. Guizhou Maotai (600519).　　SH), Wuliangye (000858.SZ), Luzhou old Cellar (000568.SZ) rose 7.82%, 4.92%, 8.26% respectively, while the whole wine, food plate rose in front.　　Before and after the brewing plate, the Phantom of the Agency is in the shadow of the "Institutional city" feature.　　Wine-making food, medicine was the institution of the 2008 crisis of the storage of the heavy warehouse varieties, the end of the first quarter, the market officially launched, but was abandoned, now, the market for more than half a year, the index has risen 1000多 points, the agency has again increased warehouse wine plate.　　From brewing to brewing, from the early March 2000 to the current 3,000 points, the organization of the cycle of the transfer of the way, what is implied in the investment logic? "Drink" The logic of liquor provoked June 29 wine plate collective rise of the fuse is Shanxi fen (600809. SH) Price announcement. June 26, the unit announced the price of some products 10%.　　and Guizhou Maotai and other high-end liquor also has a strong price expectations. The reporter learned that at the beginning of June, there are several large fund companies to lighten the bank, real estate, consumer goods, of which, liquor-type leading listed companies are heavy warehouse buy object. "In the first week of June, we let liquor account for 10% of the Fund's positions. Now it seems that the effect is very good, as far as I know, the surrounding friends are very optimistic about high-end liquor.　　"A Shanghai fund company research director told reporters.　　June 29 Wine Plate features: Wine listed companies rose, while other food and beverage plate is not all up, high-end liquor plate performance than the general wine varieties. "From the case of Maotai in Guizhou, some of our funds are definitely not value investors," he said. "Wu Zhenyu, general manager of the Nanjing Sen Yuan Investment Company, criticized," now, this is not popular, the 2007 crazy advertised, now basically no one talks about. "June before the market, Guizhou Maotai has been stagnant, but it shows a continuous and stable growth of the good situation."　　In the first quarter of this year, the unit's main revenue and net profits rose by 26.04% and 39.35% respectively. CICC June 12 high-end liquor industry Report, the rise of wine company rating.　　The report argues that the rebound in high-end baijiu has just kicked off and is expected to have at least 20% per cent increase in average valuations.　　The reason for gold judgment is: the industry fundamental inflection point has now, two quarters of channel inventory back to the early 1/3, monthly sales growth, some of the wholesale price rebound, show high-end liquor demand warmer. But the Citic Securities water Well Square (600779).　　SH) at the meeting of investors, there was no such optimistic view. The same wine water Well Square quarterly shows that high-end wine income and salesThe volume was significantly lower, the income fell by 23%, May compared to April, a slight increase, but did not see the improvement trend, can not determine whether the contingency or fundamental improvement. "Clearly, the real recovery of high-end liquor is still controversial."　　But why is the agency anxious to increase its position? "Rather than a valuation advantage and warmer expectations, it is better to estimate the news, the real incentive is to raise prices."　　"said a private equity manager in Shanghai. and raising prices is not new.　　Although near the mid-Autumn festival, dealer inventory has been digested, but is not a big boon, every year to repeat the festival, the market will not be expected. Generally speaking, there are three kinds of people in the water well square: the rich, the right, the rich, the right and the taste.　　"Wells Square investor Exchange said. Common sense: "The rich, the right, both have taste", a short period of time is a relatively stable group, in short, the demand for high-end liquor has not changed significantly.　　So, why are we all suddenly changing the expectations of liquor and high-end liquor?　　Perhaps this is another game of drumming, but this time it is the fund, insurance and other institutions.　　Six-year warehouse route map at the end of 2008, the beginning of the current market, hot change to liquor, has been round to fry. "The second half, if you want to profit in this market, to do is to keep pace with the fund to adjust the position."　　"On Navy RUI Investment Co., Ltd. Wang Zingjiang talks about the success of the stock market.　　However, at the beginning of this year, the fund, insurance and other institutions of the frequent movements of positions, concentration of the high position of the general investors Mo Yan.　　Early this year, the fund, insurance and other institutions still adhere to low positions, weak cycle of defensive strategy, when the small and medium-sized stock, the theme of the situation, the agency obviously ran the market, the organization has significantly killed the bank.　　February, the organization began to significantly increase the position ratio, but the concentration of positions is still not high, only to continue the previous strategy, only to increase the position of the real estate.　　At the end of March, the concept of inflation began to rise, and the financial and real estate institutions began to emerge and stand out from the ranks of public-offering funds. Typical is the bank of Exchange funds, its quarterly bulletin shows that the top ten silver-blue-chip stocks are financial, real estate, resources sector. With this configuration, Silver blue-chip in the early June ranked weekly net worth first.　　Other funds in the bank are similar. Reporter statistics found that 2009 fund a quarterly disclosure of the top 50 large warehouse stocks, ranked in the top three are, China Ping An (601318. SH), Pudong FA Bank (600000.SH), China Merchants Bank (600036.SH). Liquor listed companies only Guizhou Maotai, Luzhou old cellar. Guizhou Maotai although ranked fifth, but 70 fund shareholding data show that 230 only equity funds, holding Guizhou Maotai fund accounted for only 30%.　　and holding China Ping ' an fund of 168, Pudong Hair Bank for 143, Merchants Bank 113. To the embarrassment of some fund managers, their management funds began to be abandoned by peers at the end of March, because the heavy warehouse holds the Guizhou Maotai. Sell the spear.Taiwan, has become a pain in their hearts. Reporter estimates found that the end of March to the beginning of June, Guizhou Maotai zone rose only 5%. In the same period, financial and property stocks have been "crazy", Vanke (000002.　　SZ) Rose 27%, and China Merchants Bank also had a 13% gain.　　Wind data shows that from the first quarter of the Fund to increase the situation, the bank, insurance, real estate sector, are the fund overweight focus. Among them, Pu FA Bank occupies the first of the fund to increase the stock, Societe Generale (601116. SH), deep Development (000001.SZ), Bank of Communications (601328.SH), Minsheng Bank (600016.SH), etc. also by the fund overweight.　　And in the four quarter of last year, the above bank shares are being concentrated reduction of the camp, the fund changed hands in the first quarter of this year, all the return, the key reason is that its forecast macroeconomic quarter-on-quarter upturn in the possibility of increased, and inflation expectations.　　This year's quarterly disclosure, the fund increased the top five industries are: Finance, insurance 5.2%, machinery, equipment, instruments 1.63%, metal, Non-metallic 1.52%, real estate 1.47%, extractive industry 0.66%.　　The same period of medicine, consumer goods, such as weak cycle of defensive varieties, has become a fund to reduce the "hardest hit", now soaring high-end liquor has not been spared.　　This body to increase the high-end liquor behind the increase, the recovery is expected to be "water to the lower flow" excuse, or is the embodiment of value discovery?　　There are market participants believe that a six-year market, the agency frequently, 3 months, before the crazy sell, behind the crazy buy, this is not a reasonable and healthy investment strategy. "No way, then can only adapt." "Private equity boss Wang Zingjiang helpless said.