The surge in wine prices is still spreading. On the 23rd, it announced that it had decided to adjust the prices of some products, with a maximum price increase of 20%.
On the other hand, the largest equity fund of A shares, the CSI Baijiu Fund recently issued a notice announcing the increase of the purchase limit. However, Penghua Zhongzheng liquor index fund further tightened the purchase limit.
In December 23rd, the Baijiu plate moved up in the afternoon, Jinhui Liquor Co.Ltd(603919) was trading, Kweichow Moutai Co.Ltd(600519) rose more than 3%, and the stock price stood at 2100 yuan. After the big adjustment, will the Baijiu market come back?
merchants CSI Baijiu fund to relax the purchase limit
The 21 day announcement of the CSI Baijiu fund shows that since December 21st, the share limit of category A of Baijiu liquor fund has increased from 100 thousand yuan to 200 thousand yuan, and the C class share quota has increased from 5000 yuan to 100 thousand yuan.
In fact, in October 30th of this year, the CSI Baijiu Fund announced that the purchase limit of A share and C share were limited to 100 thousand yuan and 5000 yuan respectively. On August 27, the fund announced that it would suspend the subscription, conversion transfer in and fixed investment subscription business of a single or accumulated single fund account of more than 1 million yuan from August 30.
Unlike the restrictions on the purchase of Baijiu fund, the Penghua central liquor index type securities investment fund (LOF) has tightened the purchase quota further.
According to the announcement of Penghua Zhongzheng liquor index fund, in order to protect the interests of fund unitholders, since December 20, the large subscription, conversion transfer in and regular fixed investment of A-Shares and C shares of the fund have been adjusted to 20000 yuan and 1000 yuan respectively, which is the third contraction of the purchase limit of the fund in two months. As early as November 2, Penghua Zhongzheng liquor index fund set the maximum subscription amount of class A-Shares at 50000 yuan, which was further reduced to 30000 yuan on December 3.
broad-based
The reason why the purchase restriction has attracted much attention is closely related to the market popularity of these funds.
China Merchants Baijiu fund was established in May 2015, and is an index fund for tracking the liquor quality index of the baijiu. By the end of the third quarter of this year, the scale of the fund had reached 92.895 billion yuan (69.762 billion yuan at the end of the second quarter), only one step away from the scale of 100 billion yuan. It is the largest equity public offering product in the whole market. Meanwhile, the proportion held by individual investors of the fund exceeded 90%. Although the net value of the fund fell by more than 10% in the third quarter, the subscription and redemption of A-Shares of the fund in the third quarter were as high as 53.18 billion and 33.304 billion respectively, with a net subscription of nearly 20 billion.
Penghua Zhongzheng liquor index fund was established in April 2015. As of the end of the third quarter of this year, the stock assets of the fund accounted for 92.43%. The top ten heavyweight stocks are Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Jiugui Liquor Co.Ltd(000799) , Chongqing Brewery Co.Ltd(600132) , Anhui Gujing Distillery Company Limited(000596) , Tsingtao Brewery Company Limited(600600) , Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) . Among them, Kweichow Moutai Co.Ltd(600519) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiugui Liquor Co.Ltd(000799) increased their position shares, and Anhui Gujing Distillery Company Limited(000596) was newly introduced in the third quarter.
Frequent purchase restrictions, netizens in the discussion area also quarreled. Some people think that “Baijiu is still a chance to raise positions”. Some people doubt that after the early sharp correction, can Baijiu market return?
Baijiu still has better configuration value
Hou Hao, the fund manager of the China Merchants Baijiu fund, said that the short term money market is still loose. Under the stable fundamentals, the main liquor companies still have high performance and are expected to achieve steady growth. Time stretch, in the consumer upgrading and industry concentration trend, Baijiu plate still has better configuration value.
Specifically, Hou Hao analyzed that the recent introduction of relevant policies will accelerate the clearance of small and medium-sized liquor enterprises with irregular operation, which has a limited impact on liquor enterprises with standardized operation. Follow up, under the high trend of the trend, Baijiu price increases the brand promotion, the head wine enterprises distributors conference firm determination, channel construction and upgrading, the famous liquor enterprises have a strong structural growth certainty, and the industry crowding out effect is expected to continue.
“At present, it is still a short-term peak season and performance vacuum period. The dealer conference, Spring Festival stock preparation and year-end valuation switching are still expected to drive the overall market of the plate. Continue to pay attention to the volume and price of each price near the peak season and the rotation of funds between plates.” Hou Hao said.
Wu Yue, director of large consumption research of Harvest Fund, believes that 2022 may be a year of consumption reversal. With the subsequent reversal, the consumer sector may usher in a round of structural market rather than rebound. He believes that with the passage of time, the brand value and industry value of consumer brands are improving, and consumers will be willing to give them a premium, with positive time value. The more falls this year, the higher expectations for next year’s market. In 2022, the prosperity of some categories began to bottom out and pick up gradually. With the widening of the scissors gap between income and cost, the subdivision direction obviously suppressed this year may have a comprehensive explosive reversal next year.
(China Securities Journal)
