近年来，公募基金在白酒板块上的持仓呈现出明显的“坚守”特征。尽管市场波动加剧、消费疲软以及政策监管趋严，众多头部公募仍重仓贵州茅台、五粮液等一线白酒股。这种坚守源于白酒行业长期稳定的高毛利率、强劲的现金流和品牌护城河，使其被视为核心资产的代表。然而，当前白酒板块也面临多重困境：一方面，年轻消费群体对白酒兴趣减弱，转向啤酒、果酒或低度酒；另一方面，经济增速放缓影响高端白酒的商务与礼品需求。此外，估值高企也使白酒股在市场风格切换时容易遭遇大幅回调。部分基金经理开始调整策略，在保持核心仓位的同时，适度配置次高端或区域酒企以分散风险。总体来看，公募对白酒的“信仰”仍在，但投资逻辑正从“无脑重仓”转向更精细化的价值判断。
In recent years, public mutual funds have shown a clear pattern of ‘holding firm’ in the baijiu (Chinese liquor) sector. Despite heightened market volatility, weakening consumer demand, and tightening regulatory oversight, many leading fund managers continue to heavily allocate capital to premium baijiu stocks like Kweichow Moutai and Wuliangye. This persistence stems from the sector’s historically high gross margins, robust cash flows, and strong brand moats, which position it as a core asset class. However, the baijiu industry now faces multiple challenges: younger consumers are shifting preferences toward beer, fruit wines, or low-alcohol alternatives, while slower economic growth has dampened demand for premium baijiu in gifting and business settings. Additionally, elevated valuations make these stocks vulnerable to sharp corrections during market style rotations. In response, some fund managers are refining their strategies—maintaining core positions while selectively adding mid-tier or regional baijiu producers to diversify risk. Overall, while institutional confidence in baijiu remains, investment logic is evolving from blind concentration toward more nuanced, value-driven analysis.
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