On October 27, market sentiment was depressed, and consumer sectors such as spirits, food and super brands fell unilaterally. At the opening of the afternoon market, the wine-making industry continued to decline, with the whole line floating green. Hainan Coconut Island and Huiquan Beer fell more than 6 per cent, while Guizhou Moutai fell more than 3 per cent and nearly lost 1800 yuan.

　　Institutional positions are divided.

Three quarterly reports revealed that the peak, star fund managers and institutional capital positions gradually clear.

The China Merchants China Securities Liquor Index Fund continued to substantially increase its positions in liquor stocks. In the third quarter, the fund increased its holdings of Yanghe shares by 24.6906 million shares to 67.0401 million shares, making it the third largest tradable shareholder of Yanghe shares. The fund also increased its holdings in Guizhou Moutai and Jinhui Liquor, with an increase of 2.6768 million shares and 6.8593 million shares respectively.

It is worth mentioning that China Life Insurance Company Limited, as the leader of dangerous capital institutions, reduced his holdings in Guizhou Moutai again in the third quarter.

Last week, Guizhou Moutai released three quarterly reports. According to the report, among the top 10 shareholders in Guizhou Moutai, China Life Insurance Company Limited reduced his holdings again and quietly withdrew from the top 10 tradable shareholders. In fact, China Life Insurance Company Limited slightly reduced his holdings of Guizhou Moutai in the second quarter of this year. In this regard, China Life Insurance Company Limited said that the company's operating strategy is to "flexibly adjust the rhythm of income encashment of equity varieties."

　　The agency points out the future trend.

Guosheng Securities pointed out that since October, due to concerns about slowing economic growth and high inflation, the overall market has been under pressure, making it difficult to form a sustained upward force. However, from the recent financial level, the total turnover of the two cities exceeded trillion yuan for three consecutive trading days, and the northward capital showed a net inflow for six consecutive trading days, and the enthusiasm of the market to do long continued to pick up. Therefore, when the market is adjusted, we should not be blindly bearish on the market.

At present, the market has entered the three quarterly report intensive disclosure period, the performance remains high and the long-term logic is difficult to be falsified new energy sector, or more under the care of funds, can actively bargain layout. In operation, we should focus on grasping the rhythm of high selling and low suction of individual stocks, and under the premise of controlling positions, we can gradually increase the allocation of positions in sectors with sufficient pre-adjustment and low valuation, such as medicine, consumption, finance, and so on, waiting for the rotation of the market, or a good choice for the current market.

Huang Fusheng, director of the Pacific Securities Research Institute, believes that consumption tax rumors are the fuse of the recent adjustment of liquor stocks, and the reduction of large funds does not mean that they are not optimistic about liquor stocks. Consumption tax has little impact on high-end spirits, but has a greater impact on middle and low-end spirits. The valuation level of the liquor sector next year will be more reasonable, the layout will get better returns by the end of this year, and the revenue growth of listed liquor companies will remain at about 15% in the next few years.