ZhongThai Asset Management Fund Manager Tian Yu: Bullish on high-end Baijiu, business demand is an important driver.

On July 18, the manager of the China-Thailand Asset Management Fund, Tian Yu, stated in the second quarterly report of their products that the current adjustment in the liquor sector began with the revision of the regulations on frugality and opposing waste by government departments. Coupled with the sluggish demand for liquor at present, the market has once again shown strong concerns about the long-term demand for liquor. Tian Yu believes that under the long-term advocacy of the central government, the proportion of high-end liquor in official functions is already small. Therefore, from the perspective of long-term demand for high-end liquor, business demand is an important driving force, which is still positively correlated with the level of economic activity. When considering valuation and the scarcity of high-end liquor brands, he still remains optimistic, which is also why he continues to maintain a high position in high-end liquor.