The divergence in consumer views between public and private institutions is increasing, with traditional consumer blue-chip stocks having room for valuation repair.

Recently, as stocks such as Lao Pu Gold and other new consumer concepts rose and fell, market attention to traditional consumer sectors has once again increased. However, from the actual operations of public and private institutions, there are significant differences in opinions regarding traditional consumption in the market. On the evening of August 12th, Guizhou Maotai's semi-annual report for 2025 was released. The stock remains a "ballast stone" for institutional funds, with the "national team" including Central Huijin and China Investment Corporation holding firm, and multiple ETFs also increasing their holdings. Securities firms collectively maintain a "buy" rating. However, there are divergent views among institutions on the traditional consumption sector represented by liquor, with some holding their positions while others shifting their funds to new consumption or pharmaceutical sectors. Industry insiders believe that traditional consumption valuation repair is expected, and policy driving and brand moats may inject new momentum into it.