In the field of investment learning, in-depth reading of books is crucial. Most professional books require repeated chewing to grasp the essence, just as it is often difficult to understand thoroughly during the first reading, necessitating a second close reading. Taking 'The Rose of Time' as an example, its in-depth analysis of Kweichow Moutai is extremely valuable. Although the liquor industry has undergone significant changes over the past seven years, and Moutai's stock price has experienced a considerable correction, the underlying logic of the company's operations—such as inventory management models and the core of its business model—has not fundamentally changed. Moutai still maintains an annual commercial profit of over 10%. The current prevailing pessimism in the market precisely reflects a significant divergence between value perception and market expectations, and this contrast may harbor potential investment opportunities.

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