Maotai, Wuliangye and Yanghe are the top three liquor makers in the traditional sense. The first two are in a stable position, and their market value fluctuates around 200 billion and 900 billion. However, the competition for the third place in the market value of white wine industry has become highly heated On the afternoon of October 29, liquor stocks rose sharply, with Luzhou Laojiao trading limit reaching 262.1 billion yuan, while Yanghe shares fell by 1.06%, and the total market value remained at 253.9 billion yuan. < p > < p > under the condition of one plus one minus, the status of the top three liquor market value changed again. In the past few days, Yanghe shares has always maintained a dominant position and maintained a market value gap of 25 billion yuan with Luzhou Laojiao. < / P > < p > in fact, the competition between the market value of the two companies has been many times. At the beginning of the year, the market value of Yanghe shares was 166.5 billion yuan, significantly higher than that of Luzhou Laojiao (126.7 billion yuan). According to statistics, from January 1 to September 30, Yanghe shares increased by 16.28%, while Luzhou Laojiao became the most outstanding liquor stocks in the year, with an increase of 67.69%. < p > < p > may be due to the “price difference” relationship between the two, as well as Yanghe shares released during the autumn sugar and wine fair to accelerate the nationwide layout of the news, Yanghe shares again exceeded. < / P > < p > the product was launched at the end of 2019, upgrading its quality and specifications on the basis of the original “Dream Blue M6”. At the same time, it is also regarded as “shouldering the responsibility of self breakthrough of Yanghe high-end ceiling” and accelerating the opening of national layout window. < p > < p > on October 12, when the market opened after the festival, Yanghe shares rose by 8.97% the next day, while Luzhou Laojiao rose by less than 5% in these two days, which was reversed by Yanghe shares again. < / P > < p > the operation of the secondary market follows the jungle law. Retail investors and institutions are all powerful, just like the listed companies in periodic difficulties, or the industry companies with limited volume and too little popularity, even the seller’s research report will not be covered < p > < p > in the case of market value rotation of Yanghe and Laojiao, it is also applicable. Today’s liquor stocks rose sharply, as evidenced by the trading limit of Luzhou Laojiao and the decline of Yanghe shares. On the evening of October 28, Luzhou Laojiao released the third quarter report. The net profit growth rate of the current period was 52.55%, and the growth rate from the beginning of the year to the first three quarters was 26.88%. < p > < p > this growth rate is much higher than that of Yanghe shares. In the same period, Yanghe’s two growth rates were 14.07% and 0.55% respectively, and the growth rate of net profit in the first three quarters after non deduction was – 13.94%. In terms of performance growth, Yanghe shares still had a slight advantage in 2015, with a profit growth rate of about 12% in the first three quarters, about 6% ahead of Luzhou Laojiao. However, taking 2016 as the node, the situation has changed, Luzhou Laojiao has a stable growth trend, while Yanghe shares has experienced a “roller coaster” change, which is particularly obvious in the performance of the past two years. From the beginning of 2018 to October 28 this year, Luzhou Laojiao rose by 159.53%, while Yanghe shares only increased by 59.18%. < / P > < p > it is not difficult to see that the long-term operation of the secondary market share price should ultimately be implemented in the management level of listed companies, and companies with stable performance growth are more likely to obtain growth premium. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.