理财周报记者 腾晓萌

Financial journalist who XiaoMeng weekly newspaper

　　你知道，就在两年前，整个市场都不是这样的颓靡不安。当时投资者依然相信，肯定存在一些优秀到足以传家的上市公司，也肯定有一些非常优秀的基金经理，会去发现他们。

You know，Just two years ago，The whole market is not such TuiMi uneasy。When investors still believe，Sure, there are some good enough to ChuanGu of the listed companies，Also must have had some very good fund managers，Will go to find them。

　　有一位当时炙手可热的基金经理对我说，他经常通过去复兴门百盛转转，观察消费终端的情况。

One was the hottest fund manager said to me，He often go through around parkson sparkles with evening lights，Observe the consumptive terminal。

　　他说，消费升级很重要。东阿阿胶(000423,股吧)可能会成为下一个茅台(600519,股吧)，因为40岁以上人群会越来越庞大。罗莱家纺(002293,股吧)是一家非常好的公司，你看他们在百盛的专柜，几千块钱的床上用品，原来也能卖出去。

He said，Consumption upgrade is very important。Donkey-hide gelatine donge(000423,Shares it)May be the next maotai(600519,Shares it)，For more than 40 years old people are more and more huge。Luo lai home textile(002293,Shares it)Is a good company，You see them in the shop of metro，Thousands of dollars of bedding，The original can also sell go out。

　　这两只股票当时如日中天，满足了白马股的所有定义：业绩优秀、机构扎堆、管理层信心十足、规划满满。

The two shares despite at that time，Meet the white horse strands of all definitions：Outstanding achievement、Agency gathers、Management confidence、Planning full。

　　如果你在那两年听过足够多消费升级的讨论，你就会发现，他们坚信中国存在着一个阶层：30-45岁，高收入、家庭稳定、非常注意自己的生活品质。

If you in the two years heard enough consumption upgrade discussion，You will find，They firmly believe that China has a class：30 to 45 years old，High income、Family stability、Very attention to their quality of life。

　　 在吃上，他们很在乎自己的健康，在绝不降低茅台消耗量的同时，每天吃下数量惊人的阿胶、海参和蛋白粉。即便榨菜这种低级食物，他们必然也会选择2200元一包的那种。

Eat in the，They very much care about their health，Never reduce consumption of maotai in at the same time，Every eat an incredible amount of the donkey-hide gelatine、The sea cucumber and protein powder。Even if such low-grade pickle food，They will also can choose 2200 yuan a pack of the sort of。

　　 在穿上，他们坚持用接近国际大牌折扣后的价钱，大举购买各种国产男性西服和夹克。

In put on，They insist on a close to big discount the price of international after，Invest heavily in their various kinds of domestic male suit and jackets。

　　 还有一点很重要的是，怀着中产阶级的骄傲，他们永远不会注意到罗莱网络渠道正在用3折抛售自己的产品，而只会去永不降价的百盛专柜购物。当然，他们还应该出现在自己城市那家最大的、已上市的商场中，为提高每平米收益略尽绵薄之力。

Still have a bit very important，With the pride of the middle class，They never noticed luo lai network channels are using 3 fold selling their products，It will only go to the never reduction parkson counters shopping。Of course，They also should appear in the city that the biggest、Listed department stores，In order to enhance each square meters earnings slightly contribute。

　　 与这个阶层对立的是一个被划为二三线城市或者年轻人的阶层。这个面目模糊、定义不清的群体狂热地更换自己家里的各种家电、非森马和三线女装不穿、用国产护肤品、消耗各种二线白酒、黄酒、啤酒、牛奶和火腿肠。当他们需要展现自己的勤俭时，他们会坐上班车，去4站路之外的永辉超市(601933,股吧)买便宜蔬菜。

And the class of the opposition is a three line as the city of class or young people。The face fuzzy、Ill-defined groups to replace their home frenzy of all kinds of home appliance、The horse and three line's women's don't wear、Skin care products made in、All sorts of second line liquor consumption、Yellow rice wine、beer、Milk and sausage。When they need to show his diligence and thrift，They will sit on the bus，To 4 Station Road lo-fi outside of the supermarket(601933,Shares it)Buy cheap vegetable。

　　 众所周知，这个群体最值得推崇的地方在于，他们非常尊重版权，任何免费盗版视频资源对他们来说都是一个灾难。在这样的认识下，他们共同支撑起了世界少有的收费模式运行无阻的网络视频公司。

As is known to all，This group is the most highly place lies in，They are very respect copyright，Any free video piracy resources for them is a disaster。In this cognition，Together they support the world rare charging system operation or shine network video company。

　　 如你所知，以上涉及的大部分股票，在最近的两周内显现了比预期糟糕许多的业绩，其中一些跌幅巨大。还有一些股票，两年内已经更换了几拨主力机构。

As you know，Most of the stock more involved，In the last two weeks has appeared than expected the performance of many bad，Some of the great falls。And some stock，Two years have replaced the main agency a few dial。

　　 据说，消费市场最新的消息来自A股之外，奢侈品终端销量下滑严重，另外，誓要抓住90后的李宁几乎被认定失败。

It is said that，Consumer market the latest news from the outside A shares，Luxury sales terminal dropped significantly，In addition，Oath to catch the 90 li ning almost be considered failure。

　　 这也许是比黑天鹅更可怕的问题：那个研报和路演中和谐美好的世界，到底是否还存在？

Perhaps this is more terrible than the black swan：The research report and harmonious beautiful world in road show，Whether there is？