From 2021 to today,
Solar in aggregate went from 3 trillion rmb to 2 trillion rmb;
Baijiu in aggregate went from 5.4 trillion rmb to 2.4 trillion rmb.
These two sectors along lost 4 trillion rmb in market cap.
Guess who gained?
Banks in aggregate went from 10 trillion rmb to 14 trillion rmb in market cap, gaining 4 trillion rmb in about 4.5 years.
Solar and Baijiu are more private companies.
Banks are more SOEs.
Solar is a representation of how involution destroyed value;
Baijiu is a representation of how declined consumption/macro pressured stocks.