招商基金 / China Merchants Fund

招商基金 appears in vol.121.从昙花一现的分级基金到风头正劲的杠杆ETF：永远不要低估人性的疯狂 through 招商中证白酒分级. The episode uses 白酒 B as a structured-fund case that survived the 2015 crash window and later rode a strong liquor-stock cycle before structured funds exited the market.

The source does not use 招商基金 as a general company profile. Its role is to show how a leveraged product can look successful when the underlying theme later delivers a powerful bull market, even though the category-level suitability problem remains.

Connections

• Chinese Structured Fund / 中国分级基金 - product category in which 白酒分级 appears.
• Structured Fund Downward Conversion / 分级基金下折 - category risk that the successful example did not erase.
• Retail Bull Market Psychology - demand-side interpretation of high-return examples.
• Leveraged Product Suitability - broader warning that successful path examples can mislead product use.