Core Viewpoint - The article discusses the recent quarterly report of E Fund's star fund manager Zhang Kun, highlighting his portfolio adjustments and investment philosophy amidst changing market conditions [1][2]. Group 1: Fund Performance and Adjustments - As of the end of Q1 2025, Zhang Kun's managed funds have a total scale exceeding 60.82 billion yuan, an increase of 1.841 billion yuan from the end of the previous year [2]. - The largest fund, E Fund Blue Chip Selection, saw its scale grow by over 1.4 billion yuan to 38.908 billion yuan, while E Fund Quality Selection increased by 500 million yuan to 14.169 billion yuan [2]. - All four funds experienced varying degrees of net redemptions, with E Fund Blue Chip Selection facing a net redemption of 960 million units [3]. Group 2: Portfolio Composition and Strategy - Zhang Kun maintained a high stock position, with stock holdings remaining above 94% across his funds, and a consistent allocation of around 45% in Hong Kong stocks [4]. - In Q1, he optimized the structure of his holdings, reducing exposure to internet stocks while increasing investments in logistics and tourism sectors [5]. - Major reductions were noted in holdings of Tencent Holdings, Alibaba-W, and Yanghe Brewery, with reductions around 30% for Alibaba and Yanghe, and over 10% for Tencent [5][6]. Group 3: Market Outlook and Investment Philosophy - Zhang Kun emphasized that the stock market's returns are fundamentally linked to corporate earnings, which he believes will not remain below the return on equity (ROE) levels for an extended period [7]. - He noted improvements in competitive landscapes across certain industries and highlighted the importance of focusing on companies with strong business models and shareholder-friendly capital allocation [7]. - The manager expressed optimism regarding the economic impact of real estate downturns and consumer stimulus policies, suggesting that investors should concentrate on corporate performance rather than macroeconomic concerns [7].

Core Viewpoint - The food and beverage industry is experiencing mixed performance, with the Shanghai Composite Index showing a slight increase while the Shenwan Food and Beverage Index has declined. Key stocks to watch include Youyou Food and New Dairy [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.38% during the week of April 21-25, 2025, while the Shenwan Food and Beverage Index fell by 1.66% [1] - The top five performing stocks in the food and beverage sector were Youyou Food, Anji Food, Haoxiangni, Kuaijishan, and New Dairy [1] Group 2: Institutional Insights - Tianfeng Securities recommends focusing on Hong Kong food and beverage stocks such as Qingdao Beer, China Resources Beer, Budweiser, Mengniu Dairy, and others [2] - The white liquor sector is advised to consider leading companies like Guizhou Moutai and Shanxi Fenjiu, with a focus on both strong alpha and cyclical beta stocks [2] - In the consumer goods sector, there is a short-term emphasis on snacks and dairy products, with recommendations for companies like Anjijia Food and Yili Group [2] Group 3: Consumption Trends - In March 2025, China's retail sales showed a year-on-year growth of 5.9%, indicating a recovery in consumer demand [3] - The importance of domestic demand is increasing due to external uncertainties, with expectations for further consumption policy support [3] Group 4: Industry Developments - The new national standard for special medical infant formula food will be implemented on March 16, 2027, allowing companies to register products according to the new standards starting from the announcement date [5] - The 112th National Sugar and Wine Fair attracted 6,612 exhibitors and showcased over 300,000 new products, highlighting the industry's innovation trends [11] Group 5: Company News - Shanxi Fenjiu's board of directors underwent significant changes ahead of the 2024 annual report, with new candidates nominated to enhance governance [14] - Luzhou Laojiao has reportedly not received any official notice regarding the suspension of orders and shipments, despite media reports suggesting otherwise [16]

Core Viewpoint - Yuan Qingmao has been appointed as the Party Secretary and Chairman of Shanxi Fenjiu Group, focusing on high-quality development and cultural integration in the liquor industry [6][7]. Group 1: Career Progression - Yuan Qingmao was born in November 1969 and joined the Communist Party of China in December 1999, starting his career in July 1990 [1]. - He held various positions, including Director of the Finance Department of the Shanxi Supply and Marketing Cooperative Union in January 2007 and Deputy Director in August 2011 [3]. - In March 2015, he became a member of the Party Leadership Group and Deputy Director of the Shanxi Provincial Department of Transportation [4]. - In 2017, he was appointed as the Party Secretary and Chairman of Shanxi Transportation Holding Group Co., Ltd., and in 2020, he took on the same roles at Shanxi Road and Bridge (000755.SZ) [5]. Group 2: Leadership at Shanxi Fenjiu Group - Yuan was appointed as the Party Secretary and Chairman of Shanxi Fenjiu Group on December 17, 2021, and was recommended as the Chairman of Shanxi Fenjiu's eighth board of directors on December 19, 2021 [6]. - He announced the Fenjiu Revival Program on May 19, 2022, aiming for high-quality development [6]. - On August 26, 2024, he highlighted the successful completion of production targets for the 2023-2024 cycle, emphasizing the importance of quality in achieving the company's "14th Five-Year Plan" goals [6]. - During the 2024 Global Distributors Conference on December 2, 2024, he stated that the Fenjiu revival has entered its second phase, focusing on stability [6]. - He also emphasized the integration of culture and tourism at the 7th Fenjiu Apricot Blossom Festival on March 28, 2024, promoting the development of the cultural tourism industry [6].

Group 1 - Public funds have adjusted their holdings in the first quarter, with the top three heavyweights being CATL, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [1] - The overall market for alcoholic beverages in China is facing challenges such as intensified competition, excess capacity, and changing consumer preferences, leading to a noticeable decline in market growth and profitability [1][6] - Some funds have reduced their holdings in liquor stocks, particularly in well-known brands like Wuliangye and Yanghe, while others, such as E Fund and Huatai-PineBridge, have increased their positions in Shanxi Fenjiu and Luzhou Laojiao [1][2] Group 2 - The latest data shows that the total market value of the liquor-related funds has changed little despite some reductions in holdings, with the total market value of the top ten holdings in the China Securities Liquor Index Fund decreasing by approximately 2.6 billion [2] - Shanxi Fenjiu has emerged as a significant highlight, with 28 funds making it their top holding, reflecting a shift in investment focus [7] - Fund managers emphasize the importance of cash flow and are looking for companies with strong business models and competitive advantages, indicating a strategic shift in investment logic [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector has shown signs of improvement in April 2025, influenced by external environment changes and market style shifts. The sector is expected to benefit from increased domestic demand and is seen as a safe haven for funds during market volatility [8][34] - The white wine industry is believed to be at its cyclical bottom, with expectations of a stable upward trend in the future. Key companies recommended for investment include Guizhou Moutai, Shanxi Fenjiu, and Ancient Well Wine [8][35] Summary by Sections Market Trends - In Q1 2025, the allocation ratio of food and beverage in the overall market funds decreased from 10.6% in Q4 2024 to 9.8%, marking a new low since 2020. Active equity funds also reduced their allocation to 8.1% from 8.3% [5][14] - The food and beverage sector's market value increased by 0.2% in Q1 2025, ranking 18th out of 31 sectors, while the transaction amount proportion fell to 2.14% [15][21] Fund Holdings - The overall number of shares held by funds in the food and beverage sector decreased in Q1 2025, indicating a general reduction in holdings across major consumer companies [7][27] - The concentration of fund holdings in the white wine sector increased, with active equity funds raising their allocation from 6.46% in Q4 2024 to 6.57% in Q1 2025, while overall market funds decreased their allocation from 9.0% to 8.5% [6][23] Investment Recommendations - The report suggests actively positioning in the food and beverage sector due to strengthening domestic demand expectations. Key areas of focus include: - Snacks sector, with companies like Ganyuan Food and Yanjinpuzi being highlighted for their growth potential [8][36] - Beer industry, particularly Qingdao Beer, expected to improve due to low base effects and restaurant recovery [8][36] - Dairy industry, with a focus on Yili Group, benefiting from policy catalysts and expected price stabilization [8][36] - Other companies worth noting include Angel Yeast, Ximai Food, and Bairun Co., which are expected to benefit from cost advantages and new product launches [8][36]

Group 1 - The core index, CN Consumption Composite Index, closed at 8775.28 points, with a monthly increase of 0.61%, a quarterly increase of 7.78%, and a year-to-date increase of 1.78% [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standards [1] - The top ten holdings in the CN Consumption Composite Index include Kweichow Moutai (27.04%), Wuliangye (7.02%), Yili (5.12%), Muyuan Foods (3.07%), Shanxi Fenjiu (2.96%), Luzhou Laojiao (2.64%), Wens Foodstuff (2.55%), Nongfu Spring (1.97%), Haitian Flavoring (1.96%), and Dongpeng Beverage (1.63%) [1] Group 2 - The market distribution of the CN Consumption Composite Index shows that the Shanghai Stock Exchange accounts for 54.65%, Shenzhen Stock Exchange for 34.46%, Hong Kong Stock Exchange for 10.65%, and other exchanges have negligible shares [2] - In terms of industry composition, the index is heavily weighted towards alcohol (50.76%), followed by food (21.30%), breeding (13.38%), soft drinks (6.02%), planting (3.20%), beauty care (2.71%), household goods (1.94%), and tobacco (0.58%) [2] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [3] - Adjustments to the index sample occur when there are changes in industry classification due to special events or when a sample company is delisted [3]

Core Insights - The performance of equity funds with over 10 billion in assets has shown significant divergence in Q1 2025, testing fund managers' reallocation abilities and industry allocation strategies [1] - Liu Yanchun, once a leading figure in public funds, has seen his managed assets decline to approximately 41.02 billion yuan, down over 50% from a peak of 116.30 billion yuan in Q2 2021 [1] Fund Performance Summary - Liu Yanchun's flagship fund, Invesco Great Wall Emerging Growth A, reported a return of only 0.51% in Q1 2025, ranking 3490 among peers [2] - Over the past year, this fund has declined by 8.40%, and by 23.63% over three years, placing it at the lower end of its category [2][3] - Other funds managed by Liu Yanchun have also performed poorly, with declines exceeding 21% for several products over the past two years [3] Fund Manager Rankings - The top equity fund managers by assets under management include: - Zhang Kun: 60.82 billion yuan, +3.49% YTD - Liu Yanchun: 41.02 billion yuan, -0.19% YTD - Ge Lan: 40.45 billion yuan, +3.24% YTD [2] Portfolio Composition - As of Q1 2025, the top ten holdings of Invesco Great Wall Emerging Growth A include: - Shanxi Fenjiu, Kweichow Moutai, Wuliangye, and others, with a significant focus on the liquor sector [6] - The fund's allocation to the manufacturing sector is 81.53%, with a notable concentration in liquor stocks, which account for nearly 50% of the top ten holdings [7][8] Investment Strategy Analysis - Liu Yanchun's investment strategy reflects a strong value investment approach, with a focus on consumer sectors and responsiveness to policy signals [12][13] - However, the strategy's reliance on traditional paths and a lack of flexibility may pose risks, especially if market trends shift towards technology growth [13] - The fund's high management fee of 0.15% remains unchanged despite recent underperformance, indicating a potential lack of proactive management [9]

金十图示：2025年04月23日（周三）富时中国A50指数成分股今日收盘行情一览：银行、半导体行业午后延续跌势 保险 中国太保 中国人保 中国平安 电机 3175.28亿市值 2972.69亿市值 9232.59亿市值 6.46亿成交额 15.15亿成交额 3.17亿成交额 50.70 7.18 30.90 -0.07(-0.23%) +0.13(+0.26%) +0.03(+0.42%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19496.19亿市值 2620.00亿市值 5044.93亿市值 28.95亿成交额 12.47亿成交额 9.73亿成交额 1552.00 129.97 214.76 -3.19(-1.46%) +3.20(+0.21%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2433.47亿市值 2860.46亿市值 3463.26亿市值 21.92亿成交额 19.14亿成交额 37.76亿成交额 455.79 685.21 149.00 -3.10(-2.04%) -6.06(-1.31%) -9.77(-1.41%) 汽车整车 铁路公路 比亚迪 长城汽 ...

一 、库存周期的本质 ： 供需错配的动态平衡 白酒库存周期的本质是 供给刚性与需求弹性的错配 。 供给端的长周期属性 ： 高端白酒 （ 如茅台 、五粮液 ）生产需经历制曲 、发酵 、蒸馏 、陈酿等环节 ，陈酿时间可达 3-5 年 ， 导致产能释放存在明显滞后性13 。这种 " 生产 - 库存 - 销售 " 的长链条使得企业难以快速响应市场需 求变化 ，容易积累库存压力 。例如 ，泸州老窖因 2020 年技改新增 10 万吨产能 ，半成品酒库存从 2018 年的 46.96 亿元增至 2024 年的 123 亿元 。而中低端白酒生产周期较短 （ 如五粮液系列酒基 酒仅需 81 天 ），库存周转相对灵活 ，但受价格敏感型需求波动影响更大 。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 资悟堂 来源：雪球 " 白酒行业的库存周期是生产刚性 、需求弹性 、渠道博弈 、政策调控等多因素共同作用的结果 。当 前行业处于主动去库后期 ，预计 2025 年末逐步进入补库 ，但价格带分化 、集中度提升 、消费分层 等结构性变革将重塑竞争格局 。企业需通过品牌护城河 ...

Core Viewpoint - The Hainan Provincial Market Supervision Administration has reported ten typical cases of intellectual property administrative protection, highlighting issues in various sectors including food, building materials, agricultural inputs, and electromechanical technology [1] Group 1: Food and Beverage Sector - A retail store in Sanya was found selling counterfeit liquor brands including "Moutai," "Wuliangye," "Jian Nan Chun," and "Fen Jiu," with a total of 550 bottles valued at 929,742 yuan seized [2] - A beverage company attempted to register the trademark "中华" using a logo generated from a free online tool, resulting in a fine of 2,000 yuan for violating trademark application regulations [1][7] Group 2: Tea Industry - A tea shop was penalized for infringing on the geographical indication of "Baisha Green Tea," leading to a confiscation of infringing products and a fine of 6,000 yuan [3] Group 3: Building Materials - A building materials company was found selling counterfeit "Nippon" paint products, resulting in a confiscation of illegal gains of 2,943 yuan and a fine of 35,000 yuan [4] Group 4: Agricultural Inputs - An agricultural store was discovered selling counterfeit high-concentration seaweed liquid fertilizer, leading to a fine of 8,000 yuan and the case being transferred to the police for criminal investigation [5][6] Group 5: Other Sectors - A milk tea shop was fined 76,000 yuan for unauthorized use of the registered trademark "Yihe Tang," which misled consumers regarding the source of the products [8] - A hardware store was penalized for selling gasoline engines marked with "HONDA," resulting in a confiscation of five engines and a fine of 30,000 yuan [9] - A company was fined 1,000 yuan for unauthorized use of the geographical indication "Longkou Vermicelli" in the sale of unpackaged vermicelli [10] Group 6: Patent Disputes - A technology company successfully mediated a patent infringement dispute with another company, leading to a settlement and judicial confirmation of the agreement [11]