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].

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]

每经记者 谢振宇 每经编辑 赵云 扫描酒盒上的防伪二维码，就能了解你购买的酒品是否有假酒风险，还能一键举报。 第25个"世界知识产权日"即将到来之际，4月23日，在四川省检察院联合省法院、省经济和信息化厅、省公安厅、省市场监管局共同举办的"保护知识产权 共促川酒发展"主题活动上，正式发布了"天府酒知卫"小程序。 今年4月，四川省检察院联合省法院、经济和信息化厅、公安厅、省市场监督管理局共同签署《关于加强川酒知识产权保护与发展的协作意见》，共同推动 知识产权保护工作。 据四川省检察院有关负责人介绍，针对电商售假、二维码扫码验证异常等有关酒类知识产权保护的新问题，四川省检察院系统以及相关司法机关、行政机 关，联合五粮液、泸州老窖、郎酒、剑南春、水井坊、舍得酒业等川酒"六朵金花"企业，共建了川酒知识产权监督保护平台。该平台旨在打破信息壁垒，整 合司法、行政、酒企等多方信息数据，运用大数据和人工智能等数字技术，挖掘数据效能，形成保护合力。平台的建设，还将解决长期以来存在的维权周期 长、成本高等难题，大幅提高办理案件的质效。 扫码快速查验 发现假货还可一键举报 来源：主办方供图 打破信息壁垒 共建川酒知识产权监督保护平 ...

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 ...

• 1978年—1984年：在南充氮肥厂、长江液压件厂担任车间主任、工程师。 • 1984年—1987年：在泸州市进出口公司担任进出口部经理。 • 1987年—1992年：任泸州市经委高级经济师、处长，新产品开发中心主任。 谢明，1955年10月出生，四川仁寿人，经济学硕士，高级经济师，享受国务院特殊津贴专家。 • 学历：经济学硕士。 • 进修：曾在四川大学学习，获得MBA学位；在清华大学学习，获得EMBA学位。 早期工作 • 1997年—2004年：任泸州市龙马潭区委副书记、区长，区委书记、区人大常委会主任。 泸州老窖任职 • 谢明在任期间，推动泸州老窖从传统国企向现代化企业转型，提出"产业壮大资本，资本推动产业"的经营理念，形成产业与资本市场"双轮驱动"的良性循 环。 • 2004年4月—2005年12月：任泸州老窖集团公司董事局主席、总裁，泸州老窖股份有限公司董事长、党委书记。 • 2005年12月—2015年7月：任泸州老窖集团董事局主席，泸州老窖股份有限公司董事长。 • 2015年7月后：卸任泸州老窖股份公司董事长，继续担任泸州老窖集团董事局主席。 • 品牌建设与市场拓展： • 他主导了泸州老窖的品 ...

3. 4月21日，宁德时代发布第二代神行超充电池，这是一款磷酸铁锂电池。据宁德时代介绍，该电池续航达到800公里，峰值充电倍率 接近12C，峰值充电功率超过1.3兆瓦，可以实现"充电5分钟，续航超520公里"。 宏观消息 1、 近日，中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》，对自由贸易试验区建设工作作出系统部署。 今日导读 1. Wind数据显示，21日晚间，现货黄金突破3400美元/盎司，再创历史新高，日内涨约2.2%，较4月7日的2982.975美元上涨约 14%。与此同时，COMEX黄金也持续创新高，盘中最高达到3409.3美元，日内涨约2.3%。 2.近日，国际数据公司（IDC）发布了2025年V1版本《全球大数据支出指南》。IDC最新数据显示，2024年全球大数据IT总投资规模 约为3540亿美元，2028年预计接近6441亿美元，五年复合增长率（CAGR）约为16.8%。聚焦中国市场，IDC预计，2028年中国大 数据IT支出规模为621.7亿美元，全球占比约10%，五年复合增长率约为24.9%，增速位居全球第一。 2、中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合 ...

Investment Rating - The report maintains a "Recommendation" rating for the liquor industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights that the pricing floor is solid, and the value proposition remains attractive for investors. Despite short-term pressures, the market is expected to stabilize, with a clear support level at 2000 yuan for major brands like Moutai [6][13]. - The report emphasizes the importance of balancing volume and price in the second quarter, with a focus on improving cash flow for distributors and maintaining stable pricing [6]. Industry Overview - The liquor industry consists of 20 listed companies with a total market capitalization of approximately 338.49 billion yuan [3]. - Recent performance metrics show a 4.7% decline over the past month and a 6.3% decline over the past year, indicating some volatility in the market [4]. Company-Specific Analysis - Moutai's recent price has dropped to around 2100 yuan, reflecting a 20 yuan decrease from the previous week and a 120 yuan decrease from the previous month. This decline is attributed to increased supply and seasonal demand fluctuations [6]. - The report notes that Moutai is actively implementing measures to stabilize prices, including adjusting supply and enhancing market supervision to prevent price disruptions [6]. - Other key players like Wuliangye and Luzhou Laojiao are also experiencing slight price adjustments, with Wuliangye's price at approximately 925 yuan [7]. Investment Recommendations - The report suggests a focus on leading companies such as Moutai and Wuliangye for short-term gains, while also recommending secondary brands like Fenjiu and Gujing for their growth potential [6][13]. - The anticipated dividend yield for major liquor companies is around 4%, making them attractive for long-term investors [6].

金十数据4月21日讯，近日，泸州老窖集团商业投资有限公司成立，法定代表人为朱勇，注册资本1亿人 民币，经营范围含房地产开发经营、建设工程施工、酒类经营、以自有资金从事投资活动、园区管理服 务、非居住房地产租赁、住房租赁等。股东信息显示，该公司由泸州老窖集团有限责任公司全资持股。 泸州老窖集团成立商业投资公司，注册资本1亿元 ...

Group 1 - The core viewpoint of the article highlights the transformation of Sichuan's manufacturing industry through intelligent and digital upgrades, significantly enhancing production efficiency and reducing costs [16] - The implementation of "smart transformation and digital transition" (智改数转) has led to remarkable improvements in productivity, with some factories reporting a 620% increase in per capita output and a 90% reduction in labor intensity [2][12] - Sichuan has successfully established several smart factories, with 10 factories, including the Dongfang Electric Group, recognized as national-level exemplary smart factories [16] Group 2 - The high-tech manufacturing sector in Sichuan has shown impressive growth, with a 14.5% year-on-year increase in added value for large-scale high-tech manufacturing [17] - The production of artificial intelligence-related products, such as industrial robots and sensors, has surged, with output increasing by 20.9% and 23.3% respectively [17] - Companies like Chengdu Micro Network Youlian Technology have set benchmarks in the industry by implementing advanced technologies like 5G and industrial internet, leading to significant efficiency gains [16]