来源：钛媒体 在西部经济版图中，四川始终扮演着特殊角色：它既拥有全国罕见的能源、矿产与农业资源禀赋，又聚集了白酒、装备制造、生物医药、电子信息等 一批全国性龙头企业。这种"资源底盘 + 产业高地"的结构，使四川上市公司的长期竞争力，天然面临一个更复杂的问题——资源优势，能否被转化为 可持续的治理能力与长期价值？ 近日，济安金信发布《四川上市公司ESG-V评级榜》，对四川地区多家上市公司从环境（E）、社会（S）、治理（G）与价值（V）四个维度进行系 统评估，试图回答一个资本市场愈发关注的核心问题：在资源约束、周期波动与产业升级交织的背景下，哪些企业已经具备将责任治理转化为长期价 值的能力，哪些仍停留在"资源驱动"或"周期依赖"的阶段。 与传统ESG评价侧重合规与披露不同，ESG-V评级体系在E、S、G三大责任维度之外，引入"价值（V）"作为关键变量，从投资视角观察企业是否具备 可持续的盈利能力、稳定的资本回报结构以及被长期资金定价的基础。也正是在这一框架下，四川样本呈现出明显的结构分化。 在本次评级中，新易盛是四川地区唯一获得ESG-V最高等级AAA的企业。其在治理（G）与价值（V）维度均达到AAA，社会维度亦 ...

Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]

Core Viewpoint - The report highlights the investment strategies of top fund managers, particularly focusing on Zhang Kun from E Fund, who has made adjustments in his portfolio amidst market fluctuations, maintaining a long-term optimistic outlook on China's economic transformation and the growth of domestic demand [1][10]. Fund Performance - As of the end of Q4 2025, Zhang Kun managed funds totaling 48.383 billion yuan, with three A-share focused products underperforming against benchmarks, while the E Fund Asia Select, which invests in overseas Chinese stocks, achieved a positive return of 4.53% [1][2][10]. - The performance of the funds is as follows: - E Fund Blue Chip Select: -8.93% return, 31.021 billion yuan in size - E Fund Quality Select: -8.42% return, 11.385 billion yuan in size - E Fund Quality Enterprise Three-Year Holding: -6.82% return, 2.585 billion yuan in size - E Fund Asia Select: 4.53% return, 3.392 billion yuan in size [2][12]. Portfolio Adjustments - In Q4 2025, Zhang Kun reduced holdings in key stocks such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, while maintaining overall stock positions but adjusting sector allocations towards pharmaceuticals, consumer goods, and technology [3][13]. - The top holdings in the portfolio include Tencent Holdings (6.93%), Kweichow Moutai (6.87%), and Wuliangye (6.70%), with notable reductions in their respective weightings [3][13]. Economic Outlook - Zhang Kun expressed a long-term optimistic view on macroeconomic conditions, predicting significant improvements in living standards and social security in China over the next decade, narrowing the gap with developed countries [4][14]. - He emphasized the unique advantages of the Chinese market in the context of the global AI wave, suggesting that a strong domestic demand market is a crucial driver for technological innovation [4][14]. Investment Philosophy - The report indicates that despite current market pessimism regarding core assets, Zhang Kun believes that the intrinsic value of quality companies remains intact, presenting attractive investment opportunities for long-term investors [5][15]. - The central economic work conference highlighted the importance of boosting consumption and expanding domestic demand as key tasks for 2026, reinforcing the focus on consumer-driven growth [6][16]. GDP Growth Projections - According to the "14th Five-Year Plan," China aims to achieve a per capita GDP of $23,400 by 2035, requiring a compound annual growth rate of 5.27% from the current level of $13,300 [7][17]. - The report notes that the decline in housing prices over the past five years has negatively impacted consumer wealth and spending, but this trend may be reversing, potentially improving consumer sentiment and demand [8][18].

Core Viewpoint - The report highlights the investment strategies of top fund managers, particularly focusing on Zhang Kun from E Fund, who has made adjustments in his portfolio amidst market fluctuations, maintaining a long-term optimistic outlook on China's economic transformation and the growth of the domestic market [1][10]. Fund Performance - As of the end of Q4 2025, Zhang Kun managed a total fund size of 48.383 billion yuan, which reflects adjustments from the previous quarter [1]. - Three of the funds primarily investing in A-shares reported negative quarterly returns, failing to outperform their benchmarks, while the E Fund Asia Select, which focuses on overseas Chinese stocks, achieved a positive return of 4.53%, significantly exceeding its benchmark [2][10]. Portfolio Adjustments - In Q4 2025, there was a reduction in holdings of key stocks such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, while maintaining a stable stock position overall [3][13]. - The adjustments focused on reallocating investments in sectors such as pharmaceuticals, consumer goods, and technology [3][13]. Economic Outlook - Zhang Kun expressed a long-term optimistic view on the macroeconomic environment, predicting significant improvements in living standards and social security in China over the next decade, narrowing the gap with developed countries [4][14]. - He emphasized the unique advantages of the Chinese market in the context of the global AI wave, noting that a strong domestic demand market is a crucial driver for technological innovation [4][14]. Investment Philosophy - The report addresses concerns regarding the long-term value of core assets, with Zhang Kun asserting that the underlying value remains intact and that current market pessimism has created attractive valuations for quality companies [5][15]. - He believes that the current low valuation of quality assets presents a rare opportunity for long-term investors [5][15]. Policy Context - The Central Economic Work Conference in December emphasized the importance of boosting consumption and expanding domestic demand as a key task for 2026, highlighting the government's commitment to enhancing consumer spending [6][16]. - The report notes that recent indicators show domestic consumption has been weak, particularly for companies focused on domestic demand compared to those reliant on exports [6][16]. GDP Growth Projections - According to the "14th Five-Year Plan," China aims to achieve a per capita GDP level comparable to that of middle-income developed countries by 2035, requiring a compound annual growth rate of 5.27% [7][17]. - The report suggests that the decline in housing prices over the past five years has negatively impacted consumer wealth and spending, but this trend may be reversing due to potential policy support and lower interest rates [7][17].

Group 1 - The core viewpoint of the articles highlights the performance of the consumer sector in China, particularly the growth of brand value for Kweichow Moutai, which increased by 2.2% to reach $59.63 billion, ranking first in the global liquor industry [1] - The China Securities Index shows that the major consumer index has risen by 0.20%, with significant gains from stocks such as Hainan Rubber (+2.15%), Yanjing Beer (+1.64%), and Dongpeng Beverage (+1.53%) [1] - The market is currently favoring sectors like snacks and dairy, which are experiencing clear growth and higher elasticity, driven by policy support and improving monthly data, while the liquor sector is in a "bottoming out" phase [1] Group 2 - The major consumer index includes leading A-share consumer stocks across various categories, with liquor being the largest sector, accounting for over 38% of the index [2] - The top ten weighted stocks in the major consumer index, which include Yili, Kweichow Moutai, and Wuliangye, collectively account for 68.63% of the index [1] - Investors can also access the consumer recovery trend through the Consumption ETF linked fund (009180) [3]

Core Viewpoint - The report highlights the investment strategies of Zhang Kun, a prominent fund manager at E Fund, focusing on the performance of his funds and his optimistic outlook on China's economic growth and consumer market potential over the next decade [1][2][3]. Fund Performance Summary - As of the end of Q4 2025, Zhang Kun managed a total fund size of 48.383 billion yuan, with three A-share focused funds underperforming their benchmarks, while the E Fund Asia Select fund achieved a positive return of 4.53%, significantly exceeding its benchmark [1][2][3]. - The E Fund Blue Chip Select (005827.OF) reported a net value growth rate of -8.93%, underperforming its benchmark by over 6 percentage points, with a total size of 31.021 billion yuan and a cumulative return of 9.03% since inception [2][3][4]. - The E Fund Quality Select (110011.OF) and E Fund Quality Enterprise Three-Year Holding (009342.OF) also reported negative returns of -8.42% and -6.82%, respectively, since their inception returns are -7.33% and -0.37% [3][4]. Market Outlook and Investment Strategy - Zhang Kun maintains a long-term optimistic view on the macroeconomic environment, asserting that the living standards and social security levels in China will significantly improve over the next decade, narrowing the gap with developed countries [2][3][4]. - He emphasizes that the current pessimistic market pricing has made high-quality companies' valuations very attractive, presenting good opportunities for long-term investors [3][4][5]. - The report indicates a structural adjustment in fund allocations, focusing on sectors such as healthcare, consumer goods, and technology, while maintaining stable stock positions [10][11][12]. Consumer Market Insights - Zhang Kun argues that the current weakness in domestic consumption is a temporary phenomenon, with significant growth potential in China's domestic market, which is expected to be a key driver for future investments [11][12][13]. - He cites the goal of achieving a per capita GDP comparable to developed countries by 2035, suggesting that China has ample room for growth in consumer spending and quality of life improvements [12][13][14]. - The report also highlights the potential for recovery in consumer sentiment as housing price declines stabilize, which could enhance consumer willingness to spend [12][13][14]. Technology and Innovation - The report discusses the unique advantages of the Chinese market in the context of the global AI wave, noting that a strong domestic demand market is crucial for technological innovation [13][14][15]. - Zhang Kun expresses optimism about domestic AI application companies, anticipating that a stronger consumer environment will facilitate better interactions between subscription revenues and model capabilities, aiding in closing the gap with global leaders [13][14][15]. Conclusion - The report reflects Zhang Kun's commitment to long-term investment strategies amid market volatility, with a focus on optimizing fund structures and capitalizing on undervalued assets, positioning for potential excess returns in the next economic cycle [15][16][17].

Group 1 - The core viewpoint of the news is that E Fund's Blue Chip Select Fund, managed by Zhang Kun, has maintained a stable stock position while adjusting its sector allocations in pharmaceuticals, consumer goods, and technology as of Q4 2025 [1] - The top ten holdings of the fund as of the end of Q4 2025 include Tencent Holdings, Kweichow Moutai, Wuliangye, Alibaba-W, Shanxi Fenjiu, Luzhou Laojiao, Yum China, CNOOC, JD Health, and Focus Media, showing no changes from Q3 2025 [1] - Zhang Kun expresses confidence that both the actual living standards and social security levels in China will significantly improve over the next decade, narrowing the gap with developed countries [1] Group 2 - The current AI wave highlights the importance of a strong domestic demand market in promoting technological innovation, as it attracts global resources, talent, and capital [2] - Subscription revenues, such as the approximately $200 annual fee for C-end users of leading AI models like GPT and Gemini, are crucial for companies' financing and ongoing investment confidence amid debates about an "AI bubble" [2] - A domestic company with leading foundational model capabilities could benefit from a stronger consumer environment, enhancing subscription income and model investment interactions, which may help it catch up with global leaders [2]

来源：酒业内参 【点击进入酒价内参，查看真实酒价】 白酒业的重要新闻方面，当地时间2026年1月20日，《Brand Finance 2026年全球品牌价值500强榜单报 告》于瑞士达沃斯发布，茅台以596.3亿美元品牌价值同比增长2.2%，稳居全球烈酒行业首位，成为中 国白酒品牌走向国际的核心标杆。作为中国白酒行业的龙头企业，茅台的品牌价值表现不仅彰显了自身 的行业引领力，更成为中国白酒品牌整体竞争力的重要缩影。本次榜单共有68个中国品牌入选，虽入榜 数量较去年减少1个，但入榜品牌总价值同比增长9.7%，单品牌平均价值实现提升，且中国上榜品牌平 均品牌强度指数达76.4分，高于全球500强平均水平。茅台的突出表现为中国品牌在全球舞台的价值提 升注入了关键动力，也印证了中国白酒行业优质品牌的发展潜力。 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月22日迎 来普遍下跌。如果十大单品各取一瓶整体打包售卖，今日总售价为8854元，较昨日下跌12元。市场价格 第五次创下近两个月的新低，高端酒价格中枢持续下移，行业短期调整态势未改。 今日市场普跌特征凸显，十大单品七跌三涨，头 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月22日迎 来普遍下跌。如果十大单品各取一瓶整体打包售卖，今日总售价为8854元，较昨日下跌12元。市场价格 第五次创下近两个月的新低，高端酒价格中枢持续下移，行业短期调整态势未改。 今日市场普跌特征凸显，十大单品七跌三涨，头部酒品走势分化，仅少数单品显露止跌回暖迹象。下跌 产品中，习酒君品领跌，环比降低13元/瓶；古井贡古紧随其后，环比下跌9元/瓶；国窖1573与洋河梦 之蓝M6+均环比下跌4元/瓶；飞天茅台环比下跌3元/瓶，i茅台平价货源持续投放，终端价格支撑进一步 弱化；青花汾20与青花郎跌幅较小，分别下跌2元/瓶与1元/瓶。上涨产品中，精品茅台领涨，环比大幅 上涨18元/瓶，渠道货源阶段性收紧，叠加部分终端补货需求释放；五粮液普五八代上涨5元/瓶；水晶 剑南春微涨1元/瓶。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小时各点位经手的真实成交终端零 ...

新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月22日迎来 普遍下跌。如果十大单品各取一瓶整体打包售卖，今日总售价为8854元，较昨日下跌12元。市场价格第五 次创下近两个月的新低，高端酒价格中枢持续下移，行业短期调整态势未改。今日市场普跌特征凸显，十 大单品七跌三涨，头部酒品走势分化，仅少数单品显露止跌回暖迹象。下跌产品中，习酒君品领跌，环比 降低13元/瓶；古井贡古紧随其后，环比下跌9元/瓶；国窖1573与洋河梦之蓝M6+均环比下跌4元/瓶；飞天 茅台环比下跌3元/瓶，i茅台平价货源持续投放，终端价格支撑进一步弱化；青花汾20与青花郎跌幅较小， 分别下跌2元/瓶与1元/瓶。上涨产品中，精品茅台领涨，环比大幅上涨18元/瓶，渠道货源阶段性收紧，叠 加部分终端补货需求释放；五粮液普五八代上涨5元/瓶；水晶剑南春微涨1元/瓶。 数据来源:全国各大区合理分布的约200个采集点,包括但不限于 酒企指定经销商、社会经销商、主流电商平台和零售网点等 原始数据： 过去24个小时中各点位经手的真实成交终端零售价 sma 打开新浪财经APP 搜索 酒价内参 Q 新浪财经客户端 Sina ...