易方达蓝筹精选的前十大重仓股并未发生变更，依次为：腾讯控股(00700)、贵州茅台(600519.SH)、五粮液(000858.SZ)、阿里巴巴(09988)、山西 汾酒(600809.SH)、泸州老窖(000568.SZ)、百胜中国(09987)、中国海洋石油(00883)、京东健康(06618)、分众传媒(002027.SZ)。其中，张坤较大 幅度地减持了分众传媒，还减持了泸州老窖、山西汾酒、五粮液；加仓了阿里巴巴。 | 序号 | 股票代码 | 股票名称 | 相关资讯 | 占浄值 | 持股数 | 持仓市值 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 比例 | (万股) | (万元) | | 1 | 00700 | 腾讯控股 | 股吧 行情 | 9.94% | 598.00 | 361,972.83 | | 2 | 09988 | 阿里巴巴-W | 股吧 行情 | 9.93% | 2.238.00 | 361.655.12 | | 3 | 600519 | 贵州茅台 | 股吧 行情 | 9.72% | 245.11 | 353.939.85 ...

Core Viewpoint - The white liquor market is experiencing unexpected price declines instead of the anticipated seasonal increase, driven by price adjustments of benchmark products like Feitian Moutai, leading to a widespread price reduction across various brands and price segments [3][13]. Price Trends in Major Cities - In Guangzhou, the average retail prices of high-end liquor have generally decreased, with many premium liquor products, especially sauce-flavored liquors, hitting recent lows [3][4]. - Shenzhen has seen a similar trend, with high-end products like Feitian Moutai and Wuliangye experiencing price drops, influenced by market adjustments from leading companies [6][7]. - In Foshan, price changes are minimal, with most products showing single-digit fluctuations, indicating less impact from market shifts compared to other cities [9][10]. - Dongguan's market shows a clear downward trend in high-end liquor prices, with most products experiencing price reductions, while low-end liquor remains stable [11][12]. Specific Product Price Changes - Sauce-flavored liquor products, such as Junpin Xijiu, have seen significant price drops, with average prices falling from around 731 yuan to approximately 698 yuan in Guangzhou [4]. - Feitian Moutai's retail price in Shenzhen is reported at 1734.21 yuan, with some channels offering it as low as 1699 yuan [6]. - In Dongguan, the average price of the eighth generation Wuliangye has decreased by 20.57 yuan to 884.43 yuan, reflecting a broader trend of price reductions across high-end products [11]. Market Dynamics and Future Outlook - The current price adjustments are attributed to high inventory pressures and a shift towards "price for volume" strategies among distributors, indicating a potential industry reshuffle [3][5][13]. - The market's response to price changes from leading brands like Feitian Moutai is expected to influence the pricing strategies of other products, particularly in the thousand yuan price segment [6][8][13]. - As the Lunar New Year approaches, the ability of white liquor prices to stabilize will be a key indicator of the industry's recovery trajectory [13].

封面新闻记者姚瑞鹏 1月22日在四川省国资国企工作会议上，省国资委党委委员、副主任游代丽对全省地方国有企业2025年经济运行情况正式通报。 过去一年，面对复杂严峻的发展形势，全省国资国企坚决贯彻落实各级决策部署，主动担当、攻坚克难，拼经济、优布局、调结构，经济运行总体保持稳 定，主要指标位居全国前列，在资产规模、市场开拓、动能转换等方面亮点纷呈，充分发挥了全省经济社会发展的骨干支柱作用。同时，受内外部多重因 素影响，巩固向好发展态势仍需持续发力。 多点突破显成效 核心指标稳居全国前列 2025年，全省地方国企顶住经济下行压力，在发展质量和规模上实现双提升，多项核心指标交出亮眼成绩单。资产规模再攀新高，总额跨过三个万亿台阶 达23.23万亿元，同比增长9.9%、居全国第5，其中市州企业20.18万亿元，同比增长10.3%，增速高于省属监管企业，45户一级企业资产规模超千亿元，四 川发展、蜀道集团、四川能源发展集团、成都兴城集团、成都轨道集团、成都交子金控集团、五粮液集团7户企业超3000亿元。 同时，在资本投入增加、经营积累增长的带动下，所有者权益稳步增长至7.34万亿元、同比增长8%。其中，省属监管企业0.9 ...

Core Viewpoint - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1740.66 points, down 0.25%, with a trading volume of 37.125 billion yuan and a turnover rate of 1.46% [1] Group 1: Index Performance - On the day, 31 constituent stocks rose, with North New Building Materials leading with a 4.99% increase, while 17 stocks fell, with Shanjin International leading the decline at 2.07% [1] - The index's top ten constituent stocks include: - BOE Technology Group (sz000725) with a weight of 9.45%, closing at 4.40 yuan, down 1.35% [1] - Wuliangye Yibin (sz000858) with a weight of 9.34%, closing at 102.76 yuan, down 0.28% [1] - Hikvision (sz002415) with a weight of 7.48%, closing at 32.09 yuan, down 1.56% [1] - XCMG Machinery (sz000425) with a weight of 6.90%, closing at 10.86 yuan, down 1.54% [1] - Weichai Power (sz000338) with a weight of 6.24%, closing at 22.36 yuan, down 0.89% [1] Group 2: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 872 million yuan, while retail investors saw a net inflow of 1.149 billion yuan [1] - Detailed capital flow for selected stocks includes: - Yuexiu Capital (000987) with a main fund net inflow of 107 million yuan, but retail outflows of 54.4 million yuan [2] - Huazhong Steel (000932) with a main fund net inflow of 85.6 million yuan, but retail outflows of 33.9 million yuan [2] - Yun Aluminum (000807) with a main fund net inflow of 54.8 million yuan, but retail outflows of 68.3 million yuan [2]

Group 1 - Several public funds have reduced their holdings in liquor stocks, particularly in high-end brands like Kweichow Moutai and Shanxi Fenjiu, with reductions of 8.08% and 5.14% respectively [2] - The liquor sector experienced a cumulative decline of 11.5% in Q4 2025, contrasting with the overall bullish market, which has contributed to the decision of funds to decrease their positions [2] - The fundamental performance of the liquor industry is also underwhelming, with many companies issuing profit warnings for 2025 [3] Group 2 - Major liquor companies are forecasting significant declines in net profits, with Shui Jing Fang expected to see a 71% drop and Kuozi Jiao anticipating at least a 50% decrease [3] - The ongoing decline in the liquor sector is attributed to multiple factors, including supply-demand imbalances and changes in consumer behavior, indicating a shift from irrational exuberance to a focus on intrinsic value [3] - The consumer sector remains under pressure, with domestic demand facing challenges compared to export-oriented companies, as highlighted by Zhang Kun's analysis [4]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000596 | 古井贡酒 | 127.03 | -1.22% | 3.32万 | 4.25 Z | | 603369 | 今世缘 | 33.91 | -0.91% | 7.36万 | 2.51亿 | | 615009 | 贵州茅台 | 1340.06 | -0.81% | 5.90万 | 79.62亿 | | 000568 | 泸州老窖 | 112.35 | -0.73% | 8.24万 | 9.30亿 | | 616809 | 金徽酒 | 19.87 | -0.50% | 3.57万 | 7121.10万 | | 600779 | 水井坊 | 38.75 | -0.46% | 3.75万 | 1.45亿 | | 600702 | 舍得酒业 | 54.44 | -0.33% | 4.65万 | 2.53亿 | | 603198 | 迎驾贡酒 | 38.84 | -0.31% | 3.33万 | 1.29亿 | | 000858 | 五粮液 | 1 ...

Core Viewpoint - The article discusses the second bidding results for the EPC (Engineering, Procurement, and Construction) contract of the Wuliangye Industrial Park energy storage station project, highlighting the competitive pricing and the details of the bidding process [1][2]. Bidding Results - The bidding participants included several joint ventures and companies, with bid prices ranging from 0.7139 to 0.7318 yuan/Wh [1][2]. - The specific bids were as follows: - China Railway Eight Bureau Group and Sichuan Electric Power Design Institute: 0.7289 yuan/Wh - China State Construction Engineering Corporation and China State Construction Zhonghuan New Energy: 0.7234 yuan/Wh - China Railway Eleventh Bureau Group and Zhongzhuan Engineering Design: 0.7318 yuan/Wh - Sichuan Yineda Construction Engineering: 0.7139 yuan/Wh - Kuai Bu Times (Fujian) New Energy Technology and Zhongtu Design: 0.7313 yuan/Wh - Zhongzhou Hanyuan Construction: 0.7285 yuan/Wh [2]. Project Scope - The project involves the construction of a 10MW/20MWh energy storage station, including design, equipment supply, installation, and related administrative procedures [3]. - The scope includes the procurement of two battery cabins, two energy storage conversion and boosting units, and various systems for energy management and safety [3]. Operational Requirements - The energy storage station will require operation and maintenance services for a minimum of two years after commissioning [4]. - The project has a total investment of 16 million yuan, with a construction period of 90 calendar days [3]. Previous Bidding Attempt - The project previously failed to attract enough bidders, resulting in a failed bid due to fewer than three submissions [5][6].

Core Insights - Sichuan plays a unique role in the western economic landscape, possessing rare energy, mineral, and agricultural resources, along with a concentration of leading enterprises in sectors like liquor, equipment manufacturing, biomedicine, and electronic information [1] - The recent ESG-V rating report by Jiaan Jinxin evaluates Sichuan's listed companies on environmental, social, governance, and value dimensions, addressing the critical question of how resource advantages can be transformed into sustainable governance and long-term value [1][2] - The ESG-V rating system introduces "value" as a key variable, assessing whether companies can achieve sustainable profitability and stable capital returns, highlighting a structural differentiation among Sichuan's listed companies [1][2] ESG-V Ratings Overview - New Yiseng is the only company in Sichuan to receive the highest ESG-V rating of AAA, demonstrating strong governance and value dimensions, indicative of a technology-intensive enterprise with controllable resource consumption [2] - The AA tier includes companies like Wuliangye, Kanghong Pharmaceutical, and Xinhua Wencuan, which, despite not having absolute advantages in environmental dimensions, exhibit strong governance structures and value stability [2] - The majority of Sichuan's listed companies fall into the A and BBB rating categories, indicating established compliance and governance frameworks but facing challenges in environmental performance and value stability [3] Industry Challenges and Transition - Many energy, mining, and heavy manufacturing companies face significant pressure in the environmental dimension, while some firms have a foundation in social responsibility but need to improve capital efficiency [3] - The overall ESG-V structure of Sichuan's listed companies reflects a transition from a resource-based economy to a value-based pricing model, with leading firms establishing stable long-term value through technology and governance [3][4] - The ESG-V rating list serves as a "health report" for regional capital structures, emphasizing that long-term investment should focus on companies that integrate resource advantages, governance capabilities, and value creation [4]

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].