Ge Long Hui·2025-07-21 07:20Group 1 - Zhang Kun's funds under management reached 55.047 billion yuan as of the end of Q2 2025, including four funds: E Fund Blue Chip Selection, E Fund Quality Selection, E Fund Quality Enterprises Three-Year Holding, and E Fund Asia Selection [1] - In Q2 2025, significant portfolio changes included new positions in JD Health, increased holdings in SF Holding, Alibaba-W, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, and Yum China, while reducing positions in Tencent Holdings, Yanghe Brewery, and Meituan [1] - The top ten holdings at the end of Q2 included Tencent Holdings, Alibaba-W, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, China National Offshore Oil Corporation, JD Health, SF Holding, and Yum China [1] Group 2 - In Q2 2025, the A-share market saw the CSI 300 Index rise by 1.25%, the Shanghai Composite Index by 3.26%, and the ChiNext Index by 2.34%, while the Hong Kong market experienced a 4.12% increase in the Hang Seng Index [2] - The real estate sector faced challenges, with new residential sales area and sales value declining by 2.9% and 3.8% year-on-year, respectively, and real estate development investment down by 10.7% [2] - CPI showed negative growth for four consecutive months from February to May, indicating downward pressure on prices, while the stock market exhibited significant sector divergence [2] Group 3 - The company does not share the pessimistic outlook on domestic demand and economy, highlighting that per capita GDP still has room for growth compared to developed countries [3] - The company believes that the pessimistic expectations will eventually be broken, with a key indicator being the long-term bond yields aligning with economic growth prospects [3] - The company will continuously assess the competitiveness of its portfolio companies during economic downturns and their potential to strengthen their market position during recoveries [3]