“悲观预期终将被打破” 张坤二季报调仓：减持腾讯加码白酒龙头 科技转向韩股

Core Viewpoint - The article discusses the second quarter report of the 2025 Fund, highlighting the investment strategies of renowned fund manager Zhang Kun, who focuses on structural optimization in the consumer and technology sectors while maintaining a stable overall stock position [1][2]. Economic Environment - The A-share and Hong Kong markets showed a mild upward trend in Q2 2025, but significant industry divergence was noted, with military, banking, and communication sectors leading, while food and beverage and home appliance sectors lagged [1]. - Economic pressures persist, with real estate development investment down 10.7% from January to May, and both sales area and value of commercial housing declining, leading to the lowest second-hand housing prices in major cities in five years [1]. - CPI has experienced four consecutive months of negative growth, indicating deflationary pressures [1]. Investment Strategy - Zhang Kun expresses confidence in China's long-term economic prospects, citing significant room for improvement in per capita GDP and the potential for sustained economic growth through market forces and technological advancements [2]. - The investment strategy for Q2 focuses on two main lines: prioritizing leading consumer brands and strengthening the technology sector by eliminating weaker companies [3]. - In the consumer sector, there is a focus on core liquor brands, with increased holdings in top liquor stocks like Wuliangye, Luzhou Laojiao, and Kweichow Moutai, while Yanghe Distillery was removed from the top ten holdings [3]. - In the technology sector, there was a structural adjustment with a notable reduction in holdings of Tencent, while increasing positions in JD Health and SF Express [3]. Fund Performance and Holdings - As of the end of Q2, Zhang Kun managed four funds with a total scale of 55.047 billion yuan, a decrease of 5.775 billion yuan from the previous quarter [8]. - The flagship fund, E Fund Blue Chip Selection, saw a reduction of 2.555 billion yuan, while performance varied across funds, with E Fund Blue Chip Selection returning 84.55%, E Fund Asian Selection at 52.57%, and E Fund Quality Selection at -30.41% [8]. - Key holdings across the funds include Tencent, Wuliangye, Luzhou Laojiao, Kweichow Moutai, and Alibaba, with adjustments reflecting a focus on companies with strong business models and clear industry positioning [4][5][6][7].