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Group 1: Zhang Kun's Half-Year Report Insights - Zhang Kun's half-year report reveals all his holdings and argues against the pessimistic view on domestic consumption, citing data on disposable income and savings growth [1][2] - The report highlights that the per capita disposable income in China is projected to grow from CNY 32,189 in 2020 to CNY 41,314 in 2024, representing a compound annual growth rate (CAGR) of 6.4% [1] - Total household savings are expected to increase from CNY 93 trillion at the end of 2020 to CNY 152 trillion by the end of 2024, with a CAGR of 13%, significantly outpacing income growth [1] Group 2: Investment Strategy and Holdings - Zhang Kun believes that the current pessimistic market sentiment lacks a solid foundation and sees opportunities for long-term investors to acquire high-quality stocks at low valuations [4] - His fund has increased positions in domestic demand-related assets, including significant investments in companies like JD Health, SF Holding, and various liquor stocks [4][5] - The report lists the top holdings, with Tencent Holdings at CNY 53.88 billion, Alibaba at CNY 52.22 billion, and Wuliangye at CNY 50.12 billion, among others [5] Group 3: Alibaba's Q2 Financial Performance - Alibaba's Q2 revenue increased by 1.8% year-on-year, but adjusted net income fell by 18%, leading to initial stock price declines [6][7] - The company's cloud computing revenue grew by 26%, surpassing market expectations, and capital expenditures (Capex) reached CNY 38.7 billion, significantly higher than the anticipated CNY 30 billion [8] - Alibaba's management expressed confidence in their strategy, emphasizing the importance of investing in AI and consumer sectors as key growth opportunities [9] Group 4: Market Reactions and Trends - Following Alibaba's earnings report, the stock surged by nearly 13%, marking its best single-day performance since March 2023, and positively impacting indices like the Nasdaq Golden Dragon China Index [6][7] - Southbound capital continued to flow into Hong Kong stocks, with Alibaba receiving a net inflow of HKD 12.662 billion, leading the market [12][13] - ETFs tracking Hong Kong stocks saw significant inflows, with the top-performing ETF being the Fortune Hong Kong Internet ETF, which attracted HKD 12.824 billion [15][17]