关键时刻，张坤再次“对抗”市场

Core Viewpoint - The article discusses Zhang Kun's investment strategy and outlook for the market, emphasizing his belief in the potential for economic growth in China despite current pessimism among investors [4][6][10]. Economic Outlook - Zhang Kun argues that the market has linear extrapolated the economic situation in China over the past two years, leading to long-term government bond yields that do not match economic potential [6]. - He believes that China's per capita GDP is still at a developing country level, with significant room for improvement in income and living standards compared to developed countries [9][16]. - The expectation is that economic growth will eventually reflect in the performance of quality listed companies [11][16]. Market Sentiment - Zhang Kun asserts that the prevailing pessimistic expectations will eventually be broken, indicated by long-term government bond yields no longer remaining at low levels that do not align with economic growth prospects [10][18]. - He emphasizes that understanding what will happen is more important than when it will happen in investment decisions [13][19]. Investment Strategy - In the second quarter, Zhang Kun maintained a high stock position across all managed funds, with stock holdings remaining above 91% [7]. - He has differentiated his approach to liquor stocks, significantly increasing positions in high-end liquor companies while reducing exposure to Yanghe Brewery, which has been a long-term holding [24][25]. Sector Analysis - The real estate sector is under pressure, with new housing sales and investment declining significantly, reflecting a lack of confidence in domestic demand [14][15]. - Zhang Kun attributes the ongoing decline in real estate prices and negative price indices to investor pessimism regarding domestic demand [15][16]. Portfolio Adjustments - The article notes a shift in Zhang Kun's portfolio, with a reduction in U.S. stock investments and an increase in Korean stocks, particularly SK Hynix, which became the top holding in the fund [36][37]. - New additions to the portfolio include JD Health and SF Express, while Meituan and Yanghe Brewery have exited the top holdings [27][30]. Fund Performance - Despite a challenging environment, Zhang Kun's funds have seen a reduction in scale to approximately 55 billion, yet he continues to uphold his investment strategy and stock selections [40][41].