张坤最新表态：国内消费被大大低估，未来增速会高于海外GDP

Core Viewpoint - Zhang Kun's latest quarterly report presents a contrarian view on China's domestic demand and consumption growth, arguing that the market has overemphasized short-term negative factors while neglecting long-term structural advantages [4][20]. Group 1: Market Predictions - Zhang Kun believes that the most likely scenario is that "China's consumption growth > China's GDP growth > global GDP growth" [23]. - He emphasizes the significant scale effects from a unified market of 1.4 billion people, which can amplify the advantages of excellent companies [4][25]. - The report suggests that the market has underestimated the potential of domestic demand and consumption in China [20]. Group 2: Fund Performance - Zhang Kun's representative fund, "E Fund Quality Enterprises," surged by 15.81% in Q3, outperforming its benchmark by 2.56 percentage points [6][8]. - This performance marks a turnaround from previous quarters where several funds managed by Zhang Kun underperformed their benchmarks [7]. Group 3: Key Holdings - Key stocks such as Tencent, Alibaba, and JD Health saw significant gains of 32% to 61% in the last quarter, contributing positively to the fund's performance [10][11]. - Zhang Kun has also shown a positive outlook on liquor stocks, with some experiencing over 10% growth in Q3 [12]. Group 4: Investment Philosophy - Zhang Kun maintains a long-term investment strategy, focusing on companies with excellent business models, significant competitive advantages, and sustainable growth potential [14][16]. - He warns investors to resist the influence of "Mr. Market," who may overreact to short-term fluctuations [18][24]. Group 5: Portfolio Adjustments - The fund's stock positions remain stable, with adjustments made in sectors like pharmaceuticals, consumer goods, and technology [28]. - Notably, the media company Focus Media has entered the top holdings for the first time, indicating a shift in focus towards domestic consumption [30][32]. Group 6: Technology Sector Shift - The E Fund Asia Select has seen a shift in its top holdings, moving away from semiconductor companies to more stable AI software and service firms like Google [34][36].