张坤三季报：在“老登股”的坚守中业绩超预期，港股暴涨带来及时雨

Core Viewpoint - The article highlights the impressive performance of Zhang Kun, a prominent fund manager, in the third quarter, with significant gains in his managed funds driven by a rebound in long-held "old economy stocks" and strong performance in Hong Kong tech and consumer stocks [3][4][9]. Fund Performance - Zhang Kun's managed fund, E Fund Asia Select Stock, saw a net value increase of 17.6% in Q3, while E Fund Quality Enterprises Three-Year Holding Mixed Fund grew by 15.8%, marking a recovery from previous quarters [4][5][7]. - Despite underperforming the CSI 300 index's 17.9% growth during the same period, Q3 was the best-performing quarter for these funds [7]. Stock Performance - Key stocks in Zhang Kun's portfolio, including Tencent Holdings, Alibaba-W, and JD Health, experienced substantial gains of 31.8%, 61.2%, and 54.7% respectively in Q3, contributing significantly to the fund's net value [9]. - The top holdings in his portfolio include Tencent Holdings (10.67%), Alibaba-W (10.67%), and Kweichow Moutai (10.45%), among others, with a total portfolio value of approximately 34.66 billion yuan [10]. Investment Strategy - Zhang Kun has consistently increased his holdings in liquor stocks, particularly Kweichow Moutai and Yum China, indicating a strong commitment to the consumer sector [11]. - He expressed a positive outlook on the long-term growth of Chinese consumption, predicting that China's consumption growth will outpace both GDP growth in China and globally [13][14]. Market Insights - The article emphasizes that China's per capita GDP remains below the global average, suggesting significant growth potential [14]. - It also notes that the proportion of household consumption to GDP in China is among the lowest globally, indicating a higher likelihood of increase rather than decrease [15]. - Zhang Kun highlighted the scale effect of China's unified market, which can amplify product, research, and sales advantages for companies operating within it [15]. Valuation Perspective - The article points out that the liquor sector, represented by "old economy stocks," is currently undervalued, with a price-to-earnings ratio at its lowest since 2020 and a dividend yield returning to a high of 4% [15]. - Zhang Kun's investment philosophy reflects a long-term perspective, balancing growth and defensive strategies, and emphasizing the importance of free cash flow generation for valuation [16].