4100点后，张坤首次“发声”

Core Viewpoint - The article discusses Zhang Kun's insights from his quarterly report, highlighting his long-term optimistic outlook on China's economic growth and the potential impact of AI on investment opportunities [6][9][10]. Economic Growth Predictions - Zhang Kun emphasizes that China's GDP per capita needs to grow at a compound annual growth rate of 5.27% to reach the level of a moderately developed country by 2035, which is higher than the expected global GDP growth rate [9]. - He believes that the economic growth in the coming years will not be low, driven by domestic demand and consumption [10]. Real Estate Market Insights - Zhang Kun suggests that the decline in housing prices in major cities is likely nearing its end, influenced by low-risk interest rates and potential policy support [12]. - He notes that the negative impact of declining wealth on consumer sentiment may improve in the future [13]. Consumer Living Standards - He predicts significant improvements in the living standards and social security levels of the population over the next decade, narrowing the gap with developed countries [14]. - Zhang Kun expresses confidence that the government will prioritize consumption and domestic demand in its policies [15]. AI Industry Perspective - Zhang Kun discusses the importance of a strong domestic market for technological innovation, citing the subscription revenue from AI models as a crucial income source for companies [16]. - He addresses the "AI bubble" debate, asserting that subscription revenues bolster investor confidence in AI companies [17]. Investment Strategy - The article outlines Zhang Kun's stable investment strategy, maintaining positions in high-quality stocks, particularly in the liquor and technology sectors [22]. - Specific stock adjustments include increasing holdings in Tencent, Moutai, and Wuliangye while reducing positions in Alibaba and JD Health [23].