市值风云·2026-01-26 10:15Core Viewpoint - The current market pricing for some high-quality companies is very low, making them attractive even for privatization [1][12]. Group 1: Fund Performance - In Q4 2025, the assets under management by Zhang Kun decreased to 48.3 billion, with a quarterly shrinkage of over 8 billion [4]. - The performance of Zhang Kun's four funds showed significant structural differentiation, with the largest fund, E Fund Blue Chip Select Mixed Fund, losing nearly 9% in Q4, underperforming its benchmark by over 6% [4][5]. - In contrast, the E Fund Asia Select Stock Fund achieved a positive return of 4.5% in Q4, outperforming its benchmark by over 2%, and had an annual increase of nearly 42% for 2025 [4][5]. Group 2: Sector Adjustments - Zhang Kun continued to reduce holdings in the liquor sector, albeit at a slower pace compared to Q3 2025, maintaining a near 10% position in leading liquor stocks like Kweichow Moutai and Wuliangye [6]. - Significant reductions were also observed in pharmaceutical and media stocks, with JD Health seeing its holdings cut by about half [8]. Group 3: Consumer Market Outlook - Zhang Kun expressed optimism about the future of domestic consumption, citing that the current weak consumption data is not a long-term trend [10]. - He believes that the Chinese government's goal of reaching a middle-income level by 2035 indicates substantial growth potential for income, which will enhance consumer spending [11]. - The stabilization of housing prices, which have been a barrier to consumer confidence, is expected to further boost spending as wealth perception improves [11]. Group 4: Technology and Innovation - A strong domestic consumer market is viewed as a crucial driver for technological innovation, with examples from leading AI models abroad demonstrating the revenue potential from consumer subscriptions [12]. - Zhang Kun emphasized that with a stronger consumer environment, domestic tech companies could generate more income to support research and development, accelerating their growth to catch up with global leaders [12]. Group 5: Long-term Investment Perspective - Despite short-term pressures, Zhang Kun maintains a long-term positive outlook on China's consumption potential and economic development, positioning for investments in quality companies that will grow alongside rising living standards [13].