Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Jiang Cheng, a prominent fund manager at Zhongtai Asset Management, during the second quarter of 2025, emphasizing a defensive approach amidst market volatility [3][20]. Group 1: Fund Performance and Adjustments - Jiang Cheng's overall strategy for the second quarter was to "moderately enhance defensiveness," leading to a reduction in stock holdings across most funds, while selectively increasing positions in certain stocks [6][8]. - By the end of the second quarter, Jiang Cheng managed a total of 7 funds with an aggregate size of 12.606 billion yuan, a decrease of 559 million yuan from the previous quarter [8]. - The stock allocation across Jiang Cheng's funds showed slight reductions, with the largest fund, Zhongtai Xingyuan, experiencing significant net redemptions despite positive returns [8][14]. Group 2: Portfolio Composition and Stock Adjustments - Jiang Cheng maintained a stable portfolio composition, with no new stock additions in major funds, while reducing holdings in several high-performing stocks, particularly in the banking sector, where reductions approached 20% [9][10]. - Specific reductions included 16.72 million shares of Industrial and Commercial Bank of China and 2.67 million shares of China Merchants Bank, indicating a clear profit-taking strategy [9][12]. - The overall concentration of holdings in the major funds slightly decreased, but the decline was less than 0.4% [14]. Group 3: Sector Focus and Market Outlook - The report noted strong performances in sectors such as defense, consumer goods, and media entertainment, but Jiang Cheng opted for a conservative approach, focusing on long-term value rather than short-term gains [6][20]. - Jiang Cheng expressed a cautious optimism regarding the macroeconomic outlook while emphasizing the need for prudence at the individual stock level, aiming for a balanced portfolio that prioritizes stability over high returns [20].

文 | 银行螺丝钉 （转载请注明出处） 长按识别下面二维码，添加 @课程小助手 微信，回复「 0304 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 有朋友问，创业板指、创业板50、科创50、科创100···这些指数有何区别？当前估值如何？ 有哪些对应的指数基金可以选择？在投资时如何搭配更稳妥呢？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 科创板、创业板相关的三类指数 我们先来看下，A股市场都有哪几大板块，方便大家了解科创板、创业板的主要特征和定位。 A股上市公司，主要分布在以下几个板块当中： ▼主板 通常来说，一些比较成熟、盈利稳定的龙头公司大多都会在主板上市。 像沪深300、中证500等大多数指数的成分股，也都是以主板股票为主。 ▼创业板 如下，是科创板、创业板当前一些主流的相关指数。 创业板的公司，以暂时无法在主板上市的创业企业、中小企业、高科技企业等为主。 代表指数是创业板指。 ▼科创板 在这个板块上市的，主要是信息技术、高端装备、新材料、新能源、节能环保、生物医药等高新技术和新兴产业相关的公司。 代表指数是科创50指数。 ▼北交所 2021年9月，北交所设立，主要的定位是服 ...