Group 1 - The main consumption index of China Securities fell by 1.84% as of July 31, 2025, with Shanxi Fenjiu leading the decline, followed by Meihua Biological, Luzhou Laojiao, and Dongpeng Beverage [1] - The consumption ETF, Jiashi (512600), experienced a turnover of 2.39% and a transaction volume of 12.4811 million yuan, with an average daily transaction of 15.3627 million yuan over the past week [3] - As of July 30, 2025, the Jiashi consumption ETF reached a new high in scale at 529 million yuan and a new high in shares at 755 million, with a net inflow of 24.5174 million yuan over the past three days [3] Group 2 - The Jiashi consumption ETF has seen a net value increase of 6.68% over the past six months, ranking in the top two among comparable funds, with a maximum monthly return of 24.50% since inception [3] - The price-to-earnings ratio (PE-TTM) of the index tracked by the Jiashi consumption ETF is currently at 19.24 times, indicating a valuation lower than 85.71% of the time over the past year, suggesting historical low valuations [3] Group 3 - The recent performance of the liquor sector is attributed to trading factors, with liquor stocks being favored for their low valuations and high dividends, making them attractive to funds seeking stable returns [4] - The liquor sector is currently at a five-year low in valuation, with public fund holdings at a record low, indicating a favorable chip structure and low market pressure [4] - The focus for investment in the second half of the year should be on low-valuation liquor stocks, while new consumer companies should be analyzed for core competitiveness and industry trends [4] Group 4 - The Jiashi consumption ETF tracks the major consumption index of China Securities, which includes leading consumer stocks across various sectors, with liquor being the largest sector, accounting for 45% of the index [4] - The top stocks in the index include Yili Group, Kweichow Moutai, and Wuliangye, all of which experienced declines in their stock prices [6]

Core Viewpoint - After four consecutive years of decline in the liquor sector, top fund manager Zhang Kun has significantly increased his holdings in high-end liquor stocks, believing that pessimistic expectations will eventually be broken [2][11]. Fund Performance - In Q2, all four funds managed by Zhang Kun underperformed their respective benchmarks, with total assets under management dropping to 55.047 billion yuan, a decrease of 9.50% from the previous quarter [4][6]. - The specific returns for the funds in Q2 were -7.15%, -7.07%, -5.64%, and 8.79%, while their benchmarks grew by 1.92%, 1.55%, 1.92%, and 10.13% respectively [4]. Fund Holdings and Adjustments - Zhang Kun's funds increased their positions in several high-end liquor stocks, including Wuliangye, Luzhou Laojiao, Kweichow Moutai, and Shanxi Fenjiu, while Yanghe exited the top ten holdings [2][7]. - The largest fund, E Fund Blue Chip Select, had a total size of 34.943 billion yuan at the end of Q2, with a significant increase in concentration among its top ten holdings from 74.51% to 83.84% [7][9]. Market Outlook - Zhang Kun does not agree with the pessimistic outlook on domestic demand and the economy, asserting that China will continue to progress towards its goal of reaching a GDP per capita level of a moderately developed country by 2035 [11][12]. - He emphasizes that the valuation of the companies in his portfolio already reflects expectations of future profit declines, making them attractive for long-term investors due to low valuations and substantial shareholder returns [12].

Group 1 - The banking sector has experienced a significant rebound in investment, with strong demand for allocation despite recent high-level corrections [1][2] - The market capitalization held by Hong Kong Stock Connect in banking stocks surged from 375.6 billion HKD at the end of 2023 to over 1 trillion HKD, marking a 52% increase since the beginning of the year [2][3] - Northbound funds have also increased their holdings in A-share banking stocks, with a market value growth of 26.6 billion CNY in the second quarter [3] Group 2 - The high dividend yield of banking stocks (5% for the banking AH index) and low valuation (0.76 times PB) are key factors attracting institutional investment amid an asset shortage [1][5] - The static dividend yield of the banking sector is 4.08%, which is significantly higher than the one-year deposit rate by 310 basis points [5] - The banking AH preferred ETF has seen a net inflow of 7.8 million CNY this year, making it the fastest-growing banking ETF in terms of scale [11] Group 3 - The banking sector's stability in returns is being reinforced by macroeconomic and regulatory policies, as well as increased investments from institutional investors [10] - The banking AH index has outperformed the CSI Banking Index by 26% since its inception, indicating strong relative performance [11] - The valuation of the banking AH index has contracted by 34% compared to its peak in 2021, suggesting potential for recovery [8][9]

Market Overview - The A-share market experienced a rebound last week, with the Shanghai Composite Index reaching its highest point of the year. Trading sentiment improved as major broad-based indices showed increased volume, signaling a bullish outlook as of July 11, 2025 [3][5]. - All major indices rose last week, with the Shanghai Composite Index increasing by 1.09%, the Shanghai 50 by 0.60%, the CSI 300 by 0.82%, the CSI 500 by 1.96%, the CSI 1000 by 2.36%, the ChiNext Index by 2.36%, and the Northbound 50 Index by 0.41% [5]. Valuation Insights - As of July 11, 2025, broad-based indices such as the Shanghai Composite, CSI 300, CSI 500, CSI 1000, and ChiNext are at a "moderate" valuation level, while the Shanghai 50 is at a "danger" valuation level [6]. - In terms of sector valuation, industries such as home appliances, food and beverage, agriculture, non-bank financials, and transportation are classified as "safe" [7]. Market Dynamics - The market exhibited reversal characteristics last week, suggesting that the trend may continue, particularly benefiting low-valuation investments [4]. - The cross-sectional volatility of the CSI 300, CSI 500, and CSI 1000 index constituents decreased compared to the previous week, indicating a weakening short-term Alpha environment [8]. - Time series volatility for the CSI 300 index constituents increased week-on-week, suggesting an improvement in the Alpha environment, while the CSI 500 and CSI 1000 constituents saw a decrease [9]. Fund Flow Analysis - Institutional research indicated that the top five stocks attracting the most attention from institutions last week were Lexin Technology (125 institutions), Haopeng Technology (111), Zoli Pharmaceutical (91), Xiangyu Medical (77), and Nandu Property (76) [11]. - For the period of July 7-11, 2025, southbound funds recorded a net inflow of HKD 26.356 billion, with the Shanghai Stock Connect net inflow at HKD 11.520 billion and the Shenzhen Stock Connect at HKD 14.836 billion [12]. - The median return for stock ETFs last week was 1.19%, with a net inflow of CNY 899 million, while the median return for Hong Kong stock ETFs was 0.52% with a net inflow of HKD 4.848 billion [12].

Core Viewpoint - The recent surge in bank stocks, with several banks reaching historical highs, indicates a strong performance in the banking sector, significantly outperforming the broader market indices like the CSI 300 [1][2]. Group 1: Bank Stock Performance - Major banks such as Bank of Communications, CITIC Bank, and Jiangsu Bank have reached historical highs in their stock prices [1]. - The Bank ETF has seen a 27% increase over the past year and a 50% increase over the past three years, outperforming the CSI 300 index [1][2]. Group 2: Fund Inflows and Market Dynamics - The banking sector is expected to attract more funds due to new public fund regulations and the influx of medium to long-term capital, as banks are seen as stable with low valuations and consistent dividends [3]. - The proportion of bank holdings in actively managed equity funds is currently at 3.35%, significantly lower than the 13.67% weight in the CSI 300 index, indicating potential for increased allocation [3]. Group 3: Historical Context and Valuation - Over the past decade, the banking index has increased by 61% since the peak of the 2015 bull market, ranking second among various sectors, outperforming TMT and equity funds [4][5]. - The banking sector's strong performance is attributed to low valuations and high dividend yields, providing a safety margin for investors [7][8].

文 | 银行螺丝钉 （转载请注明出处） トリア J- 当时的格雷厄姆，寻找的也是一些极端低 估的公司。 这些公司，账面上都有着容易变现的流动 资产。 买下公司的股票，成为大股东。 召开股东大会，变卖资产变现或者用流动 资产回购，就可以获得回报。 (2) 二战后: 低估值投资。 格雷厄姆的低估值投资，主要擅长低市净 率投资。 这种投资理念，后来演变成了指数基金中 的"价值指数"。 例如现在看到的300价值、价值100等策略 指数，其实就是来自于此。 (3) 用合理价格，买入优秀公司。 巴菲特受到查理·芒格的影响,开始接受 用合理价格，买入优秀公司。 跟格雷厄姆不同的是，查理·芒格认为， 优秀的企业，可以放宽买入的价格。 用合理价格买入优秀公司，也是划算的。 随着婴儿潮和"漂亮50"牛市，美股整体 估值逐渐提升。 捡烟蒂的投资机会,逐渐减少。 格雷厄姆的价值投资理念，逐渐变成了投 资一篮子「低市盈率、低市净率」的股 票。 格雷厄姆的另一个徒弟，施洛斯，继承了 最终优秀的公司创造的价值，会远超开始 时付出的价格。 不过要注意的是，合理的价格买入优秀的 公司，不代表不看估值。 ▼点击阅读原 文，免费学习大额家庭资产配 ...

还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生涯和投资的理 念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你103本私藏经典好书 》 价值投资的历史演变 全球市场出现较大的波动，投资者或是恐慌、或是兴奋，市场充斥着各种不同的声音。 越是在市场波动的时候，也越值得让我们静下心来，阅读一些投资的经典书籍，来巩固我们的投资理念。 从这一期螺丝钉带你读书开始，会介绍一本经典投资好书，《芒格之道》。 这本书介绍的，是巴菲特的老搭档，查理·芒格。 《芒格之道》汇总了上世纪80年代，到2022年前后，芒格在股东会上的讲话实录。 讲述芒格的书有不少。 大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、《如何读一本 书》、《战胜拖延症》等等。 当时巴菲特师从格雷厄姆，开始实践价值投资的1.0版本，也就是"捡烟蒂"。 捡烟蒂，就是捡地上的烟屁股。 这是免费的，捡起来还能抽两口。 当时的格雷厄姆，寻找的也是一些极端 ...