Group 1: Core Views - The article highlights the recent movements of prominent fund managers in the public fund sector, focusing on their investment strategies and stock adjustments in response to market conditions [1][4][5]. Group 2: Zhang Kun's Strategy - Zhang Kun has reduced his holdings in Meituan by 46.43% while increasing his position in Beike, indicating a shift towards domestic demand logic [1][3]. - The E Fund Blue Chip Select Fund, managed by Zhang Kun, has a current size of 34.943 billion and a year-to-date return of 12.85% [3]. - The fund's hidden heavyweights include Focus Media and Meituan, with Focus Media's holdings increasing by 13.76% [3]. - Zhang Kun believes that the current pessimism regarding domestic demand is unfounded and anticipates a positive feedback loop in domestic consumption [4]. Group 3: Ge Lan's Focus - Ge Lan's China Europe Medical Health Fund has achieved a year-to-date return of 28.82%, with significant investments in the innovative drug sector [5][6]. - The fund's hidden heavyweights include Huadong Medicine and Zai Lab, with a notable increase of 2627.32% in holdings of Ailis [6]. - Ge Lan emphasizes that innovation, consumption recovery, and domestic substitution will drive the pharmaceutical industry in the second half of 2025 [6]. Group 4: Fu Pengbo's Approach - Fu Pengbo's Ruiyuan Growth Value Fund has a year-to-date return of 48.50%, focusing on high-growth companies [7][8]. - The fund has significantly increased its holdings in Alibaba and BYD by 161.10% and 184.78%, respectively [8][9]. - Fu Pengbo plans to continue focusing on sectors such as electronics, internet technology, and precision manufacturing, while also adapting to market volatility [9].

Core Insights - The article highlights the recent movements of prominent fund managers in the public fund sector, focusing on their investment strategies and the performance of their funds in 2025 [1][2]. Group 1: Zhang Kun's Strategy - Zhang Kun has reduced his holdings in Meituan by 46.43% while increasing his position in Beike, indicating a continued focus on domestic demand logic [2][3]. - The E Fund Blue Chip Select Fund, managed by Zhang Kun, has a current scale of 34.943 billion and a year-to-date return of 12.85% [3]. - The fund's hidden heavyweights include Focus Media and Meituan, with Focus Media's holdings increasing by 13.76% [3]. - Zhang Kun believes that the current pessimism regarding domestic demand is unfounded and anticipates a positive feedback loop in domestic consumption [4]. Group 2: Ge Lan's Focus on Innovation - Ge Lan's China Europe Medical Health Fund has achieved a year-to-date return of 28.82%, with significant investments in the innovative drug sector [5]. - The fund's hidden heavyweights include Huadong Medicine and Zai Lab, with a notable increase of 2627.32% in holdings of Ailisi [5][6]. - Ge Lan emphasizes that innovation, consumption recovery, and domestic substitution will drive growth in the pharmaceutical industry in the second half of 2025 [6]. Group 3: Fu Pengbo's Growth Strategy - Fu Pengbo's Ruiyuan Growth Value Fund has a year-to-date return of 48.50%, leading among large-scale public funds [7]. - The fund has significantly increased its holdings in Alibaba and BYD by 161.10% and 184.78%, respectively, focusing on high-growth sectors like technology and manufacturing [7]. - Fu Pengbo plans to continue emphasizing sectors such as electronics, internet technology, and precision manufacturing, while also adapting to market conditions [8].

Core Viewpoint - The article emphasizes that the long-term pessimism regarding domestic consumption in China is unfounded, supported by data showing increasing disposable income and savings among residents [8][11][15]. Group 1: Economic Indicators - The per capita disposable income in China is projected to grow from 32,189 RMB in 2020 to 41,314 RMB in 2024, reflecting a compound annual growth rate (CAGR) of 6.4% [9]. - The total savings balance of residents is expected to rise from 93 trillion RMB at the end of 2020 to 152 trillion RMB by the end of 2024, with a CAGR of 13%, significantly outpacing the growth of disposable income [9]. - The difference between residents' savings and loans is anticipated to increase from approximately 30 trillion RMB at the end of 2020 to about 70 trillion RMB by the end of 2024, indicating an increase in excess savings of around 40 trillion RMB [10]. Group 2: Consumer Confidence and Spending - The increase in precautionary savings is identified as a key factor affecting consumer spending, as consumer confidence has declined from around 120 in 2020 to approximately 87 in 2022, continuing to show a downward trend [13]. - The persistent decline in real estate prices and ongoing deflationary pressures have further dampened consumer spending willingness [13]. - Despite current pessimistic expectations, the article argues that consumer confidence will eventually recover as economic conditions improve and government policies support income growth [17]. Group 3: Investment Opportunities - The article suggests that the current market presents a rare opportunity for long-term investors to acquire high-quality stocks at undervalued prices, as the prevailing pessimism about consumption is not logically sustainable [20][19]. - Zhang Kun's latest report reveals significant changes in his investment portfolio, including a notable reduction in holdings of Meituan, indicating a shift in focus towards other sectors [25][21]. - The report highlights increased investments in logistics, particularly in SF Express, suggesting optimism about opportunities in the industrial and logistics sectors [30][28]. Group 4: Portfolio Adjustments - The portfolio adjustments include a significant reduction in holdings of Futu and an increase in positions in Interactive Brokers, indicating a strategic shift in response to regulatory changes affecting the cross-border brokerage business [36][38]. - New entries in the portfolio include companies like NetEase, Tencent Music, and Beike, reflecting a diversification strategy and a return to previously held positions [42][44].

Group 1: Economic Impact of Tariffs - The new round of tariffs in the U.S. exceeds market expectations, with specific tariffs of 10% on all countries and higher rates on major trading partners: 20% for the EU, 24% for Japan, 34% for China, and 46% for Vietnam[11] - High tariffs are likely to push U.S. inflation higher and may lead to stagflation or recession, impacting Federal Reserve policies[16] - Following the announcement, the U.S. dollar index weakened, and the 10-year Treasury yield dropped from 4.2% to around 4.0%[11] Group 2: Market Reactions and Strategies - Global capital markets are experiencing increased risk aversion, with major stock indices declining; the Ho Chi Minh Index fell by 6.7%, and U.S. stocks dropped approximately 10% over two trading days[11] - A-shares show resilience compared to other markets, indicating potential investment opportunities[11] - Short-term focus should be on tariff immunity and high-performing sectors, including banking, utilities, food and beverage, and social services[1] Group 3: Policy Responses and Economic Outlook - China's external demand is under pressure, necessitating proactive policy measures; the manufacturing PMI for March was 50.5, indicating a slight recovery but still in a bottoming phase[21] - The 2025 fiscal policy is expected to be more aggressive, with a budget deficit target of 4% and a total deficit scale of 5.66 trillion yuan, the highest in recent years[35] - Potential risks include the effectiveness of domestic demand support policies and the possibility of further U.S. tariffs on Chinese goods[51]