Core Viewpoint - Zhang Kun's fund management has shifted focus towards domestic consumption and technology sectors, increasing positions in companies like Focus Media, Yum China, and Google, while also adding to holdings in Kweichow Moutai and Wuliangye [1][2][3]. Fund Performance - The E Fund Quality Select Mixed Fund (QDII) reported a net asset value of 5.7973 yuan with a growth rate of 17.58%, outperforming its benchmark by 4.01% [1]. - The E Fund Blue Chip Select Fund showed a net asset value of 2.0449 yuan and a growth rate of 16.37%, exceeding its benchmark by 3.12% [3]. - The E Fund Quality Enterprise Three-Year Holding Fund had a net asset value of 1.0393 yuan with a growth rate of 15.81%, also surpassing its benchmark by 2.56% [5]. - The E Fund Asia Select Fund reported a net asset value of 1.368 yuan and a growth rate of 17.63%, outperforming its benchmark by 8.05% [7]. Portfolio Adjustments - The top holdings in the E Fund Blue Chip Select Fund included Tencent, Alibaba, and Kweichow Moutai, with significant reductions in Tencent and Alibaba, while increasing positions in Kweichow Moutai and Yum China [4]. - The E Fund Quality Enterprise Three-Year Holding Fund saw a notable decrease in holdings for most stocks, except for Yum China, which had an increase [6]. - The E Fund Asia Select Fund replaced ASML and SK Hynix in its top ten holdings with Google and Prada, while reducing positions in Trip.com and TSMC [8]. Investment Philosophy - Zhang Kun emphasizes a bottom-up research approach to identify companies with strong business models, competitive advantages, and sustainable growth potential [9]. - The long-term view suggests that despite short-term market fluctuations, structural factors will drive growth in China's economy, particularly in domestic consumption [10][11].

Core Viewpoint - Zhang Kun, a prominent fund manager at E Fund, has disclosed the top ten holdings of four funds as of Q3 2025, indicating a strategic shift in investment focus towards consumer and technology sectors, while also reflecting on the long-term growth potential of China's consumption market [1][9]. Fund Holdings Summary - The combined top ten holdings of Zhang Kun's four funds include Tencent Holdings, Alibaba-W, Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, Wuliangye, JD Health, Yum China, CNOOC, and Focus Media [1]. - The total market value of the top holdings is as follows: - Tencent Holdings: 56.18 billion - Alibaba-W: 56.16 billion - Kweichow Moutai: 51.36 billion - Luzhou Laojiao: 51.13 billion - Shanxi Fenjiu: 50.69 billion - Wuliangye: 50.64 billion - JD Health: 45.02 billion - Yum China: 28.69 billion - CNOOC: 27.60 billion - Focus Media: 26.44 billion [2]. Changes in Holdings - Compared to Q2 2025, the only change in the top ten holdings was the exit of SF Express, replaced by Focus Media [2]. - In Q3, Zhang Kun reduced his holdings in Tencent and Alibaba by 2.465 million shares and 17.392 million shares, respectively, likely due to price increases of 31% and 61% during the quarter [5]. - In the liquor sector, there was an increase in Kweichow Moutai by 48,100 shares, while reductions were made in Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye [6]. Sector Analysis - In the consumer sector, there were reductions in Luzhou Laojiao and Shanxi Fenjiu, but increases in Kweichow Moutai and Wuliangye, indicating a positive outlook on premium liquor [7]. - The new investments in Yum China and Focus Media reflect expectations of recovery in the restaurant and advertising sectors [7]. - In the technology sector, there were reductions in Tencent and Alibaba across all funds, while new positions were taken in Google-A and reductions in ASML and TSMC, indicating a shift towards more globally competitive tech giants [8]. Long-term Outlook - The team believes that China's consumption growth is likely to outpace GDP growth, supported by a low consumer spending ratio relative to GDP compared to other major economies [9]. - The potential for a unified market of 1.4 billion people offers significant scale advantages for product development and sales [9]. - The current low valuation levels provide a safety margin for investments in the domestic consumption market, which is expected to remain fertile ground for long-term investment [9].