Core Viewpoint - The performance of the liquor sector, traditionally seen as a stable investment, has recently caused significant pressure for fund managers, leading to a reevaluation of strategies [1][3]. Group 1: Fund Manager's Performance - Xiao Nan, a senior fund manager at E Fund, manages over 30 billion yuan and has faced challenges with the liquor sector impacting fund performance [1][2]. - The fund managed by Xiao Nan has seen a decline of 6.29% this year, while the average of similar funds has increased by 15.37% [2][4]. - Over the past year, two years, and three years, the fund has underperformed the market, indicating difficulties in both bullish and bearish market conditions [2][4]. Group 2: Investment Strategy Adjustments - In the second quarter report, Xiao Nan acknowledged the negative impact of increasing exposure to liquor stocks on fund performance, admitting a cognitive bias towards high-quality assets [3]. - The report highlighted that leading liquor companies have compromised long-term brand value for short-term performance, resulting in significant price declines [3]. - To improve fund performance, Xiao Nan reduced holdings in low-end liquor and beer stocks while increasing allocations in agriculture and beverage sectors, indicating a shift towards more defensive and fundamentally supported investments [3].

Group 1 - The article discusses the dramatic evolution of the US tariff policy towards China in 2025, highlighting a shift from a dual-track system of "benchmark tariffs + differentiated rates" to a full upgrade to 125% "reciprocal tariffs" and selective exemptions for semiconductor-related products [1] - The article emphasizes that the fluctuations in tariff policy reflect the US's "maximum pressure" strategy and the deep-seated contradictions within its domestic political and economic landscape, indicating a critical turning point in Sino-US economic relations [1] - The adjustments in policy and market dynamics are profoundly impacting the global economic landscape, suggesting a need for strategic responses from China [1] Group 2 - The upcoming public lecture will explore economic trends and the construction of financial defense systems under the context of Sino-US competition, led by Professor Li Nan [2] - The agenda includes a discussion on the underlying logic of tariff negotiations, focusing on how US inflation, debt, and electoral politics drive policy fluctuations, and how China can enhance resilience through countermeasures and internal circulation [4] - The lecture will also analyze paths for industrial breakthroughs in key sectors such as semiconductors and new energy, as well as the feasibility of transshipment trade in the face of technological blockades [4] Group 3 - The investment strategy adjustments will focus on identifying long-term value anchors amid A-share market volatility and how companies can optimize their global layout by leveraging policy windows [4] - Professor Li Nan's expertise includes financial economics, econometrics, and macro asset pricing, with a focus on economic policy and investment decisions under uncertainty [6] - The collaboration with Nobel laureate Lars Peter Hansen and John C. Heaton on long-run risk measurement highlights the academic credibility and research depth of Professor Li Nan [6]