A股市场延续结构性行情，百亿私募机构的调仓动向成为市场关注焦点。 私募排排网数据显示，根据最新披露的持仓数据，高毅资产、迎水投资、通怡投资等多家头部私募在 2025年第二季度进行了显著调仓，其中化工、食品饮料等板块被持续看好，龙佰集团、安琪酵母等个股 获得明显增持。 高毅持仓总市值位居前列 作为私募行业的领头羊，高毅资产二季度持仓总市值仍居前列，但其对重仓股进行了明显调整。海康威 视仍为其第一重仓股，持股市值高达93.73亿元，但或许出于获利了结等原因，本期减持约13.72亿元。 此外，高毅还减持了国瓷材料、东诚药业等电子和医药个股。 | | | | 2025年二季度百亿私募重仓股数据统计 | | | | --- | --- | --- | --- | --- | --- | | 私募简称 | 股票简称 | 持股市值(万元) | 本期持股变动(万元) | 持股数量(万股) | 本期持股变动(万股) | | 高毅资产 | 海康威视 | 937274 | -137226 | 33800 | -1200 | | | 龙佰集团 | 142648 | 248 | 8800 | 800 | | | 安琪酵母 | 1230 ...

Kyndryl (KD) FY Conference Summary Company Overview - **Company**: Kyndryl (KD) - **Industry**: IT Services - **Date of Conference**: May 13, 2025 Key Points Company Performance and Strategy - Kyndryl has achieved positive revenue growth for the last quarter, marking a significant turnaround since becoming an independent company three and a half years ago [5][12] - The company has focused on a strategy termed the "three A's": alliances with major cloud providers (Microsoft, Google, AWS), advanced delivery improvements, and reimagining focus accounts to create sustainable relationships [9][10] - Kyndryl has improved profitability and cash flow significantly, with guidance for continued improvement in the current year [12][13] Revenue Growth and Financial Guidance - Kyndryl aims for mid-single-digit revenue growth in the medium term, which is deemed sufficient to drive substantial cash flow and profit growth [15][16] - The company reported a book-to-bill ratio of over 1 for the last year, indicating strong demand and a healthy backlog [17][27] - Kyndryl's signings grew by 46% year-over-year, showcasing broad-based strength across various geographies and verticals [27][28] Business Model and Market Position - Kyndryl's business model is characterized as mission-critical and non-discretionary, providing a level of insulation from economic cycles [20][21] - The company has established long-term contracts with clients, which helps maintain revenue stability [20][21] - Kyndryl is positioned to capture market share from competitors by leveraging its expertise and partnerships with hyperscalers [22][31] Consulting and Managed Services - Kyndryl Consult has grown from 10% to over 20% of total revenue, with expectations for double-digit growth [39] - Managed services have been declining but are expected to stabilize and return to growth by fiscal 2027 [40] Relationship with IBM - Kyndryl's software costs from IBM are expected to transition to a more standard pricing model by the end of the calendar year, reducing the financial burden significantly [41][42] - The relationship with IBM remains strong, with collaborative efforts to meet customer needs [44] Gross Margin and Profitability - Kyndryl reported a gross profit book-to-bill ratio of 1.5, indicating that the gross profit added to the backlog is significantly higher than the current churn rate [45][46] - The company anticipates continued gross margin expansion, with a focus on operational efficiencies [52] Future Outlook - Kyndryl is optimistic about its growth trajectory, emphasizing the importance of being a profitable and cash-generating company [58] - The company is exploring opportunities in AI and automation to enhance service delivery and operational efficiency [56][57] Additional Insights - Kyndryl has invested heavily in building a skilled workforce, with approximately 40,000 credentialed cloud experts [33] - The company is actively engaging in AI initiatives, including partnerships to help clients leverage generative AI technologies [56][57] This summary encapsulates the key insights and strategic direction of Kyndryl as discussed in the conference, highlighting its growth, market positioning, and future opportunities.