科伦药业（002422）最新公告显示，中欧基金知名基金经理葛兰，2025年四季度减持了该公司。不过， 社保基金在该公司前十大股东名单上现身。上市公司近期发布的不定期公告显示，机构在去年四季度的 震荡行情中动作频频。站在当前时点，多位基金经理表示对后市持乐观态度，积极寻找投资机会。 葛 兰持续减持科伦药业 根据科伦药业发布的回购公告，2025年四季度，葛兰管理的中欧医疗健康混合基 金减持科伦药业186.7万股。在2025年三季度，中欧医疗健康混合基金已减持科伦药业253.71万股。 从 葛兰在科伦药业上的操作看，自2024年中以来，中欧医疗健康混合基金持续加仓该公司，2024年三季度 末，该基金成为科伦药业新进前十大流通股东，持股数量为1585.43万股。截至2025年二季度末，持股 数量增至4259.95万股，持仓市值超过15亿元。不过，2025年三季度以来，葛兰开始小幅减持该公司。 科伦药业公告显示，选择减持的还有唐晓斌管理的广发多因子混合基金。截至2025年底，广发多因子混 合基金已退出科伦药业前十大流通股东之列。 梳理发现，截至2025年三季度末，广发多因子混合基金 持有科伦药业2423.35万股。由于 ...

Core Insights - The article emphasizes the importance of long-term value investing and the philosophy of being a "clockmaker" rather than a "timekeeper" in the capital market [1] - It highlights the evolution of investment strategies under the leadership of Zhou Yun, focusing on adapting to market cycles and maintaining a long-term perspective [2][3] Investment Philosophy - Zhou Yun believes in the intrinsic value of companies and aims to identify high-quality stocks that can withstand market cycles [2] - His investment approach has evolved from classic value investing to incorporating dynamic assessments of competitive advantages and market cycles [3][4] Market Adaptation - Zhou Yun's strategy is characterized by "going with the big trend while countering the small fluctuations," focusing on industry transformations and human behavior in market cycles [4][6] - He has successfully integrated the "dual carbon" policy into his investment framework, predicting significant impacts on cyclical industries over the next 5-10 years [4][6] Performance Metrics - Zhou Yun's managed funds, such as the Oriental Red New Power and Oriental Red JD Big Data, have consistently outperformed benchmarks, achieving returns of 178.04% and 197.06% respectively from 2015 to 2024 [7] - His funds have maintained a strong track record, with 8 out of 9 years of positive returns for Oriental Red New Power and 7 out of 8 years for Oriental Red JD Big Data [7] Long-term Commitment - Zhou Yun exemplifies long-termism by holding significant personal investments in his funds, demonstrating alignment with investor interests [8] - His funds have shown annualized returns of 11.30% and 12.07%, significantly higher than their respective benchmarks [8] Conclusion - The article concludes that value investing is fundamentally about seeking truth and making informed decisions amidst uncertainty, with a focus on understanding the essence of companies and aligning with market trends [9]