Zhang Kun Q3 Report: Eoptolink Enters Top 10, Adds Alibaba, Trims Baijiu
nashnova research
Star fund manager Zhang Kun's AUM fell to roughly CNY 29.3 billion; in Q3 he cut baijiu across the board, added Alibaba, and moved Eoptolink and Sichuan Investment Energy into his top ten — signaling a possible structural shift from consumption toward tech and utilities.
What changed in Blue-Chip Select?
Eoptolink (新易盛) — a leading optical-module maker — and Sichuan Investment Energy (川投能源) entered the top ten. SMIC (中芯国际) and Dongshan Precision (东山精密) dropped out. This means → Zhang shifted his electronics exposure toward optical communications and utilities, not a blanket tech cut.
Most top holdings were trimmed. The only meaningful addition was Alibaba-W.
Sector-wise, he raised real estate, utilities, and pharma while cutting electronics — yet overall equity exposure actually rose. In plain terms = he is rotating, not de-risking.
Why does baijiu keep getting cut?
In E Fund Quality Select, holdings in Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao all declined. The baijiu drawdown has persisted for multiple quarters.
This reflects a stance that goes beyond tactical trimming — it is structural de-allocation. No premium liquor name was spared.
In plain terms = the "baijiu forever" label that once defined Zhang Kun is one he is now peeling off himself.
How was Asia Select reshuffled?
Alibaba-W exited the Asia Select top ten — even as it was added in Blue-Chip Select. Futu Holdings and Alphabet Class A entered.
This means → the same manager made opposite moves on the same stock across two funds. He is managing each product to its own mandate, not applying one blanket call.
Both Hong Kong and US stock structures were adjusted; the overall direction is higher US tech weighting.
What is the team's view on tech and macro?
The team attributes Q3's tech sell-off to three factors: large H1 gains, offshore leverage squeezes, and the medium-term tension between AI capex and returns.
Looking into Q4, however, they see the correction as largely done. Select US AI names carry reasonable valuations and steady growth; the outlook remains positive. In plain terms = the short-term pain is priced in, but the long-term thesis holds.
On macro, the team notes the upcoming 15th Five-Year Plan may pivot policy toward repairing domestic demand and boosting consumption. China's household consumption share of GDP sits at roughly 40%, with significant room to rise over time.
What does all of this add up to?
Sustained baijiu cuts + structural tech rotation + HK/US reshuffling all point to one signal: Zhang Kun's portfolio center of gravity is migrating from traditional consumption toward tech and utilities.
The team now favors companies that can gain market share during downturns — sector leaders hardened by adversity. This means → the stock-picking criterion has shifted from "good sector" to "who can grab territory in a tough environment."
Whether this marks a substantive long-term pivot on consumption versus tech will be a key question in his next quarterly report.
市场有风险，内容仅供研究参考，不构成投资建议。