+关注
XiaoHui_0906
暂无个人介绍
IP属地：未知
16
关注
0
粉丝
0
主题
0
勋章
主贴
热门
XiaoHui_0906
2021-07-22
[财迷] [财迷] [财迷]
抱歉，原内容已删除
XiaoHui_0906
2021-07-21
我觉得这个可以🈶️
抱歉，原内容已删除
XiaoHui_0906
2021-07-20
牛逼[笑哭]
抱歉，原内容已删除
XiaoHui_0906
2021-07-20
Lublin😍
“一哥”张坤罕见反思：未来五年赚钱更难
XiaoHui_0906
2021-07-20
Juju😍
抱歉，原内容已删除
去老虎APP查看更多动态
{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3582006747349058","uuid":"3582006747349058","gmtCreate":1618912723462,"gmtModify":1619499235139,"name":"XiaoHui_0906","pinyin":"xiaohui0906xiaohui0906","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":16,"tweetSize":5,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.09.04","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":172210301,"gmtCreate":1626962043603,"gmtModify":1633769342843,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582006747349058","idStr":"3582006747349058"},"themes":[],"htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172210301","repostId":"2153324647","repostType":4,"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":178552644,"gmtCreate":1626828848588,"gmtModify":1633770639866,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582006747349058","idStr":"3582006747349058"},"themes":[],"htmlText":"我觉得这个可以🈶️","listText":"我觉得这个可以🈶️","text":"我觉得这个可以🈶️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178552644","repostId":"2153949316","repostType":4,"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":178309879,"gmtCreate":1626786571991,"gmtModify":1633771069570,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582006747349058","idStr":"3582006747349058"},"themes":[],"htmlText":"牛逼[笑哭] ","listText":"牛逼[笑哭] ","text":"牛逼[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178309879","repostId":"1163125570","repostType":4,"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171440659,"gmtCreate":1626759389571,"gmtModify":1633771281189,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582006747349058","idStr":"3582006747349058"},"themes":[],"htmlText":"Lublin😍","listText":"Lublin😍","text":"Lublin😍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171440659","repostId":"1100583093","repostType":4,"repost":{"id":"1100583093","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1626758309,"share":"https://www.laohu8.com/m/news/1100583093?lang=&edition=full","pubTime":"2021-07-20 13:18","market":"sh","language":"zh","title":"“一哥”张坤罕见反思：未来五年赚钱更难","url":"https://stock-news.laohu8.com/highlight/detail?id=1100583093","media":"华尔街见闻","summary":"7月20日凌晨，易方达、广发等基金陆续披露旗下基金二季报，张坤、萧楠、刘格菘等明星基金经理的最新持仓变动也随之曝光。\n他们的投资组合做了哪些调整？如何看待过去一段时间互联网、教育股的回调和猪价的下跌？","content":"<p>7月20日凌晨，易方达、广发等基金陆续披露旗下基金二季报，张坤、萧楠、刘格菘等明星基金经理的最新持仓变动也随之曝光。</p>\n<p>他们的投资组合做了哪些调整？如何看待过去一段时间互联网、教育股的回调和猪价的下跌？</p>\n<p><b>01</b></p>\n<p><b>张坤罕见“反思”</b></p>\n<p><b>未来几年回报下降难以避免</b></p>\n<p>年初市场回调时，有人创造出 “快逃”的表情包。二季报显示，张坤和他的基民都没有“跑”。</p>\n<p><img src=\"https://static.tigerbbs.com/635934407b37961d39c73cbe12e0623d\" tg-width=\"119\" tg-height=\"76\" referrerpolicy=\"no-referrer\"></p>\n<p>截至二季度末，张坤的管理规模达到1344.78亿元，较上季度末的1331.09亿元略有增加。</p>\n<p><b>在反思自己过往的投资过程，他“发现有不少错误”，同时感慨未来投资之难。</b></p>\n<p>他指出，疫情后，随着全球流动性的放松，全球股市都有了显著上涨。对于一些公司，在各种假设都兑现的情况下，可能未来 5 年能赚取贴现率或者比贴现率略高的收益率水平，但是<b>一旦错误，可能就要面临30%甚至50%的股价下跌。</b></p>\n<p><b>未来几年，不少行业面临的竞争程度恐怕比过去 5 年更为激烈，未来5年行业竞争格局的判断难度恐怕只增不减。</b>如果正确，可能只获得一个平庸的回报率，但一旦错误，却面临不小的损失。</p>\n<p>“我经常这样审视组合，如果股市暂停，5 年后恢复交易，每个企业能带来多少的预期复合收益率，<b>从目前的判断来看，未来几年预期回报率下降可能是难以避免的。</b>”张坤在季报中表示。</p>\n<p><img src=\"https://static.tigerbbs.com/50b85481b6cde0aa5f5a91da45033c97\" tg-width=\"669\" tg-height=\"767\" referrerpolicy=\"no-referrer\"></p>\n<p><b>02</b></p>\n<p><b>张坤减持<a href=\"https://laohu8.com/S/000858\">五粮液</a>茅台<a href=\"https://laohu8.com/S/TAL\">好未来</a>，增仓<a href=\"https://laohu8.com/S/00700\">腾讯</a>邮储</b></p>\n<p>对比2021年一季报，张坤旗下4只产品的股票仓位均在二季度有不同程度的下降。</p>\n<p>其中，<b>易方达中小盘的股票仓位下降幅度最大</b>，其股票市值占基金资产净值比例从一季度末的94.58%大幅降低至71.07%左右，下降了约24个百分点。</p>\n<p><b>这也是张坤管理的易方达中小盘基金期间，季末股票仓位最低的一次，仅次于2017年中报的72.19%。</b></p>\n<p>易方达蓝筹股票仓位约降低2个百分点左右，易方达亚洲精选、易方达优质企业仓位约降低4-5个百分点之间。这3只基金股票仓位均在9成上下。</p>\n<p>二季度，部分重仓股回调，显然对张坤颇有触动。总体来看，张坤对于重仓的计算机和消费品行业的看法较为犹豫，对于银行、地产、电子、医药等行业的看法较为乐观。</p>\n<p>从具体的持仓看，<b>易方达亚洲精选的重仓组合也显示，好未来、<a href=\"https://laohu8.com/S/EDU\">新东方</a>、STAAR Surgical Co退出前十大重仓股</b>，中国邮政储蓄银行、<a href=\"https://laohu8.com/S/00688\">中国海外发展</a>有限公司、<a href=\"https://laohu8.com/S/VIPS\">唯品会</a>新入前十大重仓股。</p>\n<p>对此，张坤在易方达亚洲精选中特别提到，<b>二季度，教培企业受政策预期影响股价跌幅较大，对基金净值产生了一定的负面影响，这也使他反思长期投资框架中的一些假设，希望能够将其进一步完善。</b></p>\n<p>易方达中小盘十大重仓股保持不变，重点增持了<a href=\"https://laohu8.com/S/600570\">恒生电子</a>、<a href=\"https://laohu8.com/S/002007\">华兰生物</a>、重点减持了前期涨幅巨大的<a href=\"https://laohu8.com/S/600763\">通策医疗</a>、茅台、五粮液。</p>\n<p><img src=\"https://static.tigerbbs.com/072a6f03ba48e67f484c88af03c90da0\" tg-width=\"640\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p>\n<p>易方达蓝筹2季报前十大重仓股中，对比1季报，<b><a href=\"https://laohu8.com/S/300015\">爱尔眼科</a>为新入十大重仓股者</b>，<a href=\"https://laohu8.com/S/000001\">平安银行</a>则退出前十大。不过，2020年4季报时，爱尔眼科亦在易方达蓝筹前十大重仓股，此次现身与当时持股数量变化亦不算大。</p>\n<p><img src=\"https://static.tigerbbs.com/0a39090f4f108246e7c600c4ba28cd96\" tg-width=\"598\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/af077204d412ddabad74578a87b1942c\" tg-width=\"604\" tg-height=\"78\" referrerpolicy=\"no-referrer\"></p>\n<p>易方达优质企业前十大重仓股信息显示，爱尔眼科、平安银行新入前十大重仓股，华兰生物、<a href=\"https://laohu8.com/S/01951\">锦欣生殖</a>则退出前十大重仓股。</p>\n<p><img src=\"https://static.tigerbbs.com/1e29a92a03c39520257974a13d307451\" tg-width=\"640\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p>\n<p><b>03</b></p>\n<p><b>刘格菘增配“全球比较优势”制造业</b></p>\n<p>在广发小盘2季报中，刘格菘强调，他二季度集中调研了光伏产业链、动力电池、化工新材料、面板等具备“全球比较优势”特征的中国制造业上市公司，<b>仍然认为这类制造业资产的盈利预计能够保持比较长的景气周期，而且这类制造业资产的估值扩张并没有脱离景气区间，相当一部分资产还具备较高的性价比。</b></p>\n<p>二季度，该基金进一步提高了具有“全球比较优势”的制造业的配置比例。</p>\n<p><img src=\"https://static.tigerbbs.com/51323b149b079c0698e47f8fff7b72be\" tg-width=\"554\" tg-height=\"192\" referrerpolicy=\"no-referrer\"></p>\n<p>持仓变动方面，该基金在第二季度增持了356.65万股<a href=\"https://laohu8.com/S/601012\">隆基股份</a>，合计持有1800.15万股，公司股价近期从年后大跌的“坑”里走了出来并创下历史新高，二季度涨幅达41.66%，因此基金持有其市值达15.99亿元，占净值比例达10.86%，为其第一重仓股。</p>\n<p>此外，<b><a href=\"https://laohu8.com/S/300347\">泰格医药</a>退出前十大重仓股，<a href=\"https://laohu8.com/S/601127\">小康股份</a>新入前十大重仓股。</b></p>\n<p>此前公告就会发现，广发小盘参与了小康股份非公开发行股票的认购。这部分流通受限的股票占基金资产净值比约1.68%。</p>\n<p>而2季报显示，小康股份占净值比约4.58%。也就是说，在2季度，除了参与定增，刘格菘也在二级市场买入了小康股份。</p>\n<p><img src=\"https://static.tigerbbs.com/7660d1a035fd3f8e3bc6be39aec16dc3\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>小康股份年初股价在15元左右，6月份盘中一度超83元，涨幅超450%。随后股价有所回调，7月20日中午收盘报65.75元。</p>\n<p><b>04</b></p>\n<p><b>萧楠大举增持<a href=\"https://laohu8.com/S/600036\">招商银行</a></b></p>\n<p>萧楠管理的易方达科顺定开披露2季报显示，该基金截至二季度末的股票仓位为90.98%，相比一季度末的89.53%略有提升。</p>\n<p><img src=\"https://static.tigerbbs.com/7e35704160d45b51330886e3bd3a3906\" tg-width=\"553\" tg-height=\"180\" referrerpolicy=\"no-referrer\"></p>\n<p>年内白酒股分化较大，<b>从萧楠的持仓来看，十大重仓股中仍有6只白酒股。从第一第二大重仓股看，表现相对弱势的五粮液并未减持，而上半年涨超19%的<a href=\"https://laohu8.com/S/600809\">山西汾酒</a>反而持股数有所减少</b>。</p>\n<p><b><a href=\"https://laohu8.com/S/03968\">招商银行</a>的新入，或许是萧楠提到的大幅增持了银行板块的体现之一</b>。2季报显示，招商银行占净值比约6%，一举成为第7大重仓股。</p>\n<p>此外，<b>他继续加大了对养殖板块的投资，但从效果看并不理想</b>——猪价的下跌超出之前的预期，但他并不担心相关标的的长期空间，相反，每一次行业低谷，都是优质企业扩张、竞争对手停滞倒退的弯道。</p>\n<p>去年他布局的一些低估值标的业绩表现一般，其中的原因除了市场风格，<b>更多的是公司本身摆脱现有困境的努力还没有出现预期效果。</b>好在，在这类标的的仓位并不多。过多的左侧投资的确会严重降低投资效率，因此二季度他适当做出了调整，将这类公司替换成估值同样便宜但更具备新增长动力的公司。</p>\n<p>而其他的板块调整从十大重仓股看并不明显，或许要等半年报给出更详细的信息。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“一哥”张坤罕见反思：未来五年赚钱更难</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“一哥”张坤罕见反思：未来五年赚钱更难\n</h2>\n\n<h4 class=\"meta\">\n\n2021-07-20 13:18 北京时间 <strong>华尔街见闻</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>7月20日凌晨，易方达、广发等基金陆续披露旗下基金二季报，张坤、萧楠、刘格菘等明星基金经理的最新持仓变动也随之曝光。\n他们的投资组合做了哪些调整？如何看待过去一段时间互联网、教育股的回调和猪价的下跌？\n01\n张坤罕见“反思”\n未来几年回报下降难以避免\n年初市场回调时，有人创造出 “快逃”的表情包。二季报显示，张坤和他的基民都没有“跑”。\n\n截至二季度末，张坤的管理规模达到1344.78亿元，较上...</p>\n\n<a href=\"None\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100583093","content_text":"7月20日凌晨，易方达、广发等基金陆续披露旗下基金二季报，张坤、萧楠、刘格菘等明星基金经理的最新持仓变动也随之曝光。\n他们的投资组合做了哪些调整？如何看待过去一段时间互联网、教育股的回调和猪价的下跌？\n01\n张坤罕见“反思”\n未来几年回报下降难以避免\n年初市场回调时，有人创造出 “快逃”的表情包。二季报显示，张坤和他的基民都没有“跑”。\n\n截至二季度末，张坤的管理规模达到1344.78亿元，较上季度末的1331.09亿元略有增加。\n在反思自己过往的投资过程，他“发现有不少错误”，同时感慨未来投资之难。\n他指出，疫情后，随着全球流动性的放松，全球股市都有了显著上涨。对于一些公司，在各种假设都兑现的情况下，可能未来 5 年能赚取贴现率或者比贴现率略高的收益率水平，但是一旦错误，可能就要面临30%甚至50%的股价下跌。\n未来几年，不少行业面临的竞争程度恐怕比过去 5 年更为激烈，未来5年行业竞争格局的判断难度恐怕只增不减。如果正确，可能只获得一个平庸的回报率，但一旦错误，却面临不小的损失。\n“我经常这样审视组合，如果股市暂停，5 年后恢复交易，每个企业能带来多少的预期复合收益率，从目前的判断来看，未来几年预期回报率下降可能是难以避免的。”张坤在季报中表示。\n\n02\n张坤减持五粮液茅台好未来，增仓腾讯邮储\n对比2021年一季报，张坤旗下4只产品的股票仓位均在二季度有不同程度的下降。\n其中，易方达中小盘的股票仓位下降幅度最大，其股票市值占基金资产净值比例从一季度末的94.58%大幅降低至71.07%左右，下降了约24个百分点。\n这也是张坤管理的易方达中小盘基金期间，季末股票仓位最低的一次，仅次于2017年中报的72.19%。\n易方达蓝筹股票仓位约降低2个百分点左右，易方达亚洲精选、易方达优质企业仓位约降低4-5个百分点之间。这3只基金股票仓位均在9成上下。\n二季度，部分重仓股回调，显然对张坤颇有触动。总体来看，张坤对于重仓的计算机和消费品行业的看法较为犹豫，对于银行、地产、电子、医药等行业的看法较为乐观。\n从具体的持仓看，易方达亚洲精选的重仓组合也显示，好未来、新东方、STAAR Surgical Co退出前十大重仓股，中国邮政储蓄银行、中国海外发展有限公司、唯品会新入前十大重仓股。\n对此，张坤在易方达亚洲精选中特别提到，二季度，教培企业受政策预期影响股价跌幅较大，对基金净值产生了一定的负面影响，这也使他反思长期投资框架中的一些假设，希望能够将其进一步完善。\n易方达中小盘十大重仓股保持不变，重点增持了恒生电子、华兰生物、重点减持了前期涨幅巨大的通策医疗、茅台、五粮液。\n\n易方达蓝筹2季报前十大重仓股中，对比1季报，爱尔眼科为新入十大重仓股者，平安银行则退出前十大。不过，2020年4季报时，爱尔眼科亦在易方达蓝筹前十大重仓股，此次现身与当时持股数量变化亦不算大。\n\n易方达优质企业前十大重仓股信息显示，爱尔眼科、平安银行新入前十大重仓股，华兰生物、锦欣生殖则退出前十大重仓股。\n\n03\n刘格菘增配“全球比较优势”制造业\n在广发小盘2季报中，刘格菘强调，他二季度集中调研了光伏产业链、动力电池、化工新材料、面板等具备“全球比较优势”特征的中国制造业上市公司，仍然认为这类制造业资产的盈利预计能够保持比较长的景气周期，而且这类制造业资产的估值扩张并没有脱离景气区间，相当一部分资产还具备较高的性价比。\n二季度，该基金进一步提高了具有“全球比较优势”的制造业的配置比例。\n\n持仓变动方面，该基金在第二季度增持了356.65万股隆基股份，合计持有1800.15万股，公司股价近期从年后大跌的“坑”里走了出来并创下历史新高，二季度涨幅达41.66%，因此基金持有其市值达15.99亿元，占净值比例达10.86%，为其第一重仓股。\n此外，泰格医药退出前十大重仓股，小康股份新入前十大重仓股。\n此前公告就会发现，广发小盘参与了小康股份非公开发行股票的认购。这部分流通受限的股票占基金资产净值比约1.68%。\n而2季报显示，小康股份占净值比约4.58%。也就是说，在2季度，除了参与定增，刘格菘也在二级市场买入了小康股份。\n\n小康股份年初股价在15元左右，6月份盘中一度超83元，涨幅超450%。随后股价有所回调，7月20日中午收盘报65.75元。\n04\n萧楠大举增持招商银行\n萧楠管理的易方达科顺定开披露2季报显示，该基金截至二季度末的股票仓位为90.98%，相比一季度末的89.53%略有提升。\n\n年内白酒股分化较大，从萧楠的持仓来看，十大重仓股中仍有6只白酒股。从第一第二大重仓股看，表现相对弱势的五粮液并未减持，而上半年涨超19%的山西汾酒反而持股数有所减少。\n招商银行的新入，或许是萧楠提到的大幅增持了银行板块的体现之一。2季报显示，招商银行占净值比约6%，一举成为第7大重仓股。\n此外，他继续加大了对养殖板块的投资，但从效果看并不理想——猪价的下跌超出之前的预期，但他并不担心相关标的的长期空间，相反，每一次行业低谷，都是优质企业扩张、竞争对手停滞倒退的弯道。\n去年他布局的一些低估值标的业绩表现一般，其中的原因除了市场风格，更多的是公司本身摆脱现有困境的努力还没有出现预期效果。好在，在这类标的的仓位并不多。过多的左侧投资的确会严重降低投资效率，因此二季度他适当做出了调整，将这类公司替换成估值同样便宜但更具备新增长动力的公司。\n而其他的板块调整从十大重仓股看并不明显，或许要等半年报给出更详细的信息。","news_type":1},"isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171440339,"gmtCreate":1626759345321,"gmtModify":1633771281433,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582006747349058","idStr":"3582006747349058"},"themes":[],"htmlText":"Juju😍","listText":"Juju😍","text":"Juju😍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171440339","repostId":"2152502996","repostType":4,"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":172210301,"gmtCreate":1626962043603,"gmtModify":1633769342843,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582006747349058","authorIdStr":"3582006747349058"},"themes":[],"htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172210301","repostId":"2153324647","repostType":4,"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":178552644,"gmtCreate":1626828848588,"gmtModify":1633770639866,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582006747349058","authorIdStr":"3582006747349058"},"themes":[],"htmlText":"我觉得这个可以🈶️","listText":"我觉得这个可以🈶️","text":"我觉得这个可以🈶️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178552644","repostId":"2153949316","repostType":4,"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":178309879,"gmtCreate":1626786571991,"gmtModify":1633771069570,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582006747349058","authorIdStr":"3582006747349058"},"themes":[],"htmlText":"牛逼[笑哭] ","listText":"牛逼[笑哭] ","text":"牛逼[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178309879","repostId":"1163125570","repostType":4,"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171440659,"gmtCreate":1626759389571,"gmtModify":1633771281189,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582006747349058","authorIdStr":"3582006747349058"},"themes":[],"htmlText":"Lublin😍","listText":"Lublin😍","text":"Lublin😍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171440659","repostId":"1100583093","repostType":4,"isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171440339,"gmtCreate":1626759345321,"gmtModify":1633771281433,"author":{"id":"3582006747349058","authorId":"3582006747349058","name":"XiaoHui_0906","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582006747349058","authorIdStr":"3582006747349058"},"themes":[],"htmlText":"Juju😍","listText":"Juju😍","text":"Juju😍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171440339","repostId":"2152502996","repostType":4,"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
