易方达张坤最新持仓动向曝光：减持药明生物，买入山西汾酒，还买了光刻机巨头

每日经济新闻04-20

每经记者：黄小聪每经编辑：赵云随着基金一季报持续披露，易方达张坤的最新持仓浮出水面。《每日经济新闻》记者注意到，易方达蓝筹精选、易方达优质企业三年持有期混合两只产品此前重仓的药明生物，已退出前十大，新进的是山西汾酒。张坤表示，一季度主要是调整了消费和医药等行业的结构。此外，张坤在一季报中还用举例的方式阐述了自己对于当前市场和投资的看法，他认为：“市场的风险偏好已经降低到了很低的水平，具体表现为在...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2428610735?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-04-20 12:37","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2428610735","market":"hk","top_or_hot":-1,"title":"易方达张坤最新持仓动向曝光：减持药明生物，买入山西汾酒，还买了光刻机巨头","media":"每日经济新闻","content":"<div>\n<p>每经记者：黄小聪每经编辑：赵云随着基金一季报持续披露，易方达张坤的最新持仓浮出水面。《每日经济新闻》记者注意到，易方达蓝筹精选、易方达优质企业三年持有期混合两只产品此前重仓的药明生物，已退出前十大，新进的是山西汾酒。张坤表示，一季度主要是调整了消费和医药等行业的结构。此外，张坤在一季报中还用举例的方式阐述了自己对于当前市场和投资的看法，他认为：“市场的风险偏好已经降低到了很低的水平，具体表现为在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240420123937879864c4&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","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>易方达张坤最新持仓动向曝光：减持药明生物，买入山西汾酒，还买了光刻机巨头</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易方达张坤最新持仓动向曝光：减持药明生物，买入山西汾酒，还买了光刻机巨头\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-20 12:37 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240420123937879864c4&s=b><strong>每日经济新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>每经记者：黄小聪每经编辑：赵云随着基金一季报持续披露，易方达张坤的最新持仓浮出水面。《每日经济新闻》记者注意到，易方达蓝筹精选、易方达优质企业三年持有期混合两只产品此前重仓的药明生物，已退出前十大，新进的是山西汾酒。张坤表示，一季度主要是调整了消费和医药等行业的结构。此外，张坤在一季报中还用举例的方式阐述了自己对于当前市场和投资的看法，他认为：“市场的风险偏好已经降低到了很低的水平，具体表现为在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240420123937879864c4&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0572944931.SGD","symbol_name":"Janus Henderson Horizon China Opportunities A2 SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240420123937879864c4&s=b","article_id":"2428610735","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240420123937879864c4&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2428610735","pubTimestamp":1713587848,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"减持药明生物，买入山西汾酒Wind数据显示，截至一季度末，易方达张坤管理的4只基金，累计规模约为647亿元，相比于去年底的约655亿元，有小幅下降。此外，股价持续下跌的药明生物，已经退出了前十大，取而代之的是山西汾酒。再看易方达优质企业三年持有期混合，一季度同样也减持了招商银行、中国海洋石油、五粮液等个股，药明生物同样也是退出前十大，新进前十大也是山西汾酒。张坤进一步表示。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"83189":"易方达白酒-R","600809":"山西汾酒","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0823426308.USD":"法巴中国股票基金","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","02269":"药明生物","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","03189":"易方达白酒","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0823426480.USD":"法巴中国股票经典Dis","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","BK1610":"ETF&股票定投概念","BK1521":"挪威政府全球养老基金持仓","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0359201612.USD":"贝莱德中国基金A2","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","BK1589":"北水核心资产","BK1141":"生命科学工具和服务","BK1576":"医药外包概念","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","SG9999002463.SGD":"LionGlobal China Growth SGD","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金"},"translate_title":"E Fund Zhang Kun's latest position trends exposed: reduce holdings of WuXi Biologics, buy Shanxi Fenjiu, and buy lithography giants","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":1,"600809":0.9,"03189":1,"02269":1},"content_text":"每经记者：黄小聪每经编辑：赵云随着基金一季报持续披露，易方达张坤的最新持仓浮出水面。《每日经济新闻》记者注意到，易方达蓝筹精选、易方达优质企业三年持有期混合两只产品此前重仓的药明生物，已退出前十大，新进的是山西汾酒。张坤表示，一季度主要是调整了消费和医药等行业的结构。此外，张坤在一季报中还用举例的方式阐述了自己对于当前市场和投资的看法，他认为：“市场的风险偏好已经降低到了很低的水平，具体表现为在定价时给予静态的股息率水平很高的权重，对成长性特别是企业的长期成长性持怀疑的态度。然而优质股票的必要条件就是具有长期持续的成长性。现阶段的市场定价使得长期高质量增长的公司有吸引力。”减持药明生物，买入山西汾酒Wind数据显示，截至一季度末，易方达张坤管理的4只基金，累计规模约为647亿元，相比于去年底的约655亿元，有小幅下降。持仓方面，先从易方达蓝筹精选来看，一季度减持比较明显的是招商银行、中国海洋石油、五粮液，不过中国海洋石油依然是第一大重仓股。此外，股价持续下跌的药明生物，已经退出了前十大，取而代之的是山西汾酒。再看易方达优质企业三年持有期混合，一季度同样也减持了招商银行、中国海洋石油、五粮液等个股，药明生物同样也是退出前十大，新进前十大也是山西汾酒。张坤在这两只基金的一季报中都表示：“一季度股票仓位基本稳定，并对结构进行了调整，调整了消费和医药等行业的结构。”药明生物、京东集团-SW退出前十大再看易方达优质精选，一季度也减持了招商银行、五粮液等个股，最大的变化是药明生物、京东集团-SW退出前十大，新进前十大的是华住集团-S和中国海洋石油。易方达亚洲精选的变化就比较大了，主要加仓了阿里巴巴、腾讯控股等个股，减持了台积电、中国海洋石油、香港交易所。另外，京东集团-SW、药明生物、Sea Ltd ADR退出前十大，新进前十大的是普拉达、阿斯麦、新秀丽。张坤表示：“一季度股票仓位基本稳定，并对结构进行了调整，调整了科技和消费等行业的结构。”最新观点：重视长期成长性在一季报中，张坤用举例的方式，表达了自己对当前市场和投资的看法。张坤表示：“我们认为，从长期国债和类债的股票资产表现来看，市场的风险偏好已经降低到了很低的水平，具体表现为在定价时给予静态的股息率水平很高的权重，对成长性特别是企业的长期成长性持怀疑的态度。在简化模型下，在5%股息率+1%成长性的公司A和3%股息率+8%成长性的公司B之间，现阶段市场大多更倾向于选择公司A，这类公司也吸引了大量类固定收益资金的配置。”“如果我们复盘资本市场长期的历史，股票比债券长期收益率高的一个重要原因就是股票具有持续的成长性，而优质股票的必要条件就是具有长期持续的成长性。因此，我们认为作为股票投资者，应始终赋予寻找长期成长性相当的权重。虽然，在高质量发展时期，公司持续高速增长的基础概率在降低，但我们始终不应该放弃对中等且持续成长性的寻找，而成长性也可以通过在不同的细分结构中寻找而获得。”“然而，成长必须是高质量的，不是粗放经营或者烧钱带来的，应是在合理边际投资回报率情况下获得的。我们会很关注公司对成本费用的控制能力、运营资本的管控能力、自由现金流的产生能力、资本分配的能力以及回报股东的意愿。”“另外，从估值角度，过去三年，由于市场对长期成长性预期的不断修正，公司A的估值出现了提升，而公司B的估值则出现了下降，我们认为，从各个估值维度（市盈率、市值/自由现金流）的绝对和相对水平来看，现阶段的市场定价使得长期高质量增长的公司B是有吸引力的。”张坤进一步表示。每日经济新闻","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428610735"}