Chuabenny的个人主页 - 老虎社区

Chuabenny

Chuabenny

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87关注

2粉丝

6主题

0勋章

2021-08-25

慌慌了

抱歉，原内容已删除

2021-08-24

66666

抱歉，原内容已删除

2021-08-24

66666

中手游上半年营收21.8亿元，净利润3.94亿元

2021-08-19

👍👍👍👍大牛股

2021-08-10

什么时候涨回呀

2021-08-08

血拼…………..

2021-07-23

大出血🩸

2021-07-23

这股完了…..$$$$飞飞飞了

抱歉，原内容已删除

2021-07-22

又涨了$$$

2021-07-21

行情变换莫测

业绩“垫底”，张坤认错

2021-07-21

追追追$$$$$

2021-07-21

$$$$$$$$

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referrerpolicy=\"no-referrer\"></p>\n<p>公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。</p>\n<p>展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。</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>中手游上半年营收21.8亿元，净利润3.94亿元</title>\n<style 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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中手游上半年营收21.8亿元，净利润3.94亿元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-08-23 23:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>8月23日晚间，<a href=\"https://laohu8.com/S/00302\">中手游</a>发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增长约17.6%</p>\n<p><img src=\"https://static.tigerbbs.com/49a4f7baa745a0a64abda4776574bd32\" tg-width=\"957\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p>\n<p>2021年上半年平均每月活跃用户1908.4万人，去年同期1505.3万人；上半年平均每月付费用户144.2万人，去年同期113.5万人；上半年新注册用户总数5801.4万人，去年同期5435.78万人。<img src=\"https://static.tigerbbs.com/ad0c4c234938d33ef8e8bcd159da4e24\" tg-width=\"941\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p>\n<p>公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。</p>\n<p>展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6732755bad1da573809dd82708472f29","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196056296","content_text":"8月23日晚间，中手游发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增长约17.6%\n\n2021年上半年平均每月活跃用户1908.4万人，去年同期1505.3万人；上半年平均每月付费用户144.2万人，去年同期113.5万人；上半年新注册用户总数5801.4万人，去年同期5435.78万人。\n公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。\n展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。","news_type":1,"symbols_score_info":{"00302":0.9}},"isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831745573,"gmtCreate":1629353842392,"gmtModify":1631891638648,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"👍👍👍👍大牛股","listText":"👍👍👍👍大牛股","text":"👍👍👍👍大牛股","images":[{"img":"https://static.tigerbbs.com/2f2f1ff29de76aa3d5b0d80395f90abf","width":"1125","height":"3411"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831745573","isVote":1,"tweetType":1,"viewCount":1957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":896514712,"gmtCreate":1628593319436,"gmtModify":1631891638651,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"什么时候涨回呀","listText":"什么时候涨回呀","text":"什么时候涨回呀","images":[{"img":"https://static.tigerbbs.com/94a8fd469a167c0485c2cf2ab179cbee","width":"1125","height":"3329"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896514712","isVote":1,"tweetType":1,"viewCount":1391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":891629983,"gmtCreate":1628387587142,"gmtModify":1631891638653,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"血拼…………..","listText":"血拼…………..","text":"血拼…………..","images":[{"img":"https://static.tigerbbs.com/705e4a04eeddfd66e7e815d341e9def0","width":"1125","height":"3003"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891629983","isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":175557435,"gmtCreate":1627043902027,"gmtModify":1631891638655,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"大出血🩸","listText":"大出血🩸","text":"大出血🩸","images":[{"img":"https://static.tigerbbs.com/0e71acc0ff771fab7f5b801877dd4625","width":"1125","height":"3329"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175557435","isVote":1,"tweetType":1,"viewCount":2113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":175555633,"gmtCreate":1627043798422,"gmtModify":1631891638661,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"这股完了…..$$$$飞飞飞了","listText":"这股完了…..$$$$飞飞飞了","text":"这股完了…..$$$$飞飞飞了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/175555633","repostId":"1159098067","repostType":4,"isVote":1,"tweetType":1,"viewCount":2568,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3508809496105701","authorId":"3508809496105701","name":"估值坑人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3508809496105701","idStr":"3508809496105701"},"content":"完不了，龙头企业还是稳稳的存在，培训机构还是需要存在，只不过钱不好挣了，不能垄断，部分企业要暴雷了。作业还是要做的。不过不在是人人都参与。","text":"完不了，龙头企业还是稳稳的存在，培训机构还是需要存在，只不过钱不好挣了，不能垄断，部分企业要暴雷了。作业还是要做的。不过不在是人人都参与。","html":"完不了，龙头企业还是稳稳的存在，培训机构还是需要存在，只不过钱不好挣了，不能垄断，部分企业要暴雷了。作业还是要做的。不过不在是人人都参与。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":172685113,"gmtCreate":1626959059232,"gmtModify":1631891638661,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"又涨了$$$","listText":"又涨了$$$","text":"又涨了$$$","images":[{"img":"https://static.tigerbbs.com/e46c64f313109e58448d5998bcf938f1","width":"1125","height":"3166"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172685113","isVote":1,"tweetType":1,"viewCount":1849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":178764230,"gmtCreate":1626838804120,"gmtModify":1631891638668,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"行情变换莫测","listText":"行情变换莫测","text":"行情变换莫测","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178764230","repostId":"1166715880","repostType":4,"repost":{"id":"1166715880","kind":"news","pubTimestamp":1626836270,"share":"https://ttm.financial/m/news/1166715880?lang=&edition=full","pubTime":"2021-07-21 10:57","market":"sh","language":"zh","title":"业绩“垫底”，张坤认错","url":"https://stock-news.laohu8.com/highlight/detail?id=1166715880","media":"投中网","summary":"面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理","content":"<blockquote>\n <b>面对不断下滑的业绩，张坤也在二季报中罕见“认错”</b>\n</blockquote>\n<p>7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。</p>\n<p>在过去的二季度，张坤管理的易方达蓝筹精选混合、易方达中小盘混合、易方达亚洲精选股票和易方达优质企业三年持有期混合4只基金的股票仓位均有不同程度的下降，其中易方达中小盘的股票仓位比例相比一季度下降23个百分点，骤降至张坤管理易方达中小盘以来季末股票仓位最低。此外，张坤在二季度也对结构进行了调整，降低了食品饮料等行业的配置，增加了计算机等行业的配置，并继续重仓招商银行、港交所两只金融类港股。</p>\n<p>数据显示，截至二季度末，张坤管理的4只基金的规模为1344.78亿元，较上一季度末的1331.09亿元略有增加。其中，蓝筹精选、中小盘混合以及优质企业三年持有期混合二季度扭亏为盈，本期利润分别为53.84亿元、8.05亿元、11.22亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/01a751b2749b319a7c6c42ffdd39684c\" tg-width=\"1006\" tg-height=\"361\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>虽然基金规模增加，3只基金扭亏为盈，但与同行对比，张坤管理的基金二季度表现并不理想。其中，易方达蓝筹精选、易方达中小盘二季度在同类型基金（共计3403只）中排名分别为2833名、3187名，而易方达亚洲精选股票更是跌落到同类型基金中的倒数第二位。</p>\n<p>面对不断下滑的业绩，张坤也在二季报中罕见“认错”，称回首自己以往的判断，发现有不少错误。此外，张坤还强调，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。</p>\n<p><b>股票仓位齐下调，减持五粮液茅台</b></p>\n<p>首先来看一下4只基金在2021年Q2的持仓变化情况。</p>\n<p>根据报告显示，张坤旗下4只产品的股票仓位在二季度均有不同程度的下降。其中，易方达中小盘的减仓幅度最大，股票仓位从一季度末的93.93%骤降至70.36%。这是该基金自张坤2012年9月28日担任基金经理以来的最低水平，也是继2017年三季度后，股票仓位第二次降至八成以下。</p>\n<p>与此同时，另外3只基金的股票仓位均略有下调：易方达蓝筹精选的股票仓位比例从93.61%下降至90.17%；易方达优质企业的股票仓位从94.57%下降至89.24%；易方达亚洲精选的股票仓位从93.17%下降至86.45%。</p>\n<p>具体到调仓方向上，4只基金在结构调整上各有不同。</p>\n<p><img src=\"https://static.tigerbbs.com/1683ff0f2a10d195121cffc0e4f458b6\" tg-width=\"512\" tg-height=\"294\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>2021年Q2易方达蓝筹精选持仓前十</p>\n<p>与一季度相比，易方达蓝筹精选在二季度降低了计算机等行业的配置，增加了电子等行业的配置。在前十大重仓股中，与2021年Q1一样，蓝筹精选依然持有4只白酒股，但持仓有增有减。其中，五粮液和贵州茅台从2021年Q1的10.05%和9.86%，降至9.88%和9.75%，而泸州老窖和洋河股份的持仓比例曾分别从7.62%、4.68%%增至9.71%和9.68%。</p>\n<p>同时，张坤还在二季度对香港交易所、招商银行以及腾讯控股进行了增持，并减持了美团。截至二季度末，香港交易所已取代五粮液成为易方达蓝筹精选的第一大重仓股。此外，Q1持仓占比为3.25%的平安银行跌出前十，被爱尔眼科取代。值得一提的是，在2020年Q4时，爱尔眼科也出现在了易方达蓝筹精选的前十大重仓股列表中。</p>\n<p><img src=\"https://static.tigerbbs.com/cf129f55b2095a3ab6cabbe0638cf11a\" tg-width=\"512\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>2021年Q2易方达中小盘持仓前十</p>\n<p>2021年第二季度，易方达中小盘则是在降低食品饮料等行业配置的同时，增加了计算机等行业的配置。具体来看个股，与一季度相比，易方达中小盘的十大重仓股保持不变，但重点增持了恒生电子、华兰生物，并减持了通策医疗和贵州茅台。</p>\n<p>其中，五粮液遭到张坤大幅减持，从2021年Q1的第二大重仓股掉落到第七大重仓股，美年健康的持仓也有所减少，加之报告期内股价下跌，已从原本的第一大重仓股掉落成第六大重仓股。</p>\n<p>再来看易方达优质企业三年持有期混合。</p>\n<p><img src=\"https://static.tigerbbs.com/75b188fe04c08b16db4160afe2f8ebb0\" tg-width=\"512\" tg-height=\"278\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>2021年Q1易方达优质企业三年持有期混合持仓前十</p>\n<p>同易方达蓝筹精选类似的操作类似，该基金在二季度降低了计算机等行业的配置，并同样加仓了泸州老窖和洋河股份，减仓了五粮液。但不同的是，易方达优质企业三年持有期混合在本期增加了医药、银行等行业的配置。</p>\n<p>此外，该基金还在二季度增持了香港交易所、腾讯控股这两只港股标的，并减仓了海康威视和美团。目前，泸州老窖以9.76%的持仓占比成为易方达优质企业三年持有期混合的第一大重仓股。与此同时，华兰生物和锦欣生殖跌出前十大重仓股，爱尔眼科、平安银行成为新晋前十大重仓股。</p>\n<p>最后说一下规模相对较小的和易方达亚洲精选。</p>\n<p><img src=\"https://static.tigerbbs.com/c3ad95bd85c15dec4396047e297b788c\" tg-width=\"997\" tg-height=\"497\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>与今年Q1相比，张坤在易方达亚洲精选基金上降低了消费、教育行业的配置，增加了银行、地产等行业的配置。此前一季度重仓的好未来、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、唯品会成为新晋前十大重仓股。</p>\n<p>值得一提的是，在刚刚过去的二季度，易方达亚洲精选股票本期利润为-3.16亿元，仍处于亏损状态，收益率在同类型基金中排名倒数第二。</p>\n<p>对此，张坤在季报中特别提到，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。</p>\n<p><b>业绩“垫底”，张坤罕见“认错”</b></p>\n<p>事实上，除易方达亚洲精选外，张坤持有的另外三只基金在二季度的业绩表现同样不尽人意，远落后于其他同类基金产品。</p>\n<p>数据显示，在过去的3个月中，同类基金中业绩表现最好的为前海开源新经济灵活配置混合，收益率超过50%，而张坤旗下的易方达优质企业三年持有期混合、易方达蓝筹精选、易方达中小盘二季度的收益率分别为10.62%、5.94%和2.51%，在同类型基金（共计3403只）中排名分别为2103名、2833名和3187名。</p>\n<p>对此，张坤在二季报中罕见“认错”，表示回首自己以往的判断，“发现有不少错误”。同时，张坤也在季报中表达了自己对未来市场的看法。</p>\n<p>张坤表示，疫情后，随着全球流动性的放松，全球股市都有了显著上涨。对于一些市场公认长期有成长空间行业（科技、医药、消费、新能源）中的优质公司，除了业绩增长的驱动，估值也得到了显著的提升。面对越来越高的市盈率水平，对企业的估值方法也越来越多采用远期（如2025年甚至2030年）市值贴现回当年，似乎只有这样，投资者才能获得一个可以接受的回报率水平。</p>\n<p>他提到，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。在一个流动性宽裕、资本焦虑地寻找高回报率领域的环境下，<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。</b></p>\n<p>张坤认为，<b>对于未来5年行业竞争格局的判断难度恐怕只增不减。</b>“综合来看，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。在这样的赔率分布下，对于投资来说显然是高难度动作。在这种情况下，要么在热门行业进行深入研究，试图获得更高的概率确信度，要么在不那么拥挤的行业，稍微牺牲一些概率，承担多一点不确定性，获得更佳的赔率回报。<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>”</p>","source":"tzw","collect":0,"html":"<!DOCTYPE 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}\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业绩“垫底”，张坤认错\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-21 10:57 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ><strong>投中网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理的易方达蓝筹精选混合、易方达中小盘混合、易方达亚洲精选股票和易方达优质企业三年持有期混合4只基金的股票仓位均有不同程度的下降，其中易方达中小盘的股票仓位比例相比一季度下降23个百分点，骤降至张坤管理...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2092a73a2e90156199add4191d62cc13","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166715880","content_text":"面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理的易方达蓝筹精选混合、易方达中小盘混合、易方达亚洲精选股票和易方达优质企业三年持有期混合4只基金的股票仓位均有不同程度的下降，其中易方达中小盘的股票仓位比例相比一季度下降23个百分点，骤降至张坤管理易方达中小盘以来季末股票仓位最低。此外，张坤在二季度也对结构进行了调整，降低了食品饮料等行业的配置，增加了计算机等行业的配置，并继续重仓招商银行、港交所两只金融类港股。\n数据显示，截至二季度末，张坤管理的4只基金的规模为1344.78亿元，较上一季度末的1331.09亿元略有增加。其中，蓝筹精选、中小盘混合以及优质企业三年持有期混合二季度扭亏为盈，本期利润分别为53.84亿元、8.05亿元、11.22亿元。\n\n虽然基金规模增加，3只基金扭亏为盈，但与同行对比，张坤管理的基金二季度表现并不理想。其中，易方达蓝筹精选、易方达中小盘二季度在同类型基金（共计3403只）中排名分别为2833名、3187名，而易方达亚洲精选股票更是跌落到同类型基金中的倒数第二位。\n面对不断下滑的业绩，张坤也在二季报中罕见“认错”，称回首自己以往的判断，发现有不少错误。此外，张坤还强调，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。\n股票仓位齐下调，减持五粮液茅台\n首先来看一下4只基金在2021年Q2的持仓变化情况。\n根据报告显示，张坤旗下4只产品的股票仓位在二季度均有不同程度的下降。其中，易方达中小盘的减仓幅度最大，股票仓位从一季度末的93.93%骤降至70.36%。这是该基金自张坤2012年9月28日担任基金经理以来的最低水平，也是继2017年三季度后，股票仓位第二次降至八成以下。\n与此同时，另外3只基金的股票仓位均略有下调：易方达蓝筹精选的股票仓位比例从93.61%下降至90.17%；易方达优质企业的股票仓位从94.57%下降至89.24%；易方达亚洲精选的股票仓位从93.17%下降至86.45%。\n具体到调仓方向上，4只基金在结构调整上各有不同。\n\n2021年Q2易方达蓝筹精选持仓前十\n与一季度相比，易方达蓝筹精选在二季度降低了计算机等行业的配置，增加了电子等行业的配置。在前十大重仓股中，与2021年Q1一样，蓝筹精选依然持有4只白酒股，但持仓有增有减。其中，五粮液和贵州茅台从2021年Q1的10.05%和9.86%，降至9.88%和9.75%，而泸州老窖和洋河股份的持仓比例曾分别从7.62%、4.68%%增至9.71%和9.68%。\n同时，张坤还在二季度对香港交易所、招商银行以及腾讯控股进行了增持，并减持了美团。截至二季度末，香港交易所已取代五粮液成为易方达蓝筹精选的第一大重仓股。此外，Q1持仓占比为3.25%的平安银行跌出前十，被爱尔眼科取代。值得一提的是，在2020年Q4时，爱尔眼科也出现在了易方达蓝筹精选的前十大重仓股列表中。\n\n2021年Q2易方达中小盘持仓前十\n2021年第二季度，易方达中小盘则是在降低食品饮料等行业配置的同时，增加了计算机等行业的配置。具体来看个股，与一季度相比，易方达中小盘的十大重仓股保持不变，但重点增持了恒生电子、华兰生物，并减持了通策医疗和贵州茅台。\n其中，五粮液遭到张坤大幅减持，从2021年Q1的第二大重仓股掉落到第七大重仓股，美年健康的持仓也有所减少，加之报告期内股价下跌，已从原本的第一大重仓股掉落成第六大重仓股。\n再来看易方达优质企业三年持有期混合。\n\n2021年Q1易方达优质企业三年持有期混合持仓前十\n同易方达蓝筹精选类似的操作类似，该基金在二季度降低了计算机等行业的配置，并同样加仓了泸州老窖和洋河股份，减仓了五粮液。但不同的是，易方达优质企业三年持有期混合在本期增加了医药、银行等行业的配置。\n此外，该基金还在二季度增持了香港交易所、腾讯控股这两只港股标的，并减仓了海康威视和美团。目前，泸州老窖以9.76%的持仓占比成为易方达优质企业三年持有期混合的第一大重仓股。与此同时，华兰生物和锦欣生殖跌出前十大重仓股，爱尔眼科、平安银行成为新晋前十大重仓股。\n最后说一下规模相对较小的和易方达亚洲精选。\n\n与今年Q1相比，张坤在易方达亚洲精选基金上降低了消费、教育行业的配置，增加了银行、地产等行业的配置。此前一季度重仓的好未来、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、唯品会成为新晋前十大重仓股。\n值得一提的是，在刚刚过去的二季度，易方达亚洲精选股票本期利润为-3.16亿元，仍处于亏损状态，收益率在同类型基金中排名倒数第二。\n对此，张坤在季报中特别提到，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业绩“垫底”，张坤罕见“认错”\n事实上，除易方达亚洲精选外，张坤持有的另外三只基金在二季度的业绩表现同样不尽人意，远落后于其他同类基金产品。\n数据显示，在过去的3个月中，同类基金中业绩表现最好的为前海开源新经济灵活配置混合，收益率超过50%，而张坤旗下的易方达优质企业三年持有期混合、易方达蓝筹精选、易方达中小盘二季度的收益率分别为10.62%、5.94%和2.51%，在同类型基金（共计3403只）中排名分别为2103名、2833名和3187名。\n对此，张坤在二季报中罕见“认错”，表示回首自己以往的判断，“发现有不少错误”。同时，张坤也在季报中表达了自己对未来市场的看法。\n张坤表示，疫情后，随着全球流动性的放松，全球股市都有了显著上涨。对于一些市场公认长期有成长空间行业（科技、医药、消费、新能源）中的优质公司，除了业绩增长的驱动，估值也得到了显著的提升。面对越来越高的市盈率水平，对企业的估值方法也越来越多采用远期（如2025年甚至2030年）市值贴现回当年，似乎只有这样，投资者才能获得一个可以接受的回报率水平。\n他提到，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。在一个流动性宽裕、资本焦虑地寻找高回报率领域的环境下，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。\n张坤认为，对于未来5年行业竞争格局的判断难度恐怕只增不减。“综合来看，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。在这样的赔率分布下，对于投资来说显然是高难度动作。在这种情况下，要么在热门行业进行深入研究，试图获得更高的概率确信度，要么在不那么拥挤的行业，稍微牺牲一些概率，承担多一点不确定性，获得更佳的赔率回报。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。”","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":178766348,"gmtCreate":1626838484484,"gmtModify":1633770508491,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"追追追$$$$$","listText":"追追追$$$$$","text":"追追追$$$$$","images":[{"img":"https://static.tigerbbs.com/c09cee3d6b17ab48fd14d9e443154a3a","width":"1125","height":"3003"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178766348","isVote":1,"tweetType":1,"viewCount":858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":178604835,"gmtCreate":1626807100627,"gmtModify":1633770875158,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569833142161980","idStr":"3569833142161980"},"themes":[],"htmlText":"$$$$$$$$","listText":"$$$$$$$$","text":"$$$$$$$$","images":[{"img":"https://static.tigerbbs.com/c18d027554635525062e3e4add10e235","width":"1125","height":"2990"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178604835","isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":835477775,"gmtCreate":1629737157997,"gmtModify":1631891638645,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"66666","listText":"66666","text":"66666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/835477775","repostId":"1196056296","repostType":4,"repost":{"id":"1196056296","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629730871,"share":"https://ttm.financial/m/news/1196056296?lang=&edition=full","pubTime":"2021-08-23 23:01","market":"hk","language":"zh","title":"中手游上半年营收21.8亿元，净利润3.94亿元","url":"https://stock-news.laohu8.com/highlight/detail?id=1196056296","media":"老虎资讯综合","summary":"8月23日晚间，中手游发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增","content":"<p>8月23日晚间，<a href=\"https://laohu8.com/S/00302\">中手游</a>发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增长约17.6%</p>\n<p><img src=\"https://static.tigerbbs.com/49a4f7baa745a0a64abda4776574bd32\" tg-width=\"957\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p>\n<p>2021年上半年平均每月活跃用户1908.4万人，去年同期1505.3万人；上半年平均每月付费用户144.2万人，去年同期113.5万人；上半年新注册用户总数5801.4万人，去年同期5435.78万人。<img src=\"https://static.tigerbbs.com/ad0c4c234938d33ef8e8bcd159da4e24\" tg-width=\"941\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p>\n<p>公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。</p>\n<p>展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。</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>中手游上半年营收21.8亿元，净利润3.94亿元</title>\n<style 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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中手游上半年营收21.8亿元，净利润3.94亿元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-08-23 23:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>8月23日晚间，<a href=\"https://laohu8.com/S/00302\">中手游</a>发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增长约17.6%</p>\n<p><img src=\"https://static.tigerbbs.com/49a4f7baa745a0a64abda4776574bd32\" tg-width=\"957\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p>\n<p>2021年上半年平均每月活跃用户1908.4万人，去年同期1505.3万人；上半年平均每月付费用户144.2万人，去年同期113.5万人；上半年新注册用户总数5801.4万人，去年同期5435.78万人。<img src=\"https://static.tigerbbs.com/ad0c4c234938d33ef8e8bcd159da4e24\" tg-width=\"941\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p>\n<p>公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。</p>\n<p>展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6732755bad1da573809dd82708472f29","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196056296","content_text":"8月23日晚间，中手游发布2021年上半年业绩。财报显示，上半年营收21.8亿元，去年同期17.14亿元；上半年净利润3.94亿元，去年同期2.88亿元；上半年经调整净溢利人民币4.018亿元，同比增长约17.6%\n\n2021年上半年平均每月活跃用户1908.4万人，去年同期1505.3万人；上半年平均每月付费用户144.2万人，去年同期113.5万人；上半年新注册用户总数5801.4万人，去年同期5435.78万人。\n公告显示，上半年推出数款新游戏，其中“航海王热血航线”由本集团与字节跳动旗下北京朝夕光年联合出品，于4月22日推出，上线当月取得中国大陆苹果商店免费榜第一名，苹果商店畅销榜第三名的成绩，获得了苹果商店编辑推荐的当月最佳游戏奖；“斗罗大陆－斗神再临”于4月28日推出，上线后取得中国大陆苹果商店免费榜第一名的成绩，并多次获得苹果商店今日专题推荐和时下畅销推荐；本集团自主研发的手机游戏“仙剑奇侠传：九野”和网页游戏“血饮传说”在2021年上半年上线，也取得不俗的表现。\n展望下半年，中手游将推出PC游戏《仙剑奇侠传7》、手游《代号：城主天下》、《新仙剑奇侠传之挥剑问情》、《我的御剑日记》、《镇魂街：天生为王》等新游。","news_type":1,"symbols_score_info":{"00302":0.9}},"isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175555633,"gmtCreate":1627043798422,"gmtModify":1631891638661,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"这股完了…..$$$$飞飞飞了","listText":"这股完了…..$$$$飞飞飞了","text":"这股完了…..$$$$飞飞飞了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/175555633","repostId":"1159098067","repostType":4,"isVote":1,"tweetType":1,"viewCount":2568,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3508809496105701","authorId":"3508809496105701","name":"估值坑人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3508809496105701","authorIdStr":"3508809496105701"},"content":"完不了，龙头企业还是稳稳的存在，培训机构还是需要存在，只不过钱不好挣了，不能垄断，部分企业要暴雷了。作业还是要做的。不过不在是人人都参与。","text":"完不了，龙头企业还是稳稳的存在，培训机构还是需要存在，只不过钱不好挣了，不能垄断，部分企业要暴雷了。作业还是要做的。不过不在是人人都参与。","html":"完不了，龙头企业还是稳稳的存在，培训机构还是需要存在，只不过钱不好挣了，不能垄断，部分企业要暴雷了。作业还是要做的。不过不在是人人都参与。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":835700853,"gmtCreate":1629737216372,"gmtModify":1631891638644,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"66666","listText":"66666","text":"66666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835700853","repostId":"1172613621","repostType":4,"repost":{"id":"1172613621","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629729007,"share":"https://ttm.financial/m/news/1172613621?lang=&edition=full","pubTime":"2021-08-23 22:30","market":"us","language":"zh","title":"中概教育股多数下跌，有道跌超11%","url":"https://stock-news.laohu8.com/highlight/detail?id=1172613621","media":"老虎资讯综合","summary":"8月23日，中概教育股多数多数下跌，有道跌超11%，新东方、好未来跌超4%，高途、一起教育科技跌超3%。\n\n距7月24日“双减”（《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》）正式官","content":"<p>8月23日，中概教育股多数多数下跌，<a href=\"https://laohu8.com/S/DAO\">有道</a>跌超11%，<a href=\"https://laohu8.com/S/EDU\">新东方</a>、<a href=\"https://laohu8.com/S/TAL\">好未来</a>跌超4%，<a href=\"https://laohu8.com/S/GOTU\">高途</a>、<a href=\"https://laohu8.com/S/YQ\">一起教育科技</a>跌超3%。</p>\n<p><img src=\"https://static.tigerbbs.com/00ea71cefbd22f2fd6650d3669fc753c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>距7月24日“双减”（《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》）正式官宣至今，30天过去了，整个校外培训行业已然发生巨变。</p>\n<p>最初看到“双减”文件，不少行业人士并未想到，这场变革，速度如此之快，又如此彻底。如今，他们不得不承认，“教培行业一个时代结束了”。</p>\n<p>几乎所有去年风头正盛的K12教育企业，都在收缩，大幅裁员、转型谋生。美股市场教育三巨头好未来、新东方、高途，如今股价都只剩个位数，8个月里，三家的总市值从最高时的超1300亿美金，跌到如今的70亿美金。</p>","collect":0,"html":"<!DOCTYPE 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}\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中概教育股多数下跌，有道跌超11%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-08-23 22:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>8月23日，中概教育股多数多数下跌，<a href=\"https://laohu8.com/S/DAO\">有道</a>跌超11%，<a href=\"https://laohu8.com/S/EDU\">新东方</a>、<a href=\"https://laohu8.com/S/TAL\">好未来</a>跌超4%，<a href=\"https://laohu8.com/S/GOTU\">高途</a>、<a href=\"https://laohu8.com/S/YQ\">一起教育科技</a>跌超3%。</p>\n<p><img src=\"https://static.tigerbbs.com/00ea71cefbd22f2fd6650d3669fc753c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>距7月24日“双减”（《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》）正式官宣至今，30天过去了，整个校外培训行业已然发生巨变。</p>\n<p>最初看到“双减”文件，不少行业人士并未想到，这场变革，速度如此之快，又如此彻底。如今，他们不得不承认，“教培行业一个时代结束了”。</p>\n<p>几乎所有去年风头正盛的K12教育企业，都在收缩，大幅裁员、转型谋生。美股市场教育三巨头好未来、新东方、高途，如今股价都只剩个位数，8个月里，三家的总市值从最高时的超1300亿美金，跌到如今的70亿美金。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{"TAL":"好未来","YQ":"一起教育科技","DAO":"有道","09901":"新东方-S","GOTU":"高途","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172613621","content_text":"8月23日，中概教育股多数多数下跌，有道跌超11%，新东方、好未来跌超4%，高途、一起教育科技跌超3%。\n\n距7月24日“双减”（《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》）正式官宣至今，30天过去了，整个校外培训行业已然发生巨变。\n最初看到“双减”文件，不少行业人士并未想到，这场变革，速度如此之快，又如此彻底。如今，他们不得不承认，“教培行业一个时代结束了”。\n几乎所有去年风头正盛的K12教育企业，都在收缩，大幅裁员、转型谋生。美股市场教育三巨头好未来、新东方、高途，如今股价都只剩个位数，8个月里，三家的总市值从最高时的超1300亿美金，跌到如今的70亿美金。","news_type":1,"symbols_score_info":{"09901":0.9,"DAO":0.9,"EDU":0.9,"GOTU":0.9,"TAL":0.9,"YQ":0.9}},"isVote":1,"tweetType":1,"viewCount":934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178764230,"gmtCreate":1626838804120,"gmtModify":1631891638668,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"行情变换莫测","listText":"行情变换莫测","text":"行情变换莫测","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178764230","repostId":"1166715880","repostType":4,"repost":{"id":"1166715880","kind":"news","pubTimestamp":1626836270,"share":"https://ttm.financial/m/news/1166715880?lang=&edition=full","pubTime":"2021-07-21 10:57","market":"sh","language":"zh","title":"业绩“垫底”，张坤认错","url":"https://stock-news.laohu8.com/highlight/detail?id=1166715880","media":"投中网","summary":"面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理","content":"<blockquote>\n <b>面对不断下滑的业绩，张坤也在二季报中罕见“认错”</b>\n</blockquote>\n<p>7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。</p>\n<p>在过去的二季度，张坤管理的易方达蓝筹精选混合、易方达中小盘混合、易方达亚洲精选股票和易方达优质企业三年持有期混合4只基金的股票仓位均有不同程度的下降，其中易方达中小盘的股票仓位比例相比一季度下降23个百分点，骤降至张坤管理易方达中小盘以来季末股票仓位最低。此外，张坤在二季度也对结构进行了调整，降低了食品饮料等行业的配置，增加了计算机等行业的配置，并继续重仓招商银行、港交所两只金融类港股。</p>\n<p>数据显示，截至二季度末，张坤管理的4只基金的规模为1344.78亿元，较上一季度末的1331.09亿元略有增加。其中，蓝筹精选、中小盘混合以及优质企业三年持有期混合二季度扭亏为盈，本期利润分别为53.84亿元、8.05亿元、11.22亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/01a751b2749b319a7c6c42ffdd39684c\" tg-width=\"1006\" tg-height=\"361\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>虽然基金规模增加，3只基金扭亏为盈，但与同行对比，张坤管理的基金二季度表现并不理想。其中，易方达蓝筹精选、易方达中小盘二季度在同类型基金（共计3403只）中排名分别为2833名、3187名，而易方达亚洲精选股票更是跌落到同类型基金中的倒数第二位。</p>\n<p>面对不断下滑的业绩，张坤也在二季报中罕见“认错”，称回首自己以往的判断，发现有不少错误。此外，张坤还强调，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。</p>\n<p><b>股票仓位齐下调，减持五粮液茅台</b></p>\n<p>首先来看一下4只基金在2021年Q2的持仓变化情况。</p>\n<p>根据报告显示，张坤旗下4只产品的股票仓位在二季度均有不同程度的下降。其中，易方达中小盘的减仓幅度最大，股票仓位从一季度末的93.93%骤降至70.36%。这是该基金自张坤2012年9月28日担任基金经理以来的最低水平，也是继2017年三季度后，股票仓位第二次降至八成以下。</p>\n<p>与此同时，另外3只基金的股票仓位均略有下调：易方达蓝筹精选的股票仓位比例从93.61%下降至90.17%；易方达优质企业的股票仓位从94.57%下降至89.24%；易方达亚洲精选的股票仓位从93.17%下降至86.45%。</p>\n<p>具体到调仓方向上，4只基金在结构调整上各有不同。</p>\n<p><img src=\"https://static.tigerbbs.com/1683ff0f2a10d195121cffc0e4f458b6\" tg-width=\"512\" tg-height=\"294\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>2021年Q2易方达蓝筹精选持仓前十</p>\n<p>与一季度相比，易方达蓝筹精选在二季度降低了计算机等行业的配置，增加了电子等行业的配置。在前十大重仓股中，与2021年Q1一样，蓝筹精选依然持有4只白酒股，但持仓有增有减。其中，五粮液和贵州茅台从2021年Q1的10.05%和9.86%，降至9.88%和9.75%，而泸州老窖和洋河股份的持仓比例曾分别从7.62%、4.68%%增至9.71%和9.68%。</p>\n<p>同时，张坤还在二季度对香港交易所、招商银行以及腾讯控股进行了增持，并减持了美团。截至二季度末，香港交易所已取代五粮液成为易方达蓝筹精选的第一大重仓股。此外，Q1持仓占比为3.25%的平安银行跌出前十，被爱尔眼科取代。值得一提的是，在2020年Q4时，爱尔眼科也出现在了易方达蓝筹精选的前十大重仓股列表中。</p>\n<p><img src=\"https://static.tigerbbs.com/cf129f55b2095a3ab6cabbe0638cf11a\" tg-width=\"512\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>2021年Q2易方达中小盘持仓前十</p>\n<p>2021年第二季度，易方达中小盘则是在降低食品饮料等行业配置的同时，增加了计算机等行业的配置。具体来看个股，与一季度相比，易方达中小盘的十大重仓股保持不变，但重点增持了恒生电子、华兰生物，并减持了通策医疗和贵州茅台。</p>\n<p>其中，五粮液遭到张坤大幅减持，从2021年Q1的第二大重仓股掉落到第七大重仓股，美年健康的持仓也有所减少，加之报告期内股价下跌，已从原本的第一大重仓股掉落成第六大重仓股。</p>\n<p>再来看易方达优质企业三年持有期混合。</p>\n<p><img src=\"https://static.tigerbbs.com/75b188fe04c08b16db4160afe2f8ebb0\" tg-width=\"512\" tg-height=\"278\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>2021年Q1易方达优质企业三年持有期混合持仓前十</p>\n<p>同易方达蓝筹精选类似的操作类似，该基金在二季度降低了计算机等行业的配置，并同样加仓了泸州老窖和洋河股份，减仓了五粮液。但不同的是，易方达优质企业三年持有期混合在本期增加了医药、银行等行业的配置。</p>\n<p>此外，该基金还在二季度增持了香港交易所、腾讯控股这两只港股标的，并减仓了海康威视和美团。目前，泸州老窖以9.76%的持仓占比成为易方达优质企业三年持有期混合的第一大重仓股。与此同时，华兰生物和锦欣生殖跌出前十大重仓股，爱尔眼科、平安银行成为新晋前十大重仓股。</p>\n<p>最后说一下规模相对较小的和易方达亚洲精选。</p>\n<p><img src=\"https://static.tigerbbs.com/c3ad95bd85c15dec4396047e297b788c\" tg-width=\"997\" tg-height=\"497\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>与今年Q1相比，张坤在易方达亚洲精选基金上降低了消费、教育行业的配置，增加了银行、地产等行业的配置。此前一季度重仓的好未来、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、唯品会成为新晋前十大重仓股。</p>\n<p>值得一提的是，在刚刚过去的二季度，易方达亚洲精选股票本期利润为-3.16亿元，仍处于亏损状态，收益率在同类型基金中排名倒数第二。</p>\n<p>对此，张坤在季报中特别提到，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。</p>\n<p><b>业绩“垫底”，张坤罕见“认错”</b></p>\n<p>事实上，除易方达亚洲精选外，张坤持有的另外三只基金在二季度的业绩表现同样不尽人意，远落后于其他同类基金产品。</p>\n<p>数据显示，在过去的3个月中，同类基金中业绩表现最好的为前海开源新经济灵活配置混合，收益率超过50%，而张坤旗下的易方达优质企业三年持有期混合、易方达蓝筹精选、易方达中小盘二季度的收益率分别为10.62%、5.94%和2.51%，在同类型基金（共计3403只）中排名分别为2103名、2833名和3187名。</p>\n<p>对此，张坤在二季报中罕见“认错”，表示回首自己以往的判断，“发现有不少错误”。同时，张坤也在季报中表达了自己对未来市场的看法。</p>\n<p>张坤表示，疫情后，随着全球流动性的放松，全球股市都有了显著上涨。对于一些市场公认长期有成长空间行业（科技、医药、消费、新能源）中的优质公司，除了业绩增长的驱动，估值也得到了显著的提升。面对越来越高的市盈率水平，对企业的估值方法也越来越多采用远期（如2025年甚至2030年）市值贴现回当年，似乎只有这样，投资者才能获得一个可以接受的回报率水平。</p>\n<p>他提到，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。在一个流动性宽裕、资本焦虑地寻找高回报率领域的环境下，<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。</b></p>\n<p>张坤认为，<b>对于未来5年行业竞争格局的判断难度恐怕只增不减。</b>“综合来看，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。在这样的赔率分布下，对于投资来说显然是高难度动作。在这种情况下，要么在热门行业进行深入研究，试图获得更高的概率确信度，要么在不那么拥挤的行业，稍微牺牲一些概率，承担多一点不确定性，获得更佳的赔率回报。<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>”</p>","source":"tzw","collect":0,"html":"<!DOCTYPE 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}\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业绩“垫底”，张坤认错\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-21 10:57 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ><strong>投中网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理的易方达蓝筹精选混合、易方达中小盘混合、易方达亚洲精选股票和易方达优质企业三年持有期混合4只基金的股票仓位均有不同程度的下降，其中易方达中小盘的股票仓位比例相比一季度下降23个百分点，骤降至张坤管理...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2092a73a2e90156199add4191d62cc13","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166715880","content_text":"面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理的易方达蓝筹精选混合、易方达中小盘混合、易方达亚洲精选股票和易方达优质企业三年持有期混合4只基金的股票仓位均有不同程度的下降，其中易方达中小盘的股票仓位比例相比一季度下降23个百分点，骤降至张坤管理易方达中小盘以来季末股票仓位最低。此外，张坤在二季度也对结构进行了调整，降低了食品饮料等行业的配置，增加了计算机等行业的配置，并继续重仓招商银行、港交所两只金融类港股。\n数据显示，截至二季度末，张坤管理的4只基金的规模为1344.78亿元，较上一季度末的1331.09亿元略有增加。其中，蓝筹精选、中小盘混合以及优质企业三年持有期混合二季度扭亏为盈，本期利润分别为53.84亿元、8.05亿元、11.22亿元。\n\n虽然基金规模增加，3只基金扭亏为盈，但与同行对比，张坤管理的基金二季度表现并不理想。其中，易方达蓝筹精选、易方达中小盘二季度在同类型基金（共计3403只）中排名分别为2833名、3187名，而易方达亚洲精选股票更是跌落到同类型基金中的倒数第二位。\n面对不断下滑的业绩，张坤也在二季报中罕见“认错”，称回首自己以往的判断，发现有不少错误。此外，张坤还强调，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。\n股票仓位齐下调，减持五粮液茅台\n首先来看一下4只基金在2021年Q2的持仓变化情况。\n根据报告显示，张坤旗下4只产品的股票仓位在二季度均有不同程度的下降。其中，易方达中小盘的减仓幅度最大，股票仓位从一季度末的93.93%骤降至70.36%。这是该基金自张坤2012年9月28日担任基金经理以来的最低水平，也是继2017年三季度后，股票仓位第二次降至八成以下。\n与此同时，另外3只基金的股票仓位均略有下调：易方达蓝筹精选的股票仓位比例从93.61%下降至90.17%；易方达优质企业的股票仓位从94.57%下降至89.24%；易方达亚洲精选的股票仓位从93.17%下降至86.45%。\n具体到调仓方向上，4只基金在结构调整上各有不同。\n\n2021年Q2易方达蓝筹精选持仓前十\n与一季度相比，易方达蓝筹精选在二季度降低了计算机等行业的配置，增加了电子等行业的配置。在前十大重仓股中，与2021年Q1一样，蓝筹精选依然持有4只白酒股，但持仓有增有减。其中，五粮液和贵州茅台从2021年Q1的10.05%和9.86%，降至9.88%和9.75%，而泸州老窖和洋河股份的持仓比例曾分别从7.62%、4.68%%增至9.71%和9.68%。\n同时，张坤还在二季度对香港交易所、招商银行以及腾讯控股进行了增持，并减持了美团。截至二季度末，香港交易所已取代五粮液成为易方达蓝筹精选的第一大重仓股。此外，Q1持仓占比为3.25%的平安银行跌出前十，被爱尔眼科取代。值得一提的是，在2020年Q4时，爱尔眼科也出现在了易方达蓝筹精选的前十大重仓股列表中。\n\n2021年Q2易方达中小盘持仓前十\n2021年第二季度，易方达中小盘则是在降低食品饮料等行业配置的同时，增加了计算机等行业的配置。具体来看个股，与一季度相比，易方达中小盘的十大重仓股保持不变，但重点增持了恒生电子、华兰生物，并减持了通策医疗和贵州茅台。\n其中，五粮液遭到张坤大幅减持，从2021年Q1的第二大重仓股掉落到第七大重仓股，美年健康的持仓也有所减少，加之报告期内股价下跌，已从原本的第一大重仓股掉落成第六大重仓股。\n再来看易方达优质企业三年持有期混合。\n\n2021年Q1易方达优质企业三年持有期混合持仓前十\n同易方达蓝筹精选类似的操作类似，该基金在二季度降低了计算机等行业的配置，并同样加仓了泸州老窖和洋河股份，减仓了五粮液。但不同的是，易方达优质企业三年持有期混合在本期增加了医药、银行等行业的配置。\n此外，该基金还在二季度增持了香港交易所、腾讯控股这两只港股标的，并减仓了海康威视和美团。目前，泸州老窖以9.76%的持仓占比成为易方达优质企业三年持有期混合的第一大重仓股。与此同时，华兰生物和锦欣生殖跌出前十大重仓股，爱尔眼科、平安银行成为新晋前十大重仓股。\n最后说一下规模相对较小的和易方达亚洲精选。\n\n与今年Q1相比，张坤在易方达亚洲精选基金上降低了消费、教育行业的配置，增加了银行、地产等行业的配置。此前一季度重仓的好未来、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、唯品会成为新晋前十大重仓股。\n值得一提的是，在刚刚过去的二季度，易方达亚洲精选股票本期利润为-3.16亿元，仍处于亏损状态，收益率在同类型基金中排名倒数第二。\n对此，张坤在季报中特别提到，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业绩“垫底”，张坤罕见“认错”\n事实上，除易方达亚洲精选外，张坤持有的另外三只基金在二季度的业绩表现同样不尽人意，远落后于其他同类基金产品。\n数据显示，在过去的3个月中，同类基金中业绩表现最好的为前海开源新经济灵活配置混合，收益率超过50%，而张坤旗下的易方达优质企业三年持有期混合、易方达蓝筹精选、易方达中小盘二季度的收益率分别为10.62%、5.94%和2.51%，在同类型基金（共计3403只）中排名分别为2103名、2833名和3187名。\n对此，张坤在二季报中罕见“认错”，表示回首自己以往的判断，“发现有不少错误”。同时，张坤也在季报中表达了自己对未来市场的看法。\n张坤表示，疫情后，随着全球流动性的放松，全球股市都有了显著上涨。对于一些市场公认长期有成长空间行业（科技、医药、消费、新能源）中的优质公司，除了业绩增长的驱动，估值也得到了显著的提升。面对越来越高的市盈率水平，对企业的估值方法也越来越多采用远期（如2025年甚至2030年）市值贴现回当年，似乎只有这样，投资者才能获得一个可以接受的回报率水平。\n他提到，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。在一个流动性宽裕、资本焦虑地寻找高回报率领域的环境下，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。\n张坤认为，对于未来5年行业竞争格局的判断难度恐怕只增不减。“综合来看，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。在这样的赔率分布下，对于投资来说显然是高难度动作。在这种情况下，要么在热门行业进行深入研究，试图获得更高的概率确信度，要么在不那么拥挤的行业，稍微牺牲一些概率，承担多一点不确定性，获得更佳的赔率回报。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。”","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":837459914,"gmtCreate":1629907087438,"gmtModify":1631891638639,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"慌慌了","listText":"慌慌了","text":"慌慌了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837459914","repostId":"1191205568","repostType":4,"isVote":1,"tweetType":1,"viewCount":1399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":831745573,"gmtCreate":1629353842392,"gmtModify":1631891638648,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"👍👍👍👍大牛股","listText":"👍👍👍👍大牛股","text":"👍👍👍👍大牛股","images":[{"img":"https://static.tigerbbs.com/2f2f1ff29de76aa3d5b0d80395f90abf","width":"1125","height":"3411"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831745573","isVote":1,"tweetType":1,"viewCount":1957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":896514712,"gmtCreate":1628593319436,"gmtModify":1631891638651,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"什么时候涨回呀","listText":"什么时候涨回呀","text":"什么时候涨回呀","images":[{"img":"https://static.tigerbbs.com/94a8fd469a167c0485c2cf2ab179cbee","width":"1125","height":"3329"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896514712","isVote":1,"tweetType":1,"viewCount":1391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":891629983,"gmtCreate":1628387587142,"gmtModify":1631891638653,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"血拼…………..","listText":"血拼…………..","text":"血拼…………..","images":[{"img":"https://static.tigerbbs.com/705e4a04eeddfd66e7e815d341e9def0","width":"1125","height":"3003"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891629983","isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":175557435,"gmtCreate":1627043902027,"gmtModify":1631891638655,"author":{"id":"3569833142161980","authorId":"3569833142161980","name":"Chuabenny","avatar":"https://static.tigerbbs.com/6d0508686b91377aa1350c42f2e271da","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569833142161980","authorIdStr":"3569833142161980"},"themes":[],"htmlText":"大出血🩸","listText":"大出血🩸","text":"大出血🩸","images":[{"img":"https://static.tigerbbs.com/0e71acc0ff771fab7f5b801877dd4625","width":"1125","height":"3329"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175557435"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