[Zhang Kun adjusts positions: heavy position in New Yisheng, liquor stock holdings decrease] On October 27, several funds managed by E Fund manager Zhang Kun disclosed their third quarter reports today. In terms of holdings, let’s first look at E Fund Blue Chip Select. The fund is currently managed by Zhang Kun, He Yicheng, and Yang Siliang. Since the addition of fund managers, some technology stocks have appeared in the holdings in the past two quarters. The most important change in the heavily held stocks is that Xinyi Sheng and Sichuan Investment Energy have entered the top ten, while SMIC and Dongshan Precision have exited the top ten. Most other stocks have reduced their holdings, and only Alibaba-W has significantly increased its holdings. Looking at E Fund's high-quality selected blends, the positions in the third quarter have not changed very significantly compared with the second quarter. The main reason is the increase or decrease in the number of positions. The number of positions in Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao has all decreased. Next, look at the positions of E Fund Asia's selected stocks. The main changes in the third quarter were that Alibaba-W dropped out of the top ten, and Futu Holdings and Google-A entered the top ten. Zhang Kun's team said in the third quarter report: "The reason for the greater number of technology adjustments in the third quarter is that on the one hand there was a large increase in the first half of the year, and at the same time, the squeeze of external leverage and the mid- and long-term contradiction between AI capital investment and returns are all reasons for the adjustment. In the mid- to long-term, we still see positive progress in the technology industry, including the continued growth of Agent. "Looking ahead to the fourth quarter, technology has undergone major adjustments. Even with the suppression of macro interest rates, we can still see that some US AI-related companies with reasonable valuations and steady growth have recently reached new highs, and the overall outlook remains optimistic." (every sutra)