Zhang Kun’s positions are still concentrated in the consumer and pharmaceutical industries. Currently, Zhang Kun manages four funds, with a cumulative scale of more than 100 billion yuan. Judging from its heavy holdings of stocks, they are basically leading stocks in the liquor and consumer industries. Among them, Moutai and Wuliangye are the highlights of almost every fund. Although Zhang Kun recently sold Shuijingfang's stocks and was regarded by the public as reducing his position in liquor stocks, in fact, for the leading stocks in the liquor industry, Zhang Kun has never been absent and has not made any operations to reduce his position. Obviously Zhang Kun is still a firm believer in the liquor industry, there is no doubt about this.

In addition to liquor, the medical industry is also Zhang Kun’s passion. Unlike others who like pharmaceutical stocks, Zhang Kun seems to prefer the medical industry, especially when there have been criticisms from medical institutions of a certain scale, such as Aier. Ophthalmology, Tongce Medical, etc., these companies that already have brand influence have become Zhang Kun's first choice. In addition, its recently configured Zhongju High-tech has also become the focus of public attention.

Judging from the annual report previously published by Zhang Kun, his investment style is more biased toward long-term and price-based investments. He does not seem to be interested in the technology industry. His heavy holdings are almost all industry leaders, and he has certain qualifications. It is a big brand with a monopoly position, and its investment concentration is very high, with multiple stock holdings exceeding 9%, which is rare in fund investment.

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Compared with the latest closing price and the high point during the year, the average retracement of the stocks held by the funds managed by Zhang Kun reached 23.78%. The stock with the largest retracement was China Fortune Land Development, which retraced 51.44% from its high point during the year. The latest closing price was 6.24 yuan, approaching a six-year low. Among the stocks that have retraced more than 40%, Arowana is the only stock with a market value of over 100 billion. Last year, the company achieved a profit of 6 billion yuan, a year-on-year increase of 10.96%. Other stocks with a market capitalization of over 100 billion have seen a large retracement, including Amic, Yanghe Holdings, CICC, UFIDA, and AIER Ophthalmology.