On March 31, Zhang Kun, a top fund manager and manager of E Fund at De's funds, disclosed the 2025 report for his managed funds. Specifically, Zhang Kun's funds initiated positions in several new industries such as New Industry (300832.SZ), Netease Cloud Music (09899), Morethreads-U (688795.SH), Muxi Holding (688802.SH), and significantly increased holdings in Hong Kong Exchanges and Clearing Limited (00388). In the annual report, Zhang Kun stated that his portfolio's current status can be summarized as "high certainty of basic returns + free call options." The basic returns come from dividends and repurchase profits under undervaluation, which are already providing returns superior to bonds. The call options are that once the domestic economy stabilizes and rebounds (e.g. CPI turns positive, social zero growth warms up), the profit expectations and valuations of these high-quality companies will face significant upward adjustments. Currently, Zhang Kun manages four public funds, namely E Fund Blue Chip Selected, E Fund Quality Selected, E Fund Quality Enterprises Three-year Holding, and E Fund Asia Selected. The largest product is E Fund Blue Chip Selected, which is also Zhang Kun's representative work fund. According to the disclosed 2025 fourth quarter report, the top ten heavy-weighted stocks of E Fund Blue Chip Selected remain unchanged, including Tencent Holdings (00700), Kweichow Moutai (600519.SH), Wuliangye (000858.SZ), Alibaba (09988), Shanxi Fenjiu (600809.SH), Luzhou Laojiao (000568.SZ), Yum China (09987), CNOOC (00883), JD Health (06618), Focus Media (002027.SZ). The 12th to 20th heavy-weighted stocks include New Industry, Huatai Medical (688617.SH), Netease Cloud Music, Nongfu Spring (09633), Morethreads-U, Muxi Holding-U, Xi'an Yicai-U, Beike-W, and Bibite-U. Among them, New Industry, Netease Cloud Music, Nongfu Spring, Morethreads-U, Muxi Holding-U, Xi'an Yicai-U, and Bibite-U are all stocks that Zhang Kun initiated positions in for the first time. At the same time, Zhang Kun also significantly increased holdings in Hong Kong Exchanges and Clearing Limited by 200%. As of the end of the reporting period, E Fund Blue Chip Selected's stock holding ratio was 93.64%. In terms of performance, as of the end of the reporting period, E Fund Blue Chip Selected's share net asset value was 1.8623 yuan, with a net asset value growth rate of 6.86% for the reporting period, compared to a benchmark return rate of 16.85%. In addition, E Fund Quality...