张坤 / Zhang Kun

Zhang Kun appears in 175.公募基金二季报：极致的抱团与割裂之后 as both a former public-fund scale leader and a value-oriented voice outside the 2026 technology-growth center. The episode notes that his asset-management ranking fell sharply as new AI and semiconductor managers rose.

The source uses Zhang Kun’s second-quarter report for two frames. First, he treats AI compute more like a durable asset with stock and flow: current scarcity can reflect too little existing installed base, not necessarily proof that future annual capex must remain permanently insufficient. Second, he reads consumption weakness through household expectations, birth willingness, excess savings, and balance-sheet pressure.

Key Claims

• Zhang Kun’s AI compute frame qualifies AI Capex Return Window by separating installed base from annual new capex.
• His view challenges extrapolation from current supply shortage to permanent capital-spending acceleration.
• The source connects his consumption discussion to the need for external policy support to break weak household expectations.
• His ranking decline illustrates the style rotation inside Active Fund Crowding / 主动基金抱团: old consumer/value stars can lose visibility when technology growth dominates.

Connections

• AI Equity Valuation Risk, AI Capex Return Window, and AI Infrastructure Supply-Chain Bullwhip / AI 基建供应链牛鞭效应 - AI capex and valuation context.
• China Deflation Demand Repair / 中国通缩的需求侧修复, K-Shaped Consumer Spending, and Household Balance-Sheet Repair - consumption and balance-sheet context.
• Active Fund Crowding / 主动基金抱团, Public Mutual Fund Ecosystem / 公募基金生态, and Portfolio Suitability - public-fund and holder-fit context.
• 起朱楼宴宾客 / Qizhulou Yan Binke and 大卫翁 / David Weng - source show and host.