茅台半年報出爐！張坤二季度小幅減倉，私募大佬這樣解讀
本文來自：上海證券報，作者：徐鋭
“年少不知白酒香，錯把科技加滿倉。”
這是半年前部分A股股民發出的感慨，彼時隨着茅台等白酒股股價的一路上漲，重倉一、二線白酒的千億“頂流”基金經理張坤也成了基民眼中的“YYDS”（永遠的神）。
然而短短半年時間過去，“白酒香”不僅被“科技香”所取代，曾堅定持有白酒股的張坤也在二季度順勢略作減倉茅台，退出了後者的前十大股東序列。
貴州茅台7月30日晚發佈的2021年半年報顯示，今年上半年公司實現營業收入490.87億元，同比增長11.68%；實現淨利潤246.54億元，同比增長9.08%。報吿期內，公司完成基酒產量5.03萬噸，其中茅台酒基酒產量3.78萬噸、系列酒基酒產量1.25萬噸。
相較於差強人意的業績表現，貴州茅台同時披露的前十大股東榜單（截至6月30日）更受關注。
與一季度末持股相對比，貴州茅台最新股東榜單最大的變化即是——由張坤掌舵的“易方達藍籌精選混合型證券投資基金”於今年二季度實施了減持操作，並已從茅台十大股東名單中消失。
在今年一季度末，易方達藍籌精選曾以432萬股的持股規模位居茅台股東榜第9位，以一季度末股價計算（2009元/股），其期末持股市值接近87億元。然而最新半年報顯示，在前十大股東“入圍門檻”為427萬股的背景下，易方達藍籌精選已從前十大股東榜單中消失，意味着其在二季度進行了減持操作。
不過，另據易方達藍籌精選二季報顯示，該基金截至二季度末，尚持有貴州茅台426萬股，只比一季度略有減持。
易方達藍籌精選二季報部分重倉股變化
與張坤的減倉舉動相反，招商中證白酒指數分級證券投資基金則在二季度大舉加倉，截至6月末共持有貴州茅台478.32萬股。
而從整體來看，與一季度末相比，貴州茅台前十大股東中半數股東持倉未發生變化，其他股東持股增減變動也較小。
近半年來，A股投資風格又發生了顯著變化，以茅台為代表的“茅指數”持續震盪下挫，反觀以寧德時代為代表的“寧指數”則一路高歌猛進，市場分化明顯。
那麼，作為白酒股投資代表的張坤此番減倉貴州茅台，其背後究竟是怎樣的邏輯？是否代表其投資風格的轉變？
“茅台價格雙軌制帶來的變化就是業績增長放緩，作為財務股東是很難承受殺估值的壓力，公募更是很難做長期投資。”榕樹投資創始人、董事長兼首席投資官翟敬勇對此稱。
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