Just after midnight on April 22, Zhang Kun's managed funds disclosed their first quarter reports for 2025, and their holdings also surfaced. As of the end of March 2025, Zhang Kun's total management scale returned to the 60 billion yuan echelon, reaching 60.822 billion yuan, perhaps benefiting from the fact that all four of his funds significantly outperformed the performance benchmarks of the same period. However, in terms of subscription and redemption, the four funds are still facing the dilemma of continued net redemption. In terms of position adjustment and stock exchange, the four funds have significantly reduced their holdings in Alibaba and Tencent; Yanghe Shares and Meituan have also been significantly reduced by Zhang Kun; in contrast, Zhang Kun adjusted his traditional liquor positions, and his three funds all slightly increased their holdings in Shanxi Fenjiu and Luzhou Laojiao during the first quarter. It is worth mentioning that SF Express may be Zhang Kun's "new love". The stock entered the top ten holdings of E Fund Quality Selection in the first quarter, with an increase of 226%; previously, during the second half of 2024, E Fund Blue Chip Selection and E Fund Quality Selection both established positions in SF Express.