Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported its US stock holdings as of the end of Q4 2025, with a significant focus on Chinese concept stocks, which accounted for 92% of its portfolio [1][2]. Group 1: Holdings Overview - HHLR holds a total of 33 US-listed companies, with its top ten holdings including Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, Beike, Webull Corp, Cytek Biosciences, and Clearwater Analytics, with seven of these being Chinese concept stocks [2][4]. - The market value of HHLR's holdings in Pinduoduo reached approximately $1.22 billion, with a total of 10.72 million shares, reflecting an increase of 2.13 million shares from the previous quarter [4][5]. - Alibaba's holdings increased from 3.29 million shares to 5.43 million shares, with the market value rising from $588 million to $796 million, making it the second-largest holding in HHLR's portfolio [7]. Group 2: Trading Activities - HHLR significantly increased its positions in Pinduoduo and Alibaba while reducing its holdings in Futu Holdings and Webull Corp, with Futu's shares decreasing by nearly 50% from 3.24 million to 1.63 million [5][7]. - The firm also completely exited positions in several companies, including NetEase, Baidu, Manbang Group, Donghai Group, and Bright Scholar [7]. - HHLR made a small purchase of Google shares, ending the quarter with 7,300 shares, while also acquiring 11,300 shares of TSMC, valued at approximately $3.43 million [8][10]. Group 3: Market Context - The increase in holdings of Pinduoduo and Alibaba aligns with similar moves by other major private equity firms, indicating a collective bullish sentiment towards these stocks despite Pinduoduo's revenue growth slowing to 9% year-over-year [5]. - The AI sector is highlighted as a key area of interest, with ongoing developments in various subfields, suggesting that companies in this space may present significant investment opportunities [8].

Core Insights - The three major players in China's AI large model sector reported unprecedented user engagement during the Spring Festival, indicating a significant shift in user demographics and engagement strategies [1][4][10] Group 1: User Engagement and Growth - Tencent's Yuanbao achieved over 50 million daily active users (DAU) and 114 million monthly active users (MAU), with over 1 billion AI creations during the Spring Festival [1] - ByteDance's Doubao reported 1 billion AI interactions on New Year's Eve, with DAU exceeding 100 million, solidifying its position as the industry leader [1] - Alibaba's Qianwen recorded over 120 million AI orders and a DAU surge to 73.52 million, showcasing the massive user engagement across platforms [1] Group 2: User Demographics and Market Penetration - The surge in user numbers primarily attracted individuals who had previously not engaged with AI products, indicating a breakthrough in reaching a broader audience [1][6] - The traditional user base for AI applications has been limited to specific demographics such as programmers, office workers, and students, highlighting a gap in market penetration [2][3] Group 3: Marketing Strategies - The marketing strategies employed by the three companies focused on practical and relatable incentives rather than traditional advertising, effectively drawing in users who were not actively seeking AI solutions [4][5][6] - ByteDance leveraged its exclusive sponsorship of the Spring Festival Gala to promote Doubao, leading to increased installations among older generations [5] - Alibaba's Qianwen utilized practical offers like discounts and vouchers to appeal to everyday users, particularly in lower-tier markets [5][6] Group 4: User Retention Challenges - The industry faces potential challenges in retaining new users post-Festival, as historical trends suggest a drop-off in engagement after promotional events [7][10] - The success of retaining users will depend on the ability of AI applications to deliver a seamless and valuable experience during initial interactions [9][10] - The upcoming period will be critical in determining whether these new users will continue to engage with AI applications without the incentive of promotions [10]

Group 1 - The Chinese Consulate in Sapporo has advised Chinese citizens to avoid traveling to Japan following an incident where a Hong Kong resident was assaulted in Sapporo [8] - As of the end of 2025, H&H International Investment, managed by Duan Yongping, has a total portfolio value of approximately $17.489 billion, equivalent to over 120 billion RMB [13] - International crude oil futures saw a significant increase, with WTI crude oil rising by 4.59% to $65.19 per barrel, and Brent crude oil increasing by 4.35% to $70.35 per barrel [4][20] Group 2 - The U.S. stock market indices closed higher, with the Nasdaq up 0.78%, S&P 500 up 0.56%, and Dow Jones up 0.26%, driven by gains in major tech stocks [3] - The market for gold and silver also saw increases, with spot gold rising by 2.08% to $4,979.56 per ounce and spot silver increasing by 5.04% to $77.2335 per ounce [4] - The State Council's Safety Committee and the Ministry of Emergency Management have emphasized the need for strict safety regulations regarding fireworks to prevent accidents [6] Group 3 - Several domestic gold jewelry brands have reduced their prices below 1,500 RMB per gram, with Chow Tai Fook and Lao Miao Gold both pricing at 1,499 RMB per gram [7] - On February 17, the total cross-regional movement of people in China reached 22.4182 million, a 15.5% increase from the previous day and a 9.4% increase compared to the same day last year [7]

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Core Viewpoint - American tech companies face challenges from Chinese competitors due to significant government subsidies that support the development of AI technologies [2][3]. Group 1: Competitive Landscape - The competition between U.S. and Chinese companies in AI is intensifying, with U.S. firms having an advantage in access to powerful chips and technology innovation [2]. - Chinese AI companies have received substantial government support, including a multi-billion-dollar national investment fund and energy vouchers, which could make their lower-cost AI models appealing in developing nations [2][3]. Group 2: Historical Context - The approach taken by the Chinese government to subsidize companies has previously disrupted the telecommunications market, aiding firms like Huawei and ZTE while negatively impacting American and European companies [3]. - The existence of global data centers operated by Chinese firms like Huawei and Alibaba suggests that China can easily provide subsidies to enhance their competitive edge [3]. Group 3: Industry Response - There is a call for American companies to improve their competitiveness in light of Chinese subsidies, emphasizing the need for support from the U.S. government [3].

2月18日，高瓴旗下专注二级市场投资的基金管理平台HHLR Advisors（简称"HHLR"）公布了截至2025年四季度末的美股持仓情况。 数据显示，截至2025年末，HHLR共持有33只美股上市公司，中概股仍是其核心配置资产。从调仓动作来看，HHLR去年显著增持了阿里巴巴和拼多多， 减持网易、富途控股等标的，持仓进一步集中在电商龙头、生物医药和科技方向。 中概股仍是"心头好" 数据显示，截至2025年末，中概股仍是HHLR的核心配置资产，市值占比达92%。而且截至去年末，HHLR前十大重仓股分别为拼多多、阿里巴巴、百济 神州、富途控股、传奇生物、ARRIVENT BIOPHARMA INC、贝壳、WEBULL CORP、CYTEK BIOSCIENCES INC和CLEARWATER ANALYTICS HLDGS I，中概股占据七席。 从减仓动作来看，截至去年四季度末，HHLR持有富途控股163万股，相较于去年三季度末的323.8万股减少近50%，持有Webull597万股，相较于去年三季 度末的3308万股几乎是清仓式减持。另外，HHLR去年四季度对网易、百度、满帮、冬海集团和Bright Schol ...

2026 年 2 月初，在春节这个中国互联网最喧闹的牌桌上，阿里的位置一度显得有些尴尬。 对手们手里都握着确定的筹码。字节跳动拿下了央视春晚的独家合作；腾讯元宝重启了经典的红包方 案。相比之下，阿里没有春晚的顶级曝光，也缺乏微信这种天然的裂变土壤。 但当新年的钟声敲响，阿里却在 B 端与 C 端同时完成了反超。 在 B 端，是技术成本的重塑。除夕当天，Qwen 3.5 突袭发布。这不仅仅是一次版本更新，而是一次 对推理成本的激进下探——Qwen 3.5-Plus 将总参数 3970 亿的模型激活降至 170 亿，其API 价格仅 为 0.8 元/百万 Token。 在同等性能下，这一成本仅为 Google Gemini 3 Pro 的1/18。这对任何想把 AI 规模化嵌入业务流程 的公司来说，都是难以无视的价格因素。阿里正试图用极致的性价比，为 AI 的大规模商业化设定新 的起跑线。 在 C 端，是关于 "入口" 的逻辑转换。在底层能力的支撑下，千问 App 绕开了传统的红包大战，转 而上线 "春节 30 亿免单" 计划。 它设定了一个新规则：用户必须对 AI 发出指令去 "办事"。 随之而来的，是一条近乎 ...

以下文章来源于版面之外 ，作者画画 版面之外 . 版面之外，才是真相。 本文来自微信公众号： 版面之外 ，作者：画画，题图来自：AI生成 5年，3年，1个春节...... 这是中国互联网史上最疯狂的一次加速。而我们每个人，都刚刚亲身经历了它。 短短几天时间里，数以亿计的中国人完成了人生中第一次和AI的对话。他们中的大部分，在春节前 可能连AI是什么都说不清楚。 但是，在红包的驱动下，他们下载了千问、元宝、豆包，开始向手机提问、分享链接，习惯向一个虚 拟人物说话这件事。 到今天为止，几大巨头也都公布了这场战役的成果，战绩可谓空前： 三家科技巨头几乎用一个春节，完成了对中国AI市场的全民启蒙，这个速度和规模，在人类科技史 上前所未有。 2026年春节，可能是中国AI发展史上最重要的一周。短短一周，AI完成了中国互联网史上最疯狂的 一次下沉。 这一周之后，中国AI的人口红利，彻底变了。 一、从上网到对话，人口红利的 第二次机会 过去二十年，中国互联网讲的人口红利，本质是有多少人能上网。 从2000年的几千万网民，到2020年的10亿网民，这是中国互联网的黄金二十年，也可以称之为人口 红利的1.0时代。 所有的巨头， ...

大年初一，阿里千问交出了一份"春节AI购物成绩单"：截至除夕当天的春节活动，全国超过1.3亿人第一次体验AI购物，说了50亿次"千问帮 我"……AI终于不是只在对话框里聊天、生图、发红包了，它开始帮人们点奶茶、买生鲜、订机票、买年货，成为我们生活中的 AI 助手。 这是AI技术从"演示模式"切换到"实际落地"的关键一步，在万亿级的生活消费市场里，跑出了真实订单、真实用户、真实好评。 2月6日起，千问App上线"春节30亿元大免单"活动，用户踊跃参与。在社交平台上，网友纷纷晒出自己用千问App下单的"第一杯AI奶茶"，不 少奶茶店老板表示，一早醒来订单就爆了，全来自淘宝闪购，还有外卖小哥表示，一个上午就赚了好几百元。 记者了解到，2月6日当天，全国网友用AI下的订单量就突破1000万单，AI购物的巨大潜力初步显现。 千问也火速冲上苹果App Store免费榜第一，成为这个春节最受欢迎的"AI过年搭子"，与元宝、豆包一道，形成中国AI Agent的"千元豆"格局。 "通云哥"硬核支撑"真正能办事的AI" 真正的AI普及，不仅在曝光量，更在使用频次。 出门前问AI路线、吃饭前让AI比价、旅行时交由AI安排行程……相 ...

The fact is Alibaba Group Holding Limited ( BABA ) ( BABAF ) has generated only +65% in stock price appreciation since its IPO twelve years ago, and I believe the company will likely continue toI am always on the lookout for GARP (Growth At a Reasonable Price) and turnaround stocks, in the dirt and under the rocks. Valuation matters and is the foundation of my stock picking strategy. Following me will allow you to read about stocks with limited downside and unlimited upside.My name is Akim and I am a profes ...