Core Insights - The report reveals the overseas investment trends of Chinese private equity firms such as Hillhouse, Jinglin, and Gao Yi, as disclosed in the Q3 2025 13F filings of US institutional investors [1] Group 1: Hillhouse Capital (HHLR Advisors) - HHLR Advisors reported a total of 33 US stocks with a total market value of $4.1 billion, an increase of $990 million or 32% from Q2 [1] - The firm significantly increased its holdings in Pinduoduo and Alibaba, while also initiating positions in Baidu and Manbang Group, and reducing stakes in Futu Holdings and Netease [2][3] - Over 90% of HHLR's portfolio is now invested in Chinese stocks, indicating a long-term bullish outlook on quality Chinese assets [2] Group 2: Gao Yi Asset Management - Gao Yi's US stock holdings rose to $580 million, a 46% increase from Q2 [3] - The firm purchased 280,000 shares of Alphabet, making it the third-largest holding, while also increasing positions in Beike, Netease, and iQIYI [3] - The largest holdings remain Huazhu and Pinduoduo, which together account for over 60% of the portfolio [3] Group 3: Jinglin Asset Management - Jinglin's US stock holdings increased to $4.44 billion, a 54% rise from Q2 [3] - The firm also increased its stake in Alphabet, reflecting a continued interest in the AI sector, and made significant investments in Nvidia and Synopsys [3] - Notable actions include increasing positions in Alibaba and Pinduoduo, while exiting positions in Daqo New Energy and Ctrip [3] Group 4: Dongfang Hongyuan - Dongfang Hongyuan's overseas fund saw its market value rise from $1.13 billion to $1.29 billion, with the number of holdings increasing from 13 to 17 [4] - The fund initiated a position in Alibaba, which now constitutes 3.06% of its portfolio, entering the top ten holdings [4] - The firm reduced its stakes in tech stocks such as Netflix, Amazon, Meta, and Microsoft, with Netflix and Amazon dropping out of the top ten holdings [4]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total stock holding value of $4.1 billion as of the end of Q3 2025, marking an increase of $990 million (approximately 700 million RMB) or 32% from the previous quarter [1][3] Group 1: Investment Actions - HHLR's primary focus for Q3 was on increasing positions in Chinese concept stocks, notably initiating a position in Baidu and adding to existing holdings in Alibaba and Pinduoduo [1][10] - The top ten holdings of HHLR as of Q3 included Pinduoduo, Alibaba, Futu Holdings, Webull Corp, BeiGene, Baidu, Legend Biotech, NetEase, Arrivent Biopharma, and KE Holdings, with Pinduoduo being the largest holding [3][12] - Baidu entered HHLR's top ten holdings for the first time, with a total of 1.641 million shares acquired, reflecting a significant stock price increase of 54% in Q3 due to advancements in AI commercialization and self-developed chip breakthroughs [4][10] Group 2: Performance of Holdings - Several of HHLR's major holdings performed exceptionally well in 2025, with Pinduoduo's stock price increasing over 30%, Futu Holdings rising more than 120%, and Alibaba's stock price also exceeding 100% [3][4] - The investment trend towards technology stocks was echoed by other large asset management firms, indicating a broader consensus on the potential of the tech sector [6][7] Group 3: Market Trends - The overall sentiment among private equity professionals suggests optimism towards AI-driven sectors and innovative pharmaceuticals, which are seen as key to future growth and national competitiveness [8] - Berkshire Hathaway also entered the tech space by acquiring shares in Google-A for the first time, holding approximately 17.85 million shares valued at about $4.34 billion, indicating a growing interest in technology stocks [7]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total market value of $4.1 billion in U.S. stocks as of the end of Q3 2025, an increase of $990 million or 32% from the previous quarter [1][2] - The firm significantly increased its holdings in Pinduoduo and Alibaba, while initiating positions in Baidu and Manbang Group, and reduced its stakes in Futu Holdings, NetEase, and Yatsen [1][5] Holdings Overview - HHLR Advisors held a total of 33 stocks at the end of Q3, with over 90% of the portfolio consisting of Chinese concept stocks, indicating a long-term bullish outlook on quality Chinese assets [2][4] - The top 10 holdings accounted for 93.46% of the total portfolio, with Pinduoduo and Alibaba being the largest positions [2][3] Major Increases - Pinduoduo remains the largest holding, with an increase of 1.6158 million shares, bringing the total to 8.5926 million shares, valued at $1.136 billion, representing 13.21% of the total portfolio [3][4] - Alibaba saw an increase of 2.14 million shares, with a total holding of 3.2897 million shares valued at $588 million, reflecting an 84.46% increase in its stock price year-to-date [4] New Positions - Baidu was newly added to the portfolio with 1.6410 million shares valued at $216.23 million, becoming the sixth-largest holding [4] - New investments also included Manbang Group and Sea, with holdings valued at $5.274 million and $3.218 million, respectively [4] Reductions - HHLR Advisors reduced its stake in Futu Holdings by 1.0741 million shares, bringing the total to 3.2382 million shares valued at $563 million, with the stock having increased over 107% year-to-date [7][8] - The firm also reduced its holdings in NetEase by 0.8729 million shares, resulting in a total of 0.7908 million shares valued at $120 million, with a year-to-date increase of 60.50% [8] - Other reductions included Yatsen, where the firm cut its position by 1.2261 million shares, and a complete exit from JD.com, Vipshop, Li Auto, and others [5][8]

Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant increase in its US stock holdings, with a total market value of $4.1 billion as of the end of Q3 2025, reflecting a 32% increase from the previous quarter [2][3]. Holdings Summary - HHLR Advisors held a total of 33 stocks at the end of Q3, with a market value of $4.1 billion, up by $990 million from Q2 [2][3]. - The firm increased its positions in major Chinese stocks such as Pinduoduo and Alibaba, while also initiating new positions in Baidu and Manbang Group [2][5]. - The top 10 holdings accounted for 93.46% of the total portfolio, indicating a concentrated investment strategy [5]. Major Stock Movements - Pinduoduo remains the largest holding, with an increase of 1.6158 million shares, bringing the total to 8.5926 million shares, valued at $1.136 billion, which is 13.21% of the total portfolio [6][7]. - Alibaba was also significantly increased by 2.14 million shares, totaling 3.2897 million shares, valued at $588 million, with a year-to-date price increase of 84.46% [7]. - Baidu was newly added to the portfolio with 1.6410 million shares, valued at $216.23 million, benefiting from its accelerated AI commercialization [7]. Reductions and Exits - HHLR Advisors reduced its holdings in several stocks, including a decrease of 1.0741 million shares in Futu Holdings, now holding 3.2382 million shares valued at $563 million [9]. - The firm also reduced its position in NetEase by 87290 shares, bringing the total to 79080 shares, valued at $120 million [9]. - The firm completely exited positions in JD.com, Ideal Auto, and several other stocks during the quarter [8][9].

Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant increase in its US stock holdings, reflecting a strong confidence in Chinese quality assets, particularly in the context of the ongoing market dynamics [2][3]. Group 1: Portfolio Overview - As of the end of Q3 2025, HHLR Advisors held a total of 33 stocks with a market value of $4.1 billion, an increase of $990 million (approximately 700 million RMB) from the previous quarter, representing a growth rate of 32% [2]. - Over 90% of HHLR Advisors' holdings are in Chinese concept stocks, indicating a strategic focus on this sector [3]. Group 2: Top Holdings - The top holding is Pinduoduo, with 8,592,600 shares valued at approximately $1.14 billion, accounting for 27.76% of the portfolio [4]. - Alibaba is the second-largest holding, with 3,289,666 shares valued at about $588 million, representing 14.37% of the portfolio [4]. - Other notable holdings include Futu, Bull, and ONC, with respective market values of $563 million, $489 million, and $352 million [4]. Group 3: Performance Highlights - Pinduoduo's stock price has increased by 39% year-to-date, while other significant performers include Futu with a 125% increase, BeiGene with a 99% increase, and Alibaba with a 92% increase [4]. - Baidu was newly added to the portfolio, becoming the sixth-largest holding, with a stock price increase of 54% in Q3, driven by advancements in AI commercialization and self-developed chips [5]. - HHLR Advisors increased its positions in Alibaba and Pinduoduo, which saw stock price increases of 58% and 27% respectively during Q3 [5]. Group 4: Trading Strategy - The fund reduced its holdings in stocks that had seen significant price increases earlier in the year, such as Futu, Yatsen, and NetEase, to lock in profits [5]. Group 5: Reporting Limitations - It is important to note that the 13-F filing only requires funds to disclose long positions in US stocks, which may not provide a complete picture of the fund's overall operations [6].

Core Insights - HHLR Advisors reported a total market value of $4.1 billion in U.S. stocks as of the end of Q3 2025, an increase of $990 million (approximately 6.9 billion RMB) from Q2, representing a growth rate of 32% [1] Group 1: Holdings Overview - HHLR Advisors holds a total of 33 stocks, with over 90% of the portfolio consisting of Chinese concept stocks, indicating a strong long-term outlook on quality Chinese assets [1] - The top holdings include Pinduoduo, Alibaba, and Futu, with Pinduoduo being the largest position at 27.76% of the portfolio [2] - Year-to-date stock price increases for major holdings include Pinduoduo at 39%, Futu at 125%, BeiGene at 99%, and Alibaba at 92% [2][3] Group 2: Recent Changes and New Additions - Baidu was newly added to the portfolio, becoming the sixth largest holding, with a stock price increase of 54% in Q3 due to accelerated AI commercialization and breakthroughs in self-developed chips [3] - HHLR Advisors increased its positions in Alibaba and Pinduoduo, which saw stock price increases of 58% and 27% respectively during Q3 [3] - The firm reduced its holdings in Futu, Yatsen, and NetEase, effectively locking in profits from their significant year-to-date price increases [3]

Market Overview - The majority of European and American stock markets closed lower on November 14, with the Dow Jones Industrial Average down 0.65% at 47147.48 points, the S&P 500 down 0.05% at 6734.11 points, and the Nasdaq up 0.13% at 22900.59 points [1][2] - For the week, the Dow Jones increased by 0.34%, the S&P 500 by 0.08%, while the Nasdaq decreased by 0.45% [1] Chinese Concept Stocks - The Nasdaq China Golden Dragon Index fell by 1.61%, while the Wind Chinese Concept Technology Leaders Index dropped by 2.28% [2] - Popular Chinese concept stocks mostly declined, with notable drops including Futu Holdings down over 7%, Gaotu Group down over 5%, and Xpeng Motors down over 5% [4] Oracle Corporation - Oracle's stock fell nearly 7% this week, reflecting growing concerns over AI themes and high valuations in tech stocks [5] - The company has committed to investing thousands of billions in chip purchases and data center construction to fulfill agreements with OpenAI, leading to a nearly 30% drop in stock price over the past month [5][6] - Barclays downgraded Oracle's debt rating to "underweight," warning that its credit rating could fall to BBB-, just above junk status, and highlighted the risk of exhausting cash reserves by November 2026 [6][7] Federal Reserve and Interest Rates - Market expectations for a rate cut by the Federal Reserve in December have decreased significantly, with the probability dropping from 67% to below 50% [8] - Kansas City Fed President Jeff Schmieding expressed concerns that further rate cuts could entrench high inflation rather than support the labor market [8] Commodity Prices - International gold prices fell over 2%, with COMEX gold futures down 2.62% to $4084.4 per ounce, while silver futures dropped 5.21% to $50.4 per ounce [9] - The decline in gold prices is attributed to reduced optimism regarding Fed rate cuts, as rising interest rates diminish the appeal of non-yielding assets like gold [9] - Crude oil prices saw an increase, with West Texas Intermediate rising 2.15% to $59.95 per barrel, influenced by geopolitical tensions [9]

Group 1 - HHLR Advisors Ltd. initiated positions in Baidu and Barrick Gold in the third quarter [1] - The firm increased its holdings in Alibaba and Pinduoduo [1] - HHLR has significant positions in Pinduoduo, Alibaba, and Futu [1]

Core Insights - Futu Holdings Limited (FUTU) is currently viewed as a more attractive investment option compared to AppLovin (APP) for value investors due to its stronger earnings outlook and better valuation metrics [3][7]. Valuation Metrics - FUTU has a forward P/E ratio of 21.28, significantly lower than APP's forward P/E of 62.74, indicating that FUTU is potentially undervalued [5]. - The PEG ratio for FUTU is 0.67, while APP's PEG ratio is 3.14, suggesting that FUTU offers better value relative to its expected earnings growth [5]. - FUTU's P/B ratio stands at 6.11, compared to APP's P/B of 134.22, further highlighting the disparity in valuation between the two companies [6]. Earnings Estimates - FUTU holds a Zacks Rank of 1 (Strong Buy), reflecting positive revisions in earnings estimates, while APP has a Zacks Rank of 3 (Hold), indicating a less favorable outlook [3][7]. - The Zacks Rank system emphasizes stocks with strong earnings estimate revision trends, which favors FUTU's improving earnings outlook [2][3].

Group 1: Skillsoft Corp. (SKIL) - Skillsoft is an instructor-led training services company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 519.3% over the last 60 days [1] - Skillsoft has a PEG ratio of 0.33 compared to the industry average of 1.13, indicating strong growth potential [1] - The company possesses a Growth Score of B [1] Group 2: Micron Technology, Inc. (MU) - Micron is a memory and storage products company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 24.4% over the last 60 days [2] - Micron has a PEG ratio of 0.52 compared to the industry average of 1.51, suggesting favorable growth characteristics [2] - The company possesses a Growth Score of A [2] Group 3: Futu Holdings Limited (FUTU) - Futu is an online brokerage and wealth management platform with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 6.2% over the last 60 days [3] - Futu has a PEG ratio of 0.67 compared to the industry average of 1.13, indicating potential for growth [3] - The company possesses a Growth Score of B [3]