【导读】高瓴旗下HHLR二季度末美股持仓曝光 北京时间8月15日，高瓴旗下专注二级市场投资的基金管理平台HHLR Advisors公布了截至2025年二季度末的美股持 仓。 今年二季度，HHLR加仓拼多多41.42万股，持股增至697.68万股，期末持有市值7.30亿美元，占组合比例的11.52%。 拼多多仍稳居第一大重仓股，年内上涨超18%。 该公司也增持了多家互联网券商公司，比如小幅加仓富途控股，持仓增至431.22万股，期末持有市值5.33亿美元。富 途控股年内涨幅超118%。 微牛证券则是首次进入HHLR前十大重仓股，该公司对其持有3308.08万股，季末持有市值为3.96亿美元。微牛证券是 一家专注于全球投资服务的互联网券商平台，高瓴自2021年起多次参与其融资。微牛证券于今年4月登陆纳斯达克， 目前市值约73亿美元。 HHLR仍然重仓百济神州、传奇生物等多只生物医药股，比如持有百济神州103.43万股，期末持有市值2.50亿美元。 百济神州年初至今上涨了68%。 13F文件显示，二季度末HHLR美股持仓总市值为31.05亿美元，较一季度末有所减少。中概股继续成为其核心配置， 拼多多被加仓，仍位居第 ...

Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, revealed its U.S. stock holdings as of the end of Q2 2025, showing a total market value of $3.10 billion, a decrease from $3.54 billion in the previous quarter, with a continued focus on Chinese stocks, particularly Pinduoduo, which remains the largest holding [2][3][5]. Holdings Summary - HHLR's U.S. stock holdings are primarily concentrated in Chinese stocks, accounting for over 90% of the portfolio, reflecting a long-term optimism towards quality Chinese assets [5][7]. - In Q2 2025, HHLR made two new purchases, added to two existing positions, sold out of 15 stocks, and reduced holdings in nine stocks [5][6]. - The top ten holdings represent 90.28% of the total portfolio, indicating a high concentration in key sectors such as internet technology, consumer goods, and biopharmaceuticals [5][6]. Major Holdings - Pinduoduo remains the largest holding with an increase of 414,200 shares, bringing the total to 6.9768 million shares, valued at $730 million, which constitutes 11.52% of the portfolio [6][7]. - Futu Holdings also saw an increase in holdings to 4.3122 million shares, valued at $533 million, with a year-to-date increase of over 118% [7]. - Webull Corporation (微牛证券) entered the top ten holdings for the first time, with 33.0808 million shares valued at $39.564 million, following its NASDAQ listing in April 2025 [7]. Reductions in Holdings - HHLR reduced its positions in Alibaba, Beike, and NetEase, selling 2.7581 million shares of Alibaba, bringing the total to 1.1497 million shares, valued at $130 million [9]. - The firm also decreased its holdings in Beike by 4.5079 million shares and in NetEase to 1.6637 million shares, reflecting a strategy to lock in profits amid rising stock prices [9]. - Other notable reductions included JD.com, Yatsen Holding, and Vipshop, with complete sell-offs of companies like Baidu and Trip.com [9].

| 2025-06-30 | | | 2025-06-30 Box | | E 2025-06-30 | | | --- | --- | --- | --- | --- | --- | --- | | Top Buys (13F) | | | Top Sells (13F) | | 13F Holdings Summary | | | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | Name | % of Portfolio | | Name | | % Change | Name | % Change | SPY SPDR S&P 500 ETF TRU | 6.51% | | NVDA NVIDIA Corp. | | 3.18% | BABA Alibaba Group Holdin | 3.4746 | IVV iShares Core S&P 500 | 5.78% | | MSFT Microsoft Corporatio | | 2,03% | SPY SP ...

Core Viewpoint - The competition between Cainiao Network and Pinduoduo's Duoduo Grocery highlights the fierce battle in the e-commerce sector, particularly in the "last mile" delivery market, where both companies are vying for market share through aggressive strategies and subsidies [1][3]. Group 1: Market Competition - Duoduo Grocery launched a "package collection" feature three years ago, aiming to capture a share of the last-mile delivery market, despite lacking delivery stations and operational qualifications at the time [1]. - Cainiao Network responded to Duoduo Grocery's challenge by filing a lawsuit for unfair competition, ultimately winning the case but only receiving a compensation of 5 million yuan, while Duoduo successfully established its own delivery network during the litigation [3]. - In response to Duoduo's market encroachment, Cainiao has initiated a subsidy campaign for delivery station operators, offering competitive incentives such as 0.2 yuan per package for six months, which has led to many stations returning to Cainiao [3]. Group 2: Strategic Focus - Cainiao is not solely focused on competing with Pinduoduo through subsidies; it is also leveraging its technological and first-mover advantages to focus on international expansion and technological innovation [4]. - The global business of Cainiao has surpassed 50% of its overall operations, covering nearly 200 countries and regions, and it has recently established a cross-border delivery network in the Gulf region [4]. - While the domestic market is highly competitive, Cainiao sees greater opportunities abroad, as e-commerce penetration in many countries remains low compared to China, positioning itself to provide superior service and value to international customers [6].

Core Viewpoint - The article highlights significant investment activities by prominent investors, particularly focusing on Li Lu and Duan Yongping, who have made substantial moves in their portfolios, especially regarding Pinduoduo. Group 1: Li Lu's Investment Actions - Li Lu's Himalaya Capital established a new position in Pinduoduo, investing $480 million, making it the second-largest holding in the portfolio with a weight of 17.93% [3][4]. - The total portfolio size of Himalaya Capital reached $2.69 billion (approximately 193 billion RMB), reflecting an 11.92% increase from the previous quarter [3]. - Li Lu reduced his holdings in Bank of America by selling 3.415 million shares, leaving a market value of $493 million [4]. Group 2: Duan Yongping's Investment Actions - Duan Yongping increased his stakes in Pinduoduo, Google, and Nvidia while completely selling out of Moderna [6]. - The total holdings of H&H Fund, believed to be managed by Duan Yongping, amounted to $11.5 billion (approximately 826 billion RMB), with a concentrated portfolio of 10 stocks [6]. - H&H Fund increased its position in Pinduoduo by 90,880 shares, representing an 11.72% increase, with a market value of $906 million [6][9]. Group 3: Market Trends and Observations - The article notes that both investors' actions reflect a growing confidence in Pinduoduo's future prospects, especially as the company prepares to release its quarterly earnings report [3]. - H&H Fund's top holdings include Apple, Berkshire Hathaway B shares, and Pinduoduo, indicating a focus on a few key companies [8]. - The article also mentions that H&H Fund has reduced its positions in Alibaba, JD.com, and other stocks, suggesting a strategic shift in focus [10].

Core Insights - Bridgewater Associates has divested from U.S.-listed Chinese stocks in Q2 2023, indicating a significant pullback from the market due to geopolitical tensions and declining investor confidence in China's economic outlook [1][2] - The hedge fund has closed out positions in major Chinese companies such as Baidu, Alibaba, JD.com, PDD Holdings, Nio, Trip.com Group, and Yum China, while also reducing its stake in Apple but increasing holdings in Microsoft and Nvidia [2] - Ray Dalio, the founder of Bridgewater, had previously defended investments in China but has expressed concerns about U.S.-China relations and economic challenges facing China [3] Company Actions - Bridgewater Associates has sold its stakes in several prominent Chinese companies, reflecting a strategic shift in investment focus [2] - The fund's adjustments include a reduction in Apple holdings and an increase in investments in Microsoft and Nvidia, suggesting a reallocation towards more stable or promising sectors [2] Geopolitical Context - The extension of the tariff truce between the U.S. and China for an additional 90 days has implications for trade relations, with current tariffs on Chinese imports at 30% and U.S. exports to China at 10% [4] - The potential increase in tariffs, which could have reached 145% on Chinese goods, highlights the ongoing trade tensions and their impact on investment strategies [4]

Core Viewpoint - H&H International Investment, managed by Duan Yongping, has made significant adjustments to its portfolio, notably increasing holdings in AI-related stocks like Google and NVIDIA, while also adding to positions in Apple and Pinduoduo, indicating a strong belief in AI's future potential and a focus on high-conviction investments [1][3][8]. Group 1: Portfolio Adjustments - H&H increased its stake in Google by 830,000 shares, a 75.17% increase, and in NVIDIA by 320,000 shares, a 49.56% increase, reflecting a strong commitment to AI investments [1][8]. - The firm also added 894,426 shares of Apple, marking a 2.61% increase, reversing a trend of previous reductions, which underscores a renewed confidence in Apple's long-term value [5][9]. - Pinduoduo saw an increase of 908,794 shares, a rise of 11.72%, solidifying its position as the third-largest holding in the portfolio [9]. Group 2: Sector Focus - The adjustments indicate a concentrated investment strategy in AI, with a clear preference for leading companies in the sector, while showing a selective approach by reducing positions in other tech giants like Microsoft and TSMC [8][9]. - The portfolio's total value reached $11.53 billion, with Apple representing over 62% of the total holdings, followed by Berkshire Hathaway at approximately 14.2% [3][6]. Group 3: Market Sentiment - The moves reflect a broader market sentiment towards AI, with Duan Yongping's actions signaling a strong belief in the growth potential of AI technologies, while also demonstrating a cautious approach by not fully committing to all major tech players [8][10].

Core Viewpoint - HHLR Advisors continues to show strong confidence in Chinese quality assets, with over 90% of its holdings in Chinese concept stocks in Q2 [3][4]. Holdings Overview - As of June 30, HHLR held 36 US stocks with a total market value of approximately $3.1 billion, a decrease of about 12% from the previous quarter [3][5]. - Pinduoduo remains the largest holding, accounting for 24% of the portfolio, followed by Futu Holdings at 17% and Webull Corp. (Class A) at 13% [5][6]. Increased and Decreased Positions - HHLR increased its stake in Pinduoduo by 410,000 shares to nearly 6.97 million shares, valued at $730 million [5]. - The firm also significantly increased its position in Webull Corp. (Class A), purchasing 33.08 million shares, valued at nearly $400 million [5][6]. - HHLR reduced its holdings in Alibaba by approximately 2.76 million shares, bringing its total to 1.15 million shares, valued at $130 million [9][11]. Sector Focus - The portfolio remains heavily concentrated in Chinese technology and consumer sectors, with major positions in companies like Pinduoduo, Futu Holdings, and NetEase [4][6]. - HHLR has exited several positions in the travel and consumer sectors, including Trip.com, Baidu, and Yum China, indicating a strategic shift away from these areas [7][9]. Notable Changes in Holdings - HHLR completely exited five companies, primarily in the travel and consumer sectors, including Trip.com and Baidu, with Trip.com seeing a reduction of nearly 938,842 shares [7][8]. - Despite significant reductions, Alibaba remains one of the top five holdings, although its position has been notably decreased [9][11].

Core Viewpoint - The article highlights the recent portfolio adjustments of Duan Yongping, a well-known investor and follower of Warren Buffett's value investing philosophy, revealing significant increases in holdings of AI stocks like Google and NVIDIA, along with additional investments in Apple and Pinduoduo, while reducing positions in Alibaba and Microsoft. Group 1: Portfolio Overview - Duan Yongping's H&H International Investment reported a total portfolio value of $11.53 billion as of June 30, 2025, with Apple being the largest holding at $7.205 billion, accounting for over 62% of the portfolio [1][4] - The second-largest holding is Berkshire Hathaway, making up approximately 14.2% of the portfolio, followed by Pinduoduo at 7.86%, Occidental Petroleum at 4.94%, and Alibaba at 3.68% [1][4] Group 2: Key Adjustments - A notable reversal occurred with Apple, where H&H increased its holdings by 894,426 shares, representing a 2.61% increase, reaffirming confidence in Apple's long-term value [3][4] - In the AI sector, H&H significantly increased its stake in NVIDIA by nearly 319,700 shares, a 49.56% rise, and aggressively bought over 830,000 shares of Google, marking a 75.17% increase, indicating a strong bullish outlook on AI leaders [5][6] Group 3: Other Holdings and Adjustments - Duan Yongping continued to show strong support for Pinduoduo, increasing holdings by over 900,000 shares, an 11.72% rise, solidifying its position as the third-largest holding in the portfolio [7] - The portfolio saw no changes in the position of Berkshire Hathaway, while a slight reduction was made in Occidental Petroleum by 1.95% and a decrease in Alibaba holdings [8]

Core Viewpoint - Bridgewater Associates significantly increased its holdings in major US tech stocks, including Nvidia, Microsoft, Google, and Meta, while completely divesting from several Chinese stocks like Alibaba, Baidu, and JD.com [1][5]. Group 1: Holdings Changes - As of the end of Q2, Bridgewater's portfolio value rose from $21.6 billion to $24.8 billion, with 85 new positions, 206 increased positions, 164 closed positions, and 187 reduced positions [2]. - The top ten holdings at the end of Q2 included SPDR S&P 500 ETF (SPY), iShares Core S&P ETF (IVV), Nvidia, iShares Core MSCI Emerging Markets ETF (IEMG), Google A, Microsoft, Meta, Salesforce, Booking Holdings Inc (BKNG), and GE Vernova Inc (GEV) [2]. Group 2: Major Increases in Tech Stocks - Nvidia was the most significantly increased stock, with Bridgewater adding nearly 4.39 million shares, bringing total holdings to 7.23 million shares, a 154% increase from the previous quarter, making it the third-largest holding at 4.61% of the portfolio [4]. - Microsoft, Google A, and Meta also saw substantial increases, indicating Bridgewater's optimistic outlook on these AI giants [4]. Group 3: Reductions in Other Stocks - Amazon experienced a reduction of approximately 795,500 shares, a decrease of about 6%, dropping its portfolio share from 1.17% to 1.10% [4]. - Apple shares were reduced by 584,000, a 62% decrease, lowering its portfolio share from 0.97% to 0.30% [4]. - AMD also saw a reduction of 408,900 shares, a decline of nearly 18.9%, making it the 21st largest holding [4]. Group 4: Divestment from Chinese Stocks - Bridgewater completely divested from Alibaba, selling all 5.66 million shares, as well as 2.79 million shares of JD.com and 2.08 million shares of Baidu [5]. - This marks a significant reversal from Q1, where Bridgewater had increased its holdings in Alibaba and Baidu [5].