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].

Group 1 - Hillhouse Capital's HHLR latest 13F filing shows a high concentration in its top three holdings, which account for 53.43% of its investment portfolio as of Q2 2025 [1] - Pinduoduo remains Hillhouse's largest holding with approximately 6.98 million shares valued at $730 million, representing 23.52% of the portfolio [1] - Futu Holdings is the second-largest holding with about 4.31 million shares valued at $533 million, making up 17.17% of the portfolio [1] - BULL is the third-largest holding with approximately 33.08 million shares valued at $396 million, accounting for 12.74% of the portfolio [1] Group 2 - Hillhouse increased its stake in Pinduoduo by 414,000 shares, a growth of 6.31% [1] - The firm reduced its stake in Alibaba by approximately 2.76 million shares, a significant decrease of 70.58% [1] - Reductions were also made in JD.com by about 254,000 shares (52.71% decrease), Beike by approximately 4.51 million shares (37.65% decrease), and NetEase by about 1.01 million shares (37.66% decrease) [1] Group 3 - Hillhouse significantly reduced its stake in Vipshop by approximately 5.55 million shares, a drastic cut of 83.07% [2] - The firm completely exited its positions in Yum China (29,200 shares), Trip.com (93,900 shares), and TSMC (33,000 shares) [2] - Other companies such as Sohu, METAGENOMI, Huya, and Baidu were also fully exited from the portfolio [2]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, disclosed its US stock holdings as of Q2 2025, managing over $3.1 billion in assets with a concentration of over 90% in its top ten holdings, primarily in Chinese concept stocks [1][2] Group 1: Major Holdings - The largest holding is Pinduoduo, with 6,976,804 shares valued at approximately $730.19 million, representing 21.94% of the portfolio. Hillhouse increased its position by about 414,228 shares, a 6.31% increase from the previous quarter [1][3] - The second-largest holding is Futu, with 4,312,237 shares valued at around $532.95 million, accounting for 12.46% of the portfolio. Hillhouse also increased its stake in Futu, although the increase was modest [2][3] Group 2: Financial Performance of Futu - Futu's Q1 revenue was HKD 4.695 billion (approximately $603 million), reflecting an 81.1% year-over-year growth. The net profit under Non-GAAP was HKD 2.217 billion (approximately $285 million), up 97.7% year-over-year [4] - Futu's Q1 trading commissions and fees revenue was HKD 2.31 billion (approximately $297 million), a 113.5% year-over-year increase. Interest income reached HKD 2.071 billion (approximately $266 million), up 52.9% year-over-year [4] Group 3: Market Outlook - UBS anticipates that Futu's Q2 revenue and net profit after tax will exceed market expectations due to strong client asset management growth and robust trading commission increases driven by market performance [5] - Hillhouse has also initiated a position in WeBull Securities, holding 33.08 million shares valued at $395 million, which has become its third-largest holding, representing 12.74% of the portfolio [6]

Core Insights - Renowned investor Duan Yongping has significantly increased his holdings in AI stocks, specifically Google and NVIDIA, while also adding to positions in Apple and Pinduoduo, and reducing stakes in Alibaba and Microsoft [1][5][6]. 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 Stock Movements - Duan Yongping reversed his previous trend of reducing Apple shares by purchasing an additional 894,426 shares, increasing his stake by 2.61% during the second quarter [3][4]. - In the AI sector, he aggressively increased his holdings in NVIDIA by nearly 32,000 shares, a 49.56% increase, and bought over 830,000 shares of Google, marking a 75.17% increase [5][6]. - Pinduoduo also saw a significant increase in holdings, with over 900,000 shares added, reflecting an 11.72% rise [7]. Group 3: Adjustments in Other Holdings - Duan Yongping made minor adjustments to his positions in other stocks, maintaining his stake in Berkshire Hathaway while slightly reducing his holdings in Occidental Petroleum by 1.95% and Alibaba [8]. - The approach indicates a selective strategy, as he reduced exposure to Microsoft while focusing on AI leaders [6].

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total market value of $3.105 billion in its U.S. stock holdings as of the end of Q2 2025, with over 90% allocated to Chinese concept stocks, indicating a long-term bullish outlook on quality Chinese assets [1] Group 1: Holdings Overview - Eight out of the top ten holdings of HHLR are Chinese concept stocks, with Pinduoduo being the largest position, having increased by 20% year-to-date [1] - Futu Holdings has seen a remarkable year-to-date increase of 106%, reflecting strong performance among HHLR's key investments [1] - Other notable holdings include BeiGene, NetEase, Alibaba, and Legend Biotech, all of which have shown significant performance [1] Group 2: Recent Changes in Holdings - In Q2, HHLR increased its positions in Futu Holdings and Pinduoduo while partially reducing its stakes in Alibaba, Beike, and NetEase, which have experienced substantial price increases of 52% and 54% respectively year-to-date [1] - This adjustment in holdings suggests a strategy focused on locking in profits and optimizing asset allocation in a high market environment [1] Group 3: New Entrants - For the first time, Moomoo Securities entered HHLR's top ten holdings, with Hillhouse having participated in multiple financing rounds since 2021; Moomoo went public on NASDAQ in April this year, currently valued at approximately $7.5 billion [1]

昨夜今晨，美股市场冲击新高的势头撞上现实——关税引发的美国通胀浪潮终于冒头了。美股三大指数全天陷入挣扎，最终几乎全部平收。 截至收盘，标准普尔500指数涨0.03%，报6468.54点；纳斯达克综合指数跌0.01%，报21710.67点；道琼斯工业平均指数跌0.02%，报44911.26点。理论上标普 500指数再度刷新了"收盘历史新高"，但今天显然不是那种欢快的场景。 （标普500指数日线图，来源：TradingView） 作为背景，美国7月工业生产者出厂价格指数环比暴增0.9%，创2022年6月通胀见顶以来的最大涨幅，市场的事前预期只有0.2%。同比增速也达到3.3%，比 预期值2.5%高了一大截。 Oxford Economics的经济学家马修·马丁表示，PPI报告很可能预示着未来美国消费者将面临的情况。 这也令昨日还在畅想美联储提速降息的市场泄了气。昨日充分预测9月100%降息的交易员们，目前又将降息25个基点的概率回退至92%。 热门股表现 科技巨头整体走势低迷，不过也为稳住大盘贡献了力量。截至收盘，苹果跌0.24%、微软涨0.36%、开打"外卖大战"的亚马逊涨2.86%、英伟达涨0.24%、谷 歌 ...