Core Insights - The latest holdings of top investment firms reveal a consensus on Pinduoduo and Google as major investments, with significant increases in their positions by several firms [1][2]. Group 1: Segment Analysis - **H&H Investment (Duang Yongping)**: - Total holdings exceed $17.49 billion (approximately 120.8 billion RMB) with 14 stocks. Major increases in positions for Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft, while reducing Apple, Occidental Petroleum, Alibaba, Disney, and ASML [3][4]. - New investments in AI-related stocks include CoreWeave, Credo Technology, and Tempus AI, with respective holdings of 0.12%, 0.12%, and 0.04% [3]. - **Jinglin Asset**: - Total holdings valued at $4.045 billion, with Google becoming the largest position, replacing Meta. Significant reduction in Nvidia holdings by over 60% [5][6]. - **Himalaya Capital (Li Lu)**: - Total holdings of $3.57 billion, with a highly concentrated portfolio where the top five stocks account for 95.96%. Google is the largest holding at 43.86% [7][8]. - **Hillhouse Capital (HHLR)**: - Total holdings around $3.104 billion, focusing heavily on Chinese stocks, with Pinduoduo making up 39.17% of the portfolio [9][10]. - **Oriental Harbor (Dan Bin)**: - Total holdings of $1.316 billion, with significant increases in Google A and Nvidia, while reducing positions in several other stocks [11][12]. - **Gaoyi Asset**: - Total holdings of $683 million, with a concentrated portfolio where Huazhu and Pinduoduo account for 68.25% [13][14].

随着美国证券交易委员会(SEC)2025年第四季度13F持仓报告披露收官，高瓴(HHLR)、景林、高毅、东方港湾及喜马拉雅资本等五家头部中资机构的美股持 仓动态浮出水面。 具体来看，HHLR第四季度的调仓核心聚焦中概电商龙头，拼多多与阿里巴巴构成组合"双核心"，合计占比达65%。其中，第一大重仓股拼多多获大幅增 持，持仓市值12.16亿美元，占比从28%升至39%；第二大重仓股阿里巴巴持仓市值7.96亿美元，占比从14.4%大幅提升至26%。 创新药赛道延续坚守，百济神州、传奇生物、Arrivent Bio Pharma仍位列前十大重仓。其他关键操作包括：增持台积电，首次建仓iShares比特币ETF；减持 富途、Webull等金融科技标的；清仓了冬海集团等非核心中概股。前十大重仓股中，中概股占据七席，市值占比高达92%，中资核心资产的配置地位进一步 强化。 在全球流动性边际变化与AI产业分化的背景下，五大机构调仓呈现"共识与分歧并存"的鲜明特征：中概电商龙头拼多多(PDD.US)获集体加仓，成为跨机构 的最大共识；谷歌(GOOG.US)取代英伟达(NVDA.US)成为多家机构的新投资核心；高瓴极致收缩聚焦" ...

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant reduction in its U.S. stock holdings, with a total market value of $3.104 billion as of the end of Q4 2025, reflecting a 24% decrease quarter-over-quarter [2][3]. Holdings Overview - HHLR Advisors held a total of 33 stocks at the end of Q4, with Chinese concept stocks remaining a core focus, comprising seven out of the top ten holdings and accounting for 92% of the total market value [3][4]. - The top ten holdings include Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, KE Holdings, Webull, Cytek Biosciences, and Clearwater Analytics [3][4]. Major Increases - Pinduoduo (PDD) was the largest holding, with shares increased from 8.59 million to 10.72 million, raising its market value from $1.136 billion to $1.216 billion, which now represents 39% of the portfolio [5]. - Alibaba (BABA) also saw a significant increase in holdings, with shares rising from 3.29 million to 5.43 million, increasing its market value from $588 million to $796 million, now making up 26% of the portfolio [5]. - Together, Pinduoduo and Alibaba account for 65% of HHLR's investment portfolio, establishing them as the "dual core" holdings [5]. New Investments - HHLR Advisors made a new investment in the iShares Bitcoin ETF (IBIT), indicating an exploration into emerging asset classes [7][8]. - Taiwan Semiconductor (TSM) received a slight increase in holdings, with a market value of $3.434 million [8]. Reductions - HHLR Advisors significantly reduced its holdings in Futu Holdings, cutting shares from 3.238 million to 1.63 million, with the market value dropping from $563 million to $268 million [9][10]. - Webull saw a near-complete liquidation, with shares reduced from 33.08 million to 5.97 million [10]. - Other companies such as Baidu, NetEase, and Full Truck Alliance were completely sold off [10].

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant reduction in its U.S. stock holdings, with a total market value of $3.104 billion as of the end of Q4 2025, reflecting a 24% decrease quarter-over-quarter [1]. Group 1: Portfolio Composition - HHLR Advisors held a total of 33 stocks at the end of Q4 2025, with a notable structural shift in its portfolio [1]. - Chinese concept stocks remain the core asset allocation for HHLR Advisors, with seven out of the top ten holdings being Chinese companies, accounting for 92% of the total market value [2]. Group 2: Key Holdings - Pinduoduo is the largest holding for HHLR Advisors, with shares increasing from 8.59 million to 10.72 million, and the market value rising from $1.136 billion to $1.216 billion, representing 39% of the investment portfolio [3]. - Alibaba is the second-largest holding, with shares increasing from 3.289 million to 5.43 million, and the market value rising from $588 million to $796 million, now making up 26% of the portfolio [3]. - Together, Pinduoduo and Alibaba account for 65% of HHLR's investment portfolio, solidifying their status as the "dual core" of the holdings [3]. Group 3: Recent Adjustments - In Q4, HHLR Advisors increased its holdings in TSMC while reducing its positions in Futu and Webull, and completely exited positions in Baidu and NetEase [3].

2月20日，利弗莫尔中概股龙头指数当日收跌0.54%。据智通财经消息，该指数成分股表现分化，下跌 方面，陆金所跌超3%，霸王茶姬、携程集团等跌超2%；上涨方面，AHG涨超10%，NEGG、新濠博亚 娱乐涨超4%，希尔薇金属矿业、华住等涨超1%。 作为追踪在美上市中国概念股龙头企业的代表性指数，利弗莫尔中概股龙头指数近期波动较为频繁。此 前一个交易日（2月18日），该指数曾小幅收涨0.16%，纳斯达克中国金龙指数同日微跌0.04%，热门中 概股整体涨跌不一。 本文源自：市场资讯 作者：观察君 值得关注的是，近期中概股持续受到海外资金关注。根据美国证券交易委员会披露的信息，高瓴旗下 HHLR Advisors截至2025年四季度末共持有33只美股上市公司，中概股市值占比高达92%，拼多多、阿 里巴巴分列其前两大重仓股。HHLR在去年四季度显著增持了阿里巴巴和拼多多，持仓进一步向电商龙 头、生物医药和科技方向集中。 当日美股整体承压。美国劳工部公布的数据显示，截至2月14日当周，首次申领失业救济人数下降2.3万 人至20.6万人。此外，沃尔玛预计2027财年调整后每股收益2.75美元至2.85美元，低于此前预估。在 ...

千亿巨头"调仓"曝光！ 近日，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年四季度末的美股持仓报告。 数据显示，四季度末HHLR Advisors总共持有33只股票，持仓总市值达31.04亿美元，环比减少24%。 具体来看，四季度HHLR Advisors增持阿里巴巴、拼多多、台积电等；首次建仓iShares比特币ETF；减持富途、Webull；清仓百度、网易等。 中概股仍为核心配置 增持阿里巴巴、拼多多等 从增持力度来看，中概电商双龙头成为本次调仓的核心，增持规模位居前列。 其中，拼多多（PDD）作为HHLR的第一大重仓股，本季度继续获得大幅增持，持股数量从859万股增至1072.1万股，相较于去年三季度末增持212.9万 股，持仓市值由11.36亿美元升至12.16亿美元，占投资组合的比例由28%升至39%。 阿里巴巴（BABA）作为第二大重仓股，也获得显著加仓，持股数量由三季度末的328.9万股增至543万股，持仓市值由5.88亿美元升至7.96亿美元，在投 资组合中的占比从14.4%大幅提升至26%，巩固了核心持仓地位。 值得注意的是，仅拼多多与阿里巴巴两只标的， ...

【导读】高瓴2025年四季度持仓曝光：加仓拼多多、阿里巴巴等 中国基金报记者 含章 千亿巨头"调仓"曝光！ 近日，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年四季度末的美股持 仓报告。 数据显示，四季度末HHLR Advisors总共持有33只股票，持仓总市值达31.04亿美元，环比减少24%。 具体来看，四季度HHLR Advisors增持阿里巴巴、拼多多、台积电等；首次建仓iShares比特币ETF；减 持富途、Webull；清仓百度、网易等。 中概股仍为核心配置 增持阿里巴巴、拼多多等 根据13F文件，截至2025年末，中概股仍是HHLR Advisors核心配置资产，在前十大重仓股中，中概股 占据七席，市值占比达92%，其持仓进一步集中在互联网电商龙头、生物医药和金融科技方向。 具体来看，HHLR Advisors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。 | ...

Core Insights - The article discusses the investment strategy of Duan Yongping, highlighting significant changes in his portfolio as of the end of 2025, with a total market value of approximately $17.489 billion, equivalent to over 120 billion RMB [2]. Group 1: Portfolio Adjustments - Duan Yongping significantly reduced his position in Apple, which was previously his largest holding, with a decrease of 7.09% in shares held [4]. - He increased his stake in Nvidia by over 1,110.62%, raising his holdings to 7,237,100 shares valued at approximately $1.35 billion [4]. - Duan also added to his positions in Google and Pinduoduo, while drastically cutting his investment in ASML by 87.63% [3][4]. Group 2: New Investments - Duan initiated small positions in three AI-focused companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio allocations of 0.12%, 0.12%, and 0.04% [2][4]. - The portfolio reflects a strategic shift towards technology and AI sectors, indicating a focus on emerging trends in the market [2].

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 - H&H International Investment, managed by Duan Yongping, reported a total portfolio value of approximately $17.49 billion, equivalent to over 120 billion RMB, as of the end of 2025 [2] - The firm significantly reduced its position in Apple, its largest holding, while increasing its stake in NVIDIA by over 1,100% in Q4 [2][3] - Duan Yongping also made initial investments in three AI-focused companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio allocations of 0.12%, 0.12%, and 0.04% [2][3] Investment Changes - Apple (AAPL) saw a reduction in shares held from 32,358,507 to 29,887,907, decreasing its portfolio percentage from 60.42% to 50.30% [3] - NVIDIA (NVDA) shares increased from 7,237,100 to 23,876,400, raising its portfolio percentage from 0.76% to 7.72% [3] - Google (GOOG) and Pinduoduo (PDD) were both increased, with PDD seeing a 34.55% increase in shares held [2][3] New Investments - CoreWeave (CRWV) is a cloud service provider focused on AI and high-performance computing, with a portfolio allocation of 0.12% [2][3] - Credo Technology (CRDO) specializes in high-speed connectivity solutions for AI data centers, also holding a 0.12% portfolio allocation [2][3] - Tempus AI (TEM) is a leader in AI-driven precision medicine, with a 0.04% allocation in the portfolio [2][3] Significant Reductions - A substantial reduction of 87.63% was made in ASML, indicating a strategic shift away from this position [2][3] - The firm also reduced its stake in OXY by 2.83% [3] Future Outlook - Duan Yongping expressed a strong interest in understanding AI technologies, indicating a potential for further investment in this sector [4]