| 2025-12-31 | | 2025-12-31 | | 2025-12-31 | | | --- | --- | --- | --- | --- | --- | | Top Buys (13F) | | Top Sells (13F) | | 13F Holdings Summary | | | BY CHANGE IN % PORTFOLIO | BY LAF | BY CHANGE IN % PORTFOLIO | BY LAF | Name | % of | | | | | | | Portfolio | | Name | 9/2 | Name | 0/0 | | | | | Change | | Change | AAPL Apple Inc. | 50.3% | | NVDA NVIDIA Corp. | 6.96% | AAPL Apple Inc. | 10.12% | BRK.B Berkshire | 20.63% | | | | | | Hathaway I | | | BRK.B Berkshire | 2.85% | OXY Occidental | 1.27% | NVDA ...

Core Insights - H&H International Investment's portfolio value reached approximately $17.5 billion by the end of Q4 2025, reflecting a 19% increase from $14.7 billion at the end of Q3 2025 [2] - The portfolio's value was around $14.5 billion at the end of 2024 [3] Portfolio Structure Changes - The portfolio consists of 14 companies, with notable changes in holdings: - Apple (AAPL) remains the largest holding at $8.8 billion, but its share decreased by 7.09% [4] - Berkshire Hathaway (BRK.B) saw a significant increase of 38.24%, now valued at $3.6 billion [4] - Nvidia (NVDA) experienced a dramatic increase of 1110.62%, with a value of $1.35 billion [4] - Pinduoduo (PDD) increased by 34.55%, valued at $1.31 billion [4] - Microsoft (MSFT) saw a 207.66% increase, reaching $415 million [4] - ASML (ASML) was significantly reduced by 87.62%, now valued at just over $10 million [4] Investment Themes - The portfolio reflects a strong focus on technology, with companies like Nvidia, Microsoft, and TSMC forming a core part of the "AI quartet" [5][19] - Despite a reduction in Apple’s holding, it remains a significant investment, with the company’s stock being actively managed through options trading [10][12] - Berkshire Hathaway is viewed as a defensive holding, with its value doubling compared to the end of 2024 [13][14] New Additions and Trends - Three new AI-related companies were added to the portfolio, including CoreWeave, Credo, and Tempus AI, indicating a strategic shift towards AI verticals [17][20][21] - The overall market sentiment towards AI investments is positive, with a belief that missing out on AI opportunities would be detrimental [19] Alibaba and Pinduoduo Holdings - Alibaba's holdings have decreased significantly, from 5.45 million shares at the end of 2024 to 2.56 million shares by the end of 2025 [22] - Pinduoduo has become the fourth largest holding in the portfolio, valued at $1.3 billion, although it is considered a riskier investment [22]

Core Insights - H&H International Investment reported a total market value of $17.5 billion for its U.S. stock holdings as of December 31, 2025, an increase from $14.7 billion in the previous quarter, reflecting a growth of approximately 13.79% [1][2]. Holdings Summary - The portfolio included 3 new stock purchases, increased holdings in 6 stocks, reduced holdings in 5 stocks, and did not completely sell out of any positions [1][2]. - The top ten holdings accounted for 99.66% of the total market value, indicating a concentrated investment strategy [1][2]. Top Holdings - Apple (AAPL.US) remains the largest holding with approximately 32.36 million shares valued at about $8.8 billion, making up 50.30% of the portfolio, although the number of shares decreased by 7.09% from the previous quarter [2][3]. - Berkshire Hathaway (BRK.B.US) is the second-largest holding with around 7.18 million shares valued at approximately $3.6 billion, increasing its share count by 38.24% [2][3]. - Nvidia (NVDA.US) ranks third with about 7.24 million shares valued at approximately $1.3 billion, showing a significant increase of 1110.62% in share count [3]. - Pinduoduo (PDD.US) is fourth with around 11.56 million shares valued at approximately $1.3 billion, with a 34.55% increase in shares [3]. - Google (GOOG.US) is fifth with about 1.86 million shares valued at approximately $600 million, with a 2.48% increase in shares [3]. Significant Changes - H&H significantly increased its holdings in Microsoft (MSFT.US) and Taiwan Semiconductor Manufacturing Company (TSM.US), with share counts rising by 207.66% and 370.95%, respectively [3]. - The firm notably reduced its position in ASML (ASML.US), decreasing its share count by 87.62% [3]. - New positions were established in CoreWeave (CRWV.US), Credo Technology (CRDO.US), and Tempus AI (TEM.US), focusing on AI and data center solutions [3]. Buying and Selling Trends - The top five stocks purchased based on percentage change were Nvidia, Berkshire Hathaway, Taiwan Semiconductor, Microsoft, and Google [4]. - The top five stocks sold based on percentage change included Apple, Occidental Petroleum (OXY.US), Alibaba (BABA.US), ASML, and Disney (DIS.US) [5].

13F报告显示，高瓴旗下专注二级市场投资的基金管理平台HHLR Advisors四季度继续重仓中概股，核心仓位仍集中在拼多多、阿里巴巴等互联网与生物医 药公司。 根据最新披露文件，截至2025年12月31日，HHLR美股持仓总市值约31.04亿美元，较三季度末的40.91亿美元明显下降，持仓数量仍为33只，显示出在整体 仓位上有所收缩，同时继续向少数核心标的集中。 从结构来看，拼多多依然稳居第一大重仓股，阿里巴巴维持第二大重仓地位，百济神州（BeOne Medicines）和富途控股等仍位居前列，组合集中度进一步 提升。核心重仓继续集中，拼多多与阿里巴巴权重上升 四季度最核心的变化仍然发生在电商龙头上。 数据显示，HHLR继续增持拼多多，持股由三季度的859万股增至1072万股，持仓市值由11.36亿美元升至12.16亿美元，占投资组合比例由28%升至39%，第 一大重仓股地位进一步巩固。 与此同时，阿里巴巴也获得明显加仓。持股由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，占组合比例升至26%，继续位居第二大重仓 股。 此外，三季度仍位列前十大持仓的网易，以及三季度新建仓的百度、 ...

Core Insights - The article discusses the latest investment moves of prominent investor Duan Yongping, particularly through his investment account "H&H," which holds a portfolio valued at $17.489 billion as of Q4 2025 [2]. Investment Portfolio Summary - As of Q4 2025, H&H's portfolio consists of 14 U.S. stocks, with a total market value of $17.489 billion, approximately 120.8 billion RMB [2]. - Duan has recently invested in three AI-related companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio weights of 0.12%, 0.12%, and 0.04% [2]. - Major increases in holdings include Berkshire Hathaway, NVIDIA, Pinduoduo, Google C, and Microsoft, while reductions were made in Apple, Occidental Petroleum, Alibaba, Disney, and ASML [2]. Key Holdings - The top holdings in H&H's portfolio include: - Apple: $8.797 billion (50.3% of the portfolio) - Berkshire Hathaway B: $3.607 billion (20.63% of the portfolio) [2][4]. AI-Related Investments - CoreWeave focuses on providing AI computing power through high-performance GPU clusters, which are essential for AI model training [5]. - Credo Technology specializes in high-speed interconnect chips and optical modules for data centers, crucial for efficient data transmission in AI servers [6]. - Tempus AI applies AI in precision medicine, particularly in oncology, by integrating genetic and clinical data for personalized treatment plans, although it faces long commercialization cycles and regulatory challenges [6]. Investor Sentiment on AI - Duan Yongping has expressed a strong interest in AI, emphasizing its potential to significantly enhance efficiency and transform industries [8]. - He acknowledges the risks associated with the AI sector, suggesting that many companies may not survive, but those that do could become the next major players like Google or Amazon [8][9].

Core Insights - The evolution of sponsorship in the Spring Festival Gala reflects the changing landscape of the Chinese economy, transitioning from a production-driven era to a technology-driven era [4] Group 1: Historical Sponsorship Trends - The first sponsor of the Spring Festival Gala in 1984 was Jinan Kangbasi Clock Factory, which used 3,000 clocks as payment for a 10-second ad, leading to significant brand recognition and production growth [1] - In the 1990s, liquor and pharmaceutical companies emerged as major sponsors, with Kongfu Banquet Wine spending 30.79 million yuan in 1995, resulting in a sales surge to 918 million yuan the following year [1] - From 2003 to 2019, Midea Group dominated the zero-point advertising space, with ad costs rising from millions to tens of millions [1] Group 2: The Rise of Internet Giants - In 2015, Tencent spent 53.03 million yuan for exclusive sponsorship, launching the "Shake to Grab Red Envelopes" feature, which led to over 8.1 billion interactions in one night and significantly increased WeChat payment adoption [3] - The competition among internet giants intensified, with Alibaba, Baidu, Kuaishou, Douyin, JD, and Pinduoduo all vying for attention through massive red envelope giveaways, focusing on user engagement and data acquisition rather than mere brand exposure [3] Group 3: The Current Landscape and Future Trends - In 2026, traditional internet companies are still present, but new players in hard technology, particularly AI and robotics, are taking center stage [4] - ByteDance's Volcano Engine became the exclusive AI cloud partner for the 2026 Spring Festival Gala, showcasing AI's integration into interactive experiences, while several top robotics companies also participated [4] - This shift signifies a broader transition in the economy towards a technology-driven era, aligning with the national strategy of promoting "new quality productivity" [4]

Group 1 - PDD Holdings Inc. (NASDAQ:PDD) is a significant investment for billionaire Zhang Lei, representing 27.76% of his portfolio, valued at $1.14 billion [1] - Approximately 70% of analysts covering PDD remain optimistic, with a consensus price target of nearly $150, indicating a potential upside of 50% despite regulatory and competitive challenges [1] - Citi recently adjusted its price target for PDD from $170 to $142, maintaining a 'Neutral' rating, citing improved U.S. traffic at Temu as a factor mitigating profitability pressures [2] Group 2 - Morgan Stanley has reiterated an 'Overweight' rating on PDD with a price target of $148, although it has removed the stock from its "Top Pick" list due to increasing regulatory risks in China [4] - PDD Holdings operates digital marketplaces that enhance productivity for merchants and consumers through integrated sourcing, logistics, and fulfillment networks [5] - Citi previously characterized a Rmb 100,000 tax fine in Shanghai as "smaller-than-feared," suggesting it alleviated some regulatory concerns [3]

Group 1 - Gao Yi Asset held stocks of 13 companies in the US stock market with a total market value exceeding $600 million as of the end of 2025 [2] - The top ten holdings of Gao Yi Asset prominently feature Chinese concept stocks, with significant increases in positions for Pinduoduo and Beike, and a new investment in Yixian E-commerce [2] - The top ten holdings include Huazhu Group, Pinduoduo, Google, Yum China, Beike, Wuxi AppTec, NetEase, iQIYI, TSMC, and ISHARES TR, indicating a dominant presence of Chinese concept stocks [2] Group 2 - As of the end of last year, Gao Yi Asset held 1.333 million shares of Pinduoduo, having increased its position by 629,000 shares compared to the end of the third quarter [3]

Holiday Arrangements - Major companies have announced their holiday schedules for the upcoming Spring Festival, with most adhering to the national statutory holiday of 9 days [3][4] - Tencent will have a holiday from February 14 to February 23, totaling 10 days, while 58.com has the longest holiday of 17 days from February 7 to February 23 [4] - Other companies like Alibaba, ByteDance, Baidu, Meituan, Didi, Pinduoduo, Kuaishou, JD, and Xiaomi will follow the statutory holiday from February 15 to February 23, each with 9 days off [4] Employee Sentiment - There is a general satisfaction among employees regarding the holiday duration, with many expressing hope that future holidays will not be less than 9 days [3]

Group 1 - Gao Yi Asset holds shares in 13 companies in the US stock market, with a total market value exceeding $600 million, focusing heavily on Chinese companies listed overseas [1] - The top ten holdings of Gao Yi Asset include seven Chinese concept stocks, with Huazhu Hotels Group being the largest position, showing a strong preference for Chinese enterprises [1] - Huazhu Hotels Group reported a hotel revenue of 30.6 billion yuan for Q3 2025, a year-on-year increase of 17.5%, with over 12,000 hotels in operation and membership exceeding 300 million [1] Group 2 - Gao Yi Asset increased its holdings in several Chinese concept stocks, including Pinduoduo, Beike, and iQIYI, with Pinduoduo seeing an increase of 629,000 shares, nearly a 90% rise [1] - Another private equity firm, Jinglin Asset, also increased its holdings in Pinduoduo by over 600,000 shares during the same reporting period [2] - Pinduoduo reported Q3 2025 revenue of 108.28 billion yuan, a year-on-year growth of 9%, but faced pressure on operating profit margins due to intensified market competition and ongoing investments under its "billion support plan" [2]