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]

In the latest trading session, PDD Holdings Inc. Sponsored ADR (PDD) closed at $102.92, marking a +1.07% move from the previous day. This move outpaced the S&P 500's daily gain of 0.56%. Elsewhere, the Dow gained 0.26%, while the tech-heavy Nasdaq added 0.78%. The company's stock has dropped by 2.52% in the past month, exceeding the Retail-Wholesale sector's loss of 5.72% and lagging the S&P 500's loss of 1.27%.The investment community will be closely monitoring the performance of PDD Holdings Inc. Sponsore ...

Group 1 - The Chinese Consulate in Sapporo has advised Chinese citizens to avoid traveling to Japan following an incident where a Hong Kong resident was assaulted in Sapporo [8] - As of the end of 2025, H&H International Investment, managed by Duan Yongping, has a total portfolio value of approximately $17.489 billion, equivalent to over 120 billion RMB [13] - International crude oil futures saw a significant increase, with WTI crude oil rising by 4.59% to $65.19 per barrel, and Brent crude oil increasing by 4.35% to $70.35 per barrel [4][20] Group 2 - The U.S. stock market indices closed higher, with the Nasdaq up 0.78%, S&P 500 up 0.56%, and Dow Jones up 0.26%, driven by gains in major tech stocks [3] - The market for gold and silver also saw increases, with spot gold rising by 2.08% to $4,979.56 per ounce and spot silver increasing by 5.04% to $77.2335 per ounce [4] - The State Council's Safety Committee and the Ministry of Emergency Management have emphasized the need for strict safety regulations regarding fireworks to prevent accidents [6] Group 3 - Several domestic gold jewelry brands have reduced their prices below 1,500 RMB per gram, with Chow Tai Fook and Lao Miao Gold both pricing at 1,499 RMB per gram [7] - On February 17, the total cross-regional movement of people in China reached 22.4182 million, a 15.5% increase from the previous day and a 9.4% increase compared to the same day last year [7]

Group 1: 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 focus on Chinese concept stocks, which constitute 92% of its portfolio [1][2]. - The top ten holdings of HHLR include 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]. Group 2: Investment Actions - HHLR significantly increased its holdings in Pinduoduo and Alibaba, while reducing its positions in Futu Holdings and Webull, indicating a strategic shift towards e-commerce leaders, biomedicine, and technology sectors [1][5][7]. - As of the end of Q4 2025, HHLR held 10.72 million shares of Pinduoduo, an increase of 2.13 million shares from the previous quarter, and 5.43 million shares of Alibaba, up by 2.14 million shares [5][7]. Group 3: Market Trends and Sector Focus - The investment in Pinduoduo aligns with similar moves by other major private equity firms, suggesting a consensus on the stock's potential despite a recent decline in its share price [5]. - HHLR also showed interest in technology stocks, acquiring shares in Google and TSMC, reflecting a broader trend of investment in AI and semiconductor sectors, which are seen as having significant growth potential [8][10].

Group 1 - H&H International Investment, managed by Duan Yongping, significantly increased its holdings in Nvidia, Pinduoduo, and Berkshire Hathaway, while also initiating small positions in three AI-related companies by the end of 2025 [1] - Duan Yongping reduced his stakes in Apple, Alibaba, and Occidental Petroleum [1]

Group 1 - H&H International Investment, managed by Duan Yongping, has significantly increased its holdings in NVIDIA, Pinduoduo, and Berkshire Hathaway, while also initiating small positions in three AI-related companies as of the end of 2025 [1] - The investment strategy includes a notable reduction in positions in Apple, Alibaba, and Occidental Petroleum [1] Group 2 - As of December 31, 2025, the portfolio shows a 6.96% increase in NVIDIA, a 2.85% increase in Berkshire Hathaway, and a 1.63% increase in Taiwan Semiconductor [2] - Apple remains the largest holding at 50.3% of the portfolio, while Pinduoduo constitutes 7.48% [2]

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].