| 排序 | 美股简称 | 美股代码 | | 持有机构 合计持仓股数 日力） | 持股环比 450 | 持仓市值 亿美元 | 机构持股比例 | 季度涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 英伟达 | NVDA | 4852 | 16724.78 | -4.13% | 23852.88 | 68.33% | 0.76% | | 2 | 英语 | AAPL | 5349 | 9504.29 | -2.59% | 20794.62 | 63.62% | -14.75% | | 3 | 微软 | MSFT | 5503 | 5372.44 | -2.58% | 20167.6 | 72.27% | -10.94% | | 4 | 亚马逊 | AMZN | 5226 | 6854.13 | -1.58% | 13040.66 | 64.58% | -13.28% | | 5 | 博通 | AVGO | 3598 | 3603.09 | -2.94% | 7972.55 | 76.63% | 30.99% | | 6 | | | ...

上周一下午三点，我泡了一杯热茶，开youtube静等贝森特的直播，仅仅十秒后，隔壁就说不用听了，BBG上出来了。我们刚要讨论这关税是降到30%还是 10%，前面又说，不用探讨了，股价涨了。前后二十秒，根本来不及决策，市场总有比你快的手。所以笔者把仓位分成趋势仓与交易仓。交易型仓位不看基 本面，赚到心理价位就走。三块钱的可乐，第一口永远值两块九。四月初的加仓，等的就是这一口，当即就畅爽了。基础逻辑是特朗普关税政策的"儿戏化" ，据《华盛顿邮报》统计，特朗普才就职100天就改写了50+次贸易规则。怎么形容呢？就我过去100天在股市做T都没这么频繁。 基本面上，本批拟A+H两地上市的龙头公司在港股乃至海外资本市场都具备较强的稀缺性。从筹码角度，港股自去年9月以来流动性和估值持续改善，同时 A股公司在港股上市发行的流通股又相对有限，叠加入通预期带来的估值溢价，确实是值得参与的。目前也打了恒瑞，参考A股给了8折优惠，也拿到部分豁 免，最大回拨21.5%。且宁德时代打新的钱回来正好能续上，估计最后也是一票难求。 上周港股市场是挺割裂的，京东Q1营收3010.8亿元，同比增16%，远超预期，股价冲高回落；腾讯：一季度经营利 ...

Core Viewpoint - Major institutional investors are significantly increasing their positions in Chinese assets, indicating a positive outlook on the Chinese market despite global uncertainties [1]. Group 1: Bridgewater's Movements - Bridgewater's latest 13F report shows a total market value of $21.55 billion as of March 31, with substantial increases in positions in Chinese stocks such as Alibaba and Baidu [3]. - The fund increased its holdings in Alibaba by 5.405 million shares, a staggering 2,119% increase, making it the fourth-largest holding with a market value of $748.5 million [3]. - Additional increases include 1.879 million shares of Baidu, valued at $19 million, and nearly 500,000 shares of Pinduoduo, totaling 1.74 million shares [3]. Group 2: Hillhouse Capital's Strategy - Hillhouse's HHLR Advisors reported a total market value increase from $2.887 billion to $3.539 billion, a nearly 23% rise, with a focus on Chinese assets [5]. - The fund added nearly 20 Chinese stocks, including new positions in companies like Yaduo Group and Li Auto, and increased holdings in Pinduoduo and JD.com [5]. - Nine out of the top ten holdings are Chinese stocks, highlighting a strong commitment to this market [5]. Group 3: Jinglin's Perspective - Jinglin's total market value rose from $3.17 billion to $3.23 billion, with 14 new or increased positions and a concentration of 86.24% in the top ten holdings [7]. - The top three increased positions include Futu, Beike, and Alibaba, with Futu seeing a 48.23% increase in shares [7]. - Jinglin's partner expressed optimism about China's future development, suggesting a shift in global investment perceptions towards Chinese companies [7]. Group 4: Tiger Global's Adjustments - Tiger Global's total market value reached $26.6 billion, with 5 new stock additions and 14 increases in existing positions [9]. - The top five holdings include Meta and Microsoft, with Pinduoduo being one of the significant new additions [9]. Group 5: Gao Yi's Investments - Gao Yi's total market value increased from $740 million to $770 million, with a focus on Chinese assets [11]. - The fund added six Chinese stocks, significantly increasing its position in Huazhu Group and Boss Zhipin [11]. - A notable reduction in Meta holdings was also reported, indicating a strategic shift [11]. Group 6: Soros Capital's Focus - Soros Capital Management's 13F report indicates a renewed focus on Chinese assets, with new positions in Alibaba and Yum China [13]. Group 7: Economic Outlook for Chinese Assets - Chinese assets are gaining attractiveness amid global uncertainties, supported by policy incentives and strong performance in technology sectors [15]. - Morgan Stanley's chief economist highlights China's resilience and potential for innovation, particularly in technology and new consumption sectors [16]. - Recent economic data shows stronger-than-expected export resilience, boosting investor confidence in Chinese markets [16].

Core Viewpoint - The resurgence of the camera market is driven by the strong demand from young people for recording and sharing their lives, leading to significant growth opportunities for domestic camera brands, particularly on platforms like Pinduoduo [1][3]. Group 1: Market Dynamics - Young consumers are increasingly favoring affordable digital cameras, especially among students, as they seek to capture moments without the need for expensive professional cameras [1][3]. - Shenzhen camera merchants are leveraging the local supply chain and Pinduoduo's supportive environment to establish their own brands, achieving annual sales in the tens of millions [1][9]. - The rise of vlogging has reignited interest in portable digital cameras, with products that offer a nostalgic feel becoming popular among younger audiences [3][4]. Group 2: Brand Development - KOMERY, a Shenzhen brand, successfully launched its first popular product, the C6, in 2019, focusing on affordability and user-friendly features, leading to significant sales growth [6][7]. - The brand's sales surged during the pandemic, with a 300% quarter-over-quarter increase in Q2 2020, and it achieved monthly sales exceeding 5 million yuan [7][18]. - YZZCAM, another emerging brand, targets school-aged consumers with competitively priced cameras, achieving rapid sales growth and a monthly sales volume of several thousand units [10][13]. Group 3: Innovation and Strategy - Both KOMERY and YZZCAM emphasize the importance of understanding consumer pain points and adapting products accordingly, utilizing data from customer feedback to drive innovation [9][20]. - KOMERY's introduction of the W10 model, featuring advanced specifications at a competitive price, exemplifies the brand's strategy to challenge international competitors [18][19]. - Pinduoduo's initiatives, such as the "Billion Subsidy" program, have significantly reduced operational costs for these brands, allowing them to invest more in product development and marketing [20][21]. Group 4: Future Outlook - The brands aim to expand their market presence by leveraging successful models on Pinduoduo for international markets, focusing on the unique advantages of the Chinese supply chain [21]. - There is a strong belief among these companies that incremental improvements in their offerings can set them apart in a crowded market [21].

段永平减持苹果，新进微软、英伟达、台积电 北京时间5月16日，H&H基金发布了最新的美股持仓，由于该基金被认为是由段永平掌管，其动向备受市 场关注。截至一季度末，H&H基金共持有11只股票，较去年底新增3只，期末持股市值为120亿美元，较 去年底减少了25亿美元。 这是H&H基金连续三个季度大幅减持苹果，去年四季度和去年三季度分别减持1190万股、1116万股，仓 位权重从最高的81%，降至目前的63%。 一季度，段永平罕见地进行了一轮密集的调仓。被认为是由段永平掌管的H&H International Investment 基金（下称"H&H基金"），新进微软、英伟达、台积电，加仓拼多多，减持阿里巴巴、谷歌、苹果，其中 减持超过10亿美元的苹果。 与此同时，H&H基金在一季度还大幅减持了谷歌和阿里巴巴，其中谷歌被减持266万股，减持幅度达 70.51%，期末持股市值降至1.73亿美元，上一季度末的持股市值高达7.17亿美元，从第三大持仓降至第 六；阿里巴巴则被减持147万股，减持幅度为26.94%，期末持股市值为5.27亿美元。 李录在一季度没有任何买入增持动作，反而是大举减持了苹果、谷歌以及第一大重仓股美 ...

Group 1 - Michael Burry's hedge fund, Scion Asset Management, has significantly reduced its stock holdings, retaining only Estee Lauder while selling off major positions in Chinese tech stocks like Alibaba and Baidu [1][2] - In Q1 2025, Burry sold 100% of his shares in Alibaba (150,000 shares) and Baidu (125,000 shares), resulting in a 16.42% and 13.61% decrease in his portfolio respectively [1][2] - Burry has initiated a position in put options for Nvidia and other Chinese tech companies, indicating a potential hedge against long positions not reported in the 13F filing [2] Group 2 - Estee Lauder is the only stock that Burry has increased his position in, doubling his holdings to 200,000 shares, valued at $13.2 million, which now represents 6.63% of his portfolio [3][4] - As of the end of Q1 2025, Burry's portfolio is concentrated in defensive consumer goods, primarily through his investment in Estee Lauder [4]

Group 1: Fund Manager Dynamics - 11 new fund managers were appointed today, involving 22 funds, primarily from Bosera Fund and Huaan Fund, while 3 fund managers left their positions [1] Group 2: Market Reactions and Adjustments - Multiple public fund industry insiders stated that recent analyses attributing market adjustments to changes in public fund performance benchmarks are inaccurate and unprofessional, indicating no large-scale repositioning among public funds [2] - The Hang Seng Index has added Midea Group and ZTO Express, while the Hang Seng Tech Index has included BYD Company [3] Group 3: Hedge Fund Activities - Michael Burry's Scion Asset Management cleared almost its entire stock portfolio in Q1, establishing new short positions on Nvidia and several Chinese stocks, including Alibaba and JD.com [4] - Soros Capital Management has re-entered Chinese assets, with new positions in Alibaba, Yum China, and iShares China Large-Cap ETF, ranking 5th, 7th, and 8th in their holdings respectively [5] - Soros Fund has heavily invested in AST SpaceMobile and Nvidia while selling shares in AMD and other large tech companies [6] - Bill Ackman's Pershing Square Capital Management bought Uber and completely sold its Nike holdings in Q1 [6] Group 4: Investment Trends and Strategies - PGIM's chairman noted that President Trump's trade war has created uncertainty, leading institutional investors to pause asset allocation decisions regarding investments in the U.S. [7] - The Honghu Fund Phase II, with a scale of 20 billion yuan, is set to invest in the market, focusing on large-cap, liquid, and high-impact quality listed companies [9] - China Life Asset Management has been approved to participate in the third batch of insurance fund long-term investment reform trials [10] Group 5: Fund Market Dynamics - Several money market funds have recently imposed purchase limits to prevent arbitrage impacts and ensure stable operations [11] - Qatar Investment Authority plans to invest $500 billion in the U.S. over the next decade, with current assets totaling $524 billion [12] - Global funds continued to net buy Indian stocks, purchasing 9.3 billion rupees worth of shares [13] Group 6: ETF Market Overview - A-shares saw a collective decline, with the Shanghai Composite Index down 0.4% and total market turnover at 1.1241 trillion yuan, a decrease of 66.3 billion yuan from the previous day [13] - Notable ETF performances included a 3.65% increase in the Invesco S&P Consumer ETF and a 2.37% rise in the Huaan Fund Germany ETF [13] - The engineering machinery ETF experienced a 10% drop, while the financial sector ETFs also saw declines [16]

Core Viewpoint - The article discusses the investment activities of Duan Yongping's HH&H International Investment in Q1, highlighting increased holdings in Pinduoduo, Occidental Petroleum, and new positions in Microsoft, Nvidia, and TSMC, while also noting reductions in Apple, Google, and other stocks. Group 1: Increased Holdings - Duan Yongping increased his stake in Pinduoduo by 525,200 shares, a 7.27% increase, bringing total holdings to 7.7539 million shares with a market value exceeding $900 million, making it the third-largest position [3]. - Occidental Petroleum saw an increase of 249,100 shares, a 1.83% rise, with total holdings reaching 13.82 million shares valued at over $680 million, ranking as the fourth-largest position [4]. Group 2: New Positions - New positions were established in Microsoft, Nvidia, and TSMC, all significant players in the AI industry. Microsoft purchased 299,200 shares valued at $112.3 million, Nvidia acquired 645,100 shares worth $69.9 million, and TSMC bought 271,792 shares valued at $45.1 million [3]. Group 3: Reduced Holdings - Apple was reduced by 6.6404 million shares, a 16.25% decrease, with current holdings at 34.22 million shares valued at $7.602 billion, still the largest position [5]. - Alibaba saw a reduction of 146,870 shares, a 26.94% decrease, with current holdings at 3.98 million shares valued at $526 million, ranking fifth [6]. - Google’s Class C shares were reduced by 2.6559 million shares, a significant 70% decrease, with current holdings at 1.11 million shares valued at $170 million [7].

Summary of Key Points Core Viewpoint - Duan Yongping's HH&H International Investment increased its holdings in Pinduoduo and Occidental Petroleum while establishing new positions in Microsoft, NVIDIA, and TSMC, while reducing stakes in Apple, Google, and other stocks. The total market value of the portfolio decreased by 15.95% to $12 billion as of Q1 2025, despite an increase in the number of holdings from 8 to 11 [1][2][3]. Investment Activity - **Increased Holdings**: - Pinduoduo: Increased by 527,000 shares (7.27%), total shares now 7.75 million, market value over $900 million, ranking as the third-largest holding [3][4]. - Occidental Petroleum: Increased by 249,100 shares (1.83%), total shares now 13.82 million, market value over $680 million, ranking as the fourth-largest holding [4]. - **New Purchases**: - Microsoft: Acquired 299,200 shares, market value $112.32 million, representing 0.94% of the portfolio [4]. - NVIDIA: Acquired 645,100 shares, market value $69.92 million, representing 0.58% of the portfolio [4]. - TSMC: Acquired 271,792 shares, market value $45.12 million, representing 0.38% of the portfolio [4]. - **Reduced Holdings**: - Apple: Reduced by 6.64 million shares (16.25%), total shares now 34.22 million, market value $7.60 billion, still the largest holding at 63.33% [6][7]. - Alibaba: Reduced by 146,870 shares (26.94%), total shares now 3.98 million, market value $526 million, ranking as the fifth-largest holding [6]. - Google: Reduced by 2.66 million shares (70%), total shares now 1.11 million, market value $170 million [6]. Portfolio Overview - The total market value of the portfolio decreased from $14.5 billion to $12 billion, reflecting a 15.95% outflow [2]. - The top 10 holdings account for 99.98% of the portfolio, indicating a concentrated investment strategy [2].

Core Insights - Appaloosa Management, led by billionaire David Tepper, reported a total market value of $8.38 billion for Q1 2025, up 15.65% from $6.46 billion in the previous quarter [1][2] - The fund added 7 new stocks, increased holdings in 8 stocks, reduced holdings in 21 stocks, and completely exited 6 stocks during the quarter [1][2] - The top 10 holdings accounted for 77.25% of the total market value [2] Holdings Overview - The largest position was in SPDR S&P 500 Fossil Fuel Reserves Free ETF put options (SPYX.US), with 4.5 million shares valued at approximately $2.52 billion, representing 30.03% of the portfolio [3][6] - Alibaba (BABA.US) was the second-largest holding with 9.23 million shares valued at about $1.22 billion, a decrease of 22.06% from the previous quarter [3][6] - Other significant holdings included Pinduoduo (PDD.US) with 4.37 million shares valued at $517.19 million, Amazon (AMZN.US) with 2.51 million shares valued at $477.55 million, and JD.com (JD.US) with 8.05 million shares valued at $331.02 million [4][5][6] Trading Activity - Notable new purchases included put options for Apple (AAPL.US), Deutsche Bank (DB.US), L3Harris Technologies (LHX.US), Broadcom (AVGO.US), VanEck Semiconductor ETF put options (SMH.US), and Block (XYZ.US) [6][7] - The fund completely exited positions in AMD (AMD.US), Antero Resources (AR.US), EQT Energy (EQT.US), Expand Energy (EXE.US), FedEx (FDX.US), and Intel (INTC.US) [7] - Significant reductions were made in holdings of Microsoft (MSFT.US), NVIDIA (NVDA.US), Qualcomm (QCOM.US), ASML (ASML.US), and Micron Technology (MU.US) [7][8] Performance Metrics - The turnover rate for the quarter was 29.55%, with an alternative turnover rate of 20.07% [2] - The average holding period for the top 20 stocks was 8.85 quarters, while the top 10 stocks had an average holding period of 10.9 quarters [2]