来源：智通财经网 根据美国证券交易委员会(SEC)披露，景林资产递交了截至2025年12月31日的第四季度持仓报告(13F)。 其在四季度大幅减持英伟达，谷歌升至第一重仓。 具体来看，景林资产第四季度持仓总市值为40.4亿美元，上一季度总市值为44.4亿美元。在第四季度的 持仓组合中，该基金新增1只个股，增持5只个股;同时清仓了3只个股，减持10只个股。其中，前十大持 仓标的占总市值的82.58%。 | 2025-12-31 | | | --- | --- | | 13F Activity | | | Market Value | $4.04b, Prior: $4.44b | | Inflows (Outflows) as % of Total MV | (-3.3728)% | | New Purchases | 1 stocks | | Added To | 5 stocks | | Sold out of | 3 stocks | | Reduced holdings in | 10 stocks | | Top 10 Holdings % | 82.85% | 在前十大重仓股中，Alphabet I ...

具体来看，景林资产第四季度持仓总市值为40.4亿美元，上一季度总市值为44.4亿美元。在第四季度的持仓组合中，该基金新增1只个股，增持5只个股;同时 清仓了3只个股，减持10只个股。其中，前十大持仓标的占总市值的82.58%。 | Market Value | $4.04b, Prior: $4.44b | | --- | --- | | Inflows (Outflows) as % of Total MV | (-3.3728)% | | New Purchases | 1 stocks | | Added To | 5 stocks | | Sold out of | 3 stocks | | Reduced holdings in | 10 stocks | | Top 10 Holdings % | 82.85% | 在前十大重仓股中，Alphabet Inc. (GOOGL.US) 位列第一，持仓约269.00万股，持仓市值约8.42亿美元，占投资组合比例为20.82%，较上季度持仓数量增加 约92.97万股。 智通财经APP获悉，根据美国证券交易委员会(SEC)披露，景林资产递交了截至2025年 ...

Full Truck Alliance ( YMM ), a digital freight platform connecting shippers with truckers, has struggled in the past four months or so with the stock gradually moving lower. However, while it is discouraging to see the stock headWelcome to my author's site. As an avid follower of SeekingAlpha, I take great interest in articles posted as the subject matter is often something that appeals to me. However, I will sometimes encounter an article that I might not agree with. My purpose is to present an alternative ...

"十四五"期间，贵州已通过基础设施完善与数字技术赋能，实现社会物流总费用占GDP比重降至 14.3%的历史新低，但与发达地区相比仍有优化空间。为此，贵州省政协委员、满帮集团董事长张晖在 2026年贵州省两会期间建议，贵州可探索打造"数字物流大脑"，通过打通数据协同壁垒来进一步降低社 会物流成本。 在迈向"十五五"发展的新阶段，贵州明确提出坚持硬件升级与内涵提升并重，完善公铁水航网物流 体系，强化多式联运与数智化建设的发展方向。张晖表示，依托满帮在数字货运、物流生态构建等方面 的核心优势，加速政企协同、推动产业融合，既能进一步降低贵州社会物流成本，更能助力构建"通道 +物流+产业"的运产贸一体化格局。 张晖建议，可以探索由发改委、交通运输等部门牵头，联合贵州省内龙头物流企业搭建"数字物流 大脑"——贵州省统一的物流数据共享平台。通过平台整合全省公路、铁路、航空、港口等物流基础设 施数据，以及工商、税务、海关等政务数据，实现"一次申报、数据共享、多部门联动"。 张晖认为，通过大数据分析优化物流线路规划、运力调度和仓储布局，可以重点解决多式联运 中"信息孤岛"问题，构建"数据驱动、政企协同、生态共荣"的现代物流发展 ...

Full Truck Alliance Co., Ltd. (NYSE:YMM) ranks among the best high growth Chinese stocks to buy. On January 13, Morgan Stanley retained its Overweight rating and $14 price target for Full Truck Alliance Co., Ltd. (NYSE:YMM), citing strong growth in the company’s primary transaction commission sector. The firm expects YMM’s transaction commission revenue to expand by more than 30% year-over-year in 2026, with the company’s long-term shareholder return strategy being seen as gradually favorable. Morgan Sta ...

Full Truck Alliance Co. Ltd. (NYSE:YMM) is one of the Best Tech Stocks Under $10 to Buy, with an Overweight rating from Morgan Stanley, which was reiterated on January 20 with a $14 price target. The analyst projected sustained 30% year-over-year growth in YMM’s transaction commission revenue in 2026, along with 13-17% order volume growth. Full Truck Alliance (YMM) Approves $400M Capital Return Plan Morgan Stanley’s assessment of Full Truck Alliance Co. Ltd. (NYSE:YMM) follows the company’s January 19 ap ...

[Table_Page] 公告点评|媒体Ⅱ | [Table_ 单位：人民币 | Finance] | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | | | 8,436 | 11,239 | 12,391 | 11,514 | 13,914 | | 增长率 | （ % | ） | 25.3% | 33.2% | 10.2% | -7.1% | 20.8% | | 增长率 （ | % | ） | 25.3% | 33.2% | 10.2% | -7.1% | 20.8% | | --- | --- | --- | --- | --- | --- | --- | --- | | EBITDA（百万元） | | | 1,268 | 2,825 | 4,577 | 4,740 | 5,506 | | NonGaap归母净利润 （百万元） | | | 2,797 | 4,020 | 4,767 | 4,901 | 5,241 | | 增长率 （ | % | ...

近日，据网易财经报道，全国多地贴有 "货拉拉" 品牌车贴的货运司机反馈，其在 "运满满" 平台的账号 遭到封禁或接单限制，无法正常开展货运业务。这一被业内视为 "二选一" 的竞争策略，不仅剥夺了司 机多平台接单的权利，也引发了关于行业规范与公平竞争的广泛讨论。与此同时，黑猫投诉平台数据显 示，运满满因霸王条款、强制超载、高利贷等问题累计被投诉近11829次，多重服务乱象亟待整治。 据公开资料显示，运满满是一家提供智慧物流服务的数字货运平台，隶属于"数字货运第一股满帮集 团。平台拥有350万活跃车源，车型涵盖依维柯、平板、高栏、式、冷藏等，车长从1.8米到17.5米应有 尽有。目前已覆盖国内10万条线路，300+个城市百万货车，全国直达。 车贴或触发 "二选一" 司机账号遭封禁 2026年1月9日，抖音账号"货运***"发布视频称，其在运满满平台上传了四张货运车照片之后提交审 核，其中一张照片包含"货拉拉"的标志，结果显示审核通过，但是显示"因扰乱平台经营秩序，账号暂 停接单"，在注销账号时显示，因"账号异常，存在安全或纠纷问题"，不能完成注销。 无独有偶，从去年开始就陆续有货运司机反馈其在 "运满满" 平台的 ...

近日，据网易财经报道，全国多地贴有"货拉拉"品牌车贴的货运司机反馈，其在"运满满"平台的账号遭 到封禁或接单限制，无法正常开展货运业务。这一被业内视为"二选一"的竞争策略，不仅剥夺了司机多 平台接单的权利，也引发了关于行业规范与公平竞争的广泛讨论。与此同时，黑猫投诉平台数据显示， 运满满因霸王条款、强制超载、高利贷等问题累计被投诉近11829次，多重服务乱象亟待整治。 同样遭遇困境的还有抖音账号"货运小胡"的胡师傅。胡师傅反馈，因车身贴有"货拉拉"品牌车贴，导致 在货运平台"运满满"上无法正常接单，其账号遭到平台封禁。 07:47 4 al ? 20 CJ (N 关 去听单) 推荐 订阅 播报 刷fl 优车 车载专区 | | | × 当前账号无法接单 您的车辆照片涉及违规发布营销广告,请清 除车身广告重新上传,否则无法接单。 去拍摄 ( Catabo -100% 下拉 崩新2次 19个居之信 舞 (很三中 17日 - 17 th 0 8 睡婚排车 日本 钱的 据公开资料显示，运满满是一家提供智慧物流服务的数字货运平台，隶属于"数字货运第一股满帮集 团。平台拥有350万活跃车源，车型涵盖依维柯、平板、高栏、式、 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to generate revenue of 3.2 billion RMB in Q4 2025, reflecting a year-over-year decrease of 1%, with adjusted net profit projected at 1.1 billion RMB, remaining flat year-over-year. This stability in revenue is primarily influenced by strategic adjustments in the freight brokerage and credit solutions businesses. The core freight transaction service's commission penetration and monetization capabilities are on a steady upward trajectory [1][2] - A long-term shareholder return plan has been established, committing to return at least 50% of the previous year's non-GAAP net profit to shareholders through dividends or buybacks. For 2026, a total of 400 million USD is earmarked for shareholder returns, including 300 million in dividends and 100 million for buybacks, indicating a clear and sustainable return mechanism [4] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 12.4 billion, 11.5 billion, and 13.9 billion RMB respectively, with adjusted net profits expected to be 4.4 billion, 4.9 billion, and 6.5 billion RMB. The adjustments reflect a strategic contraction in the freight brokerage business, but the long-term profit outlook remains positive due to rapid growth in transaction services [5][11] - The company anticipates a 31% year-over-year increase in commission business revenue to 1.5 billion RMB in Q4 2025, with expectations of double-digit growth in the take rate by the end of 2026 [2] Business Optimization - The freight brokerage business is expected to generate 900 million RMB in Q4 2025, showing a year-over-year decline of 1.4%. The company plans to optimize its business model by collaborating with smaller freight platforms to improve profitability through technology service fees [3] - The company is controlling the scale of its micro-lending business while enhancing risk management, leading to stabilized risk indicators [3] Shareholder Return Mechanism - The long-term shareholder return plan has been approved by the board, ensuring a sustainable return to shareholders based on the company's stable cash flow from core operations [4] Valuation - The report adjusts the valuation to a target price of 16.1 USD for 2026, based on a price-to-earnings ratio of 24 times, reflecting a premium valuation due to the company's leading position in China's digital freight market [5][12]