Shang Hai Zheng Quan Bao·2025-04-05 05:01Group 1 - The core viewpoint of Dan Bin is that despite recent performance pressure due to the adjustment in the US stock market, he remains optimistic about the future of US stocks, suggesting that if the US economy continues to grow strongly after the implementation of new tariffs, the stock market will return to a bull market [1][10]. - As of March 31, Dan Bin's "Oriental Harbor Marathon No. 17" product has experienced a drawdown of over 20% this year, which is significantly divergent from the overall positive returns achieved by private equity [1][7]. - Dan Bin sold 70% of his holdings in late February due to concerns over policy issues, retaining only six major US tech stocks excluding Tesla, but later re-entered the market fearing missed opportunities in the AI era, leading to a significant net value decline [9][10]. Group 2 - Several prominent private equity firms in China, such as Jinglin Asset and Pankin Asset, have taken a contrary stance to Dan Bin, reducing their US stock holdings and increasing their investments in Chinese assets, indicating a significant divergence in institutional judgment regarding US and Chinese tech assets [3][11]. - High Yun Cheng from Jinglin Asset expressed confidence in Chinese companies related to technology and new consumption, suggesting that the era of undervaluation for core Chinese assets has ended and a new growth cycle may be beginning [12][13]. - The focus on technology remains strong among private equity firms, with many reallocating their portfolios towards Hong Kong stocks, particularly in the technology sector, as they see potential for growth in this area [14][15].