Ge Long Hui·2025-08-10 06:41Core Insights - The latest holdings data from Jinglin Hong Kong shows a total market value of $2.873 billion in U.S. stocks as of the end of Q2, approximately 20.6 billion RMB [1] - The firm has made significant adjustments to its portfolio, including new purchases, increased positions, and reductions in several stocks [1] Holdings Summary - New purchases include NVIDIA, Atour, and Huazhu Group [4] - Increased positions in Meta, Manbang Group, Qifu Technology, Alphabet, Sea, TAL Education, and BeiGene [4] - Reduced holdings in NetEase, Pinduoduo, Futu Holdings, Beike, New Oriental, Nebius Group, Alibaba, Intel, TSMC, and Ctrip [4] - Cleared positions in Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [4] Major Holdings - Meta remains the largest holding, with the top ten stocks including NetEase, Manbang Group, Pinduoduo, Futu Holdings, Qifu Technology, NVIDIA, Beike, New Oriental, and Nebius Group, collectively valued at $2.534 billion, accounting for over 88% of total U.S. stock holdings [4] Investment Strategy - Jinglin Asset emphasizes the importance of identifying new companies and conducting forward-looking research on industry fundamentals, focusing on businesses with strong cash flow and effective business models [4] - The firm highlights the significance of monopolistic advantages in business models, including rights, technology, scarce resources, and brand recognition [4] Market Outlook - The firm notes that Hong Kong has become the leading market for IPO financing in the first half of the year, indicating a shift in international capital's perception of Chinese assets [5] - The influx of capital into Hong Kong is seen as a sign of a vibrant and prosperous market, suggesting a rebalancing process that may provide additional rewards for investment portfolios [5]