空翻多！“大空头”做多中国

Core Viewpoint - Michael Burry has made a significant shift in his investment strategy, moving from bearish to bullish on Chinese stocks, clearing out put options and heavily investing in call options for various companies [1][4]. Group 1: Investment Strategy - As of the end of Q2, Michael Burry's Scion Asset Management held a market value of $578 million in U.S. stocks, with the top ten holdings accounting for 92.37% of the portfolio [2]. - Burry's strategy includes a combination of options and stocks, with the largest positions being call options on UnitedHealth and Regeneron Pharmaceuticals [3][4]. - In Q2 2025, Burry cleared out put options for Alibaba, Baidu, JD.com, Pinduoduo, and Ctrip, while buying call options for Alibaba and JD.com, alongside new investments in Lululemon [4][6]. Group 2: Holdings and Changes - The top new positions include: - UnitedHealth (350,000 shares, $109.19 million) - Regeneron Pharmaceuticals (200,000 shares, $105 million) - Lululemon (400,000 shares, $95.03 million) - META (100,000 shares, $73.81 million) - Estée Lauder (500,000 shares, $40.4 million) [3]. - Burry's previous holdings in Alibaba (put options) and other Chinese stocks were completely liquidated, indicating a complete turnaround in his investment outlook [4][6]. Group 3: Market Context - In Q1 2024, while other investors were pessimistic about Chinese stocks, Burry significantly increased his positions in JD.com and Alibaba by 80% and 66.67%, respectively [6]. - Following the "9·24" policy announcement in 2024, Burry's investments in Chinese stocks benefited from a strong market rebound [6][10]. - By Q2 2025, there was a divergence in views among global institutions regarding Chinese stocks, with some choosing to take profits while others continued to increase their positions [10].