Zheng Quan Shi Bao Wang·2025-10-24 00:36Core Insights - Dongfang Hongwan Overseas Fund, managed by Dan Bin, revealed its Q3 portfolio adjustments, increasing its holdings from 13 to 17 stocks, with a management scale of $1.292 billion, up from $1.126 billion in Q2 [1][2] Group 1: Portfolio Adjustments - The fund made significant changes, including a first-time purchase of Alibaba, acquiring 221,000 shares valued at $39.5 million, representing 3.06% of the portfolio [2] - Major reductions were made in Amazon and Netflix, with holdings decreased by 50% and 71.5% respectively, causing both stocks to exit the top ten holdings [2] - The fund also entered into leveraged products, acquiring a 2x long GOOGL ETF while liquidating a 2x long NVIDIA ETF [2] Group 2: AI and Semiconductor Investments - The fund strengthened its AI industry chain by investing in two semiconductor companies, Broadcom and Astera Labs, purchasing 29,000 and 64,000 shares respectively [4] - NVIDIA and Google remain the top two holdings, with respective values of $236 million and $224 million, together accounting for 35% of the total portfolio [4] - The firm views AI as a long-term technological revolution, emphasizing that the risk of missing out on this era outweighs concerns about potential bubbles [4][6] Group 3: Cryptocurrency Investments - After previously investing in Coinbase, the fund made another move into cryptocurrency by purchasing shares of BitMine Immersion Technologies, a company focused on Bitcoin and Ethereum networks [3] - BitMine's stock is noted for its extreme volatility, with past price fluctuations of up to 694% in a single day [3] Group 4: Market Trends and Future Outlook - The firm believes that the demand for AI computing power will significantly exceed current supply, indicating a healthy financing structure and ongoing growth in AI applications [6] - Recent partnerships by OpenAI with major companies like Oracle and SoftBank are seen as pivotal in the AI computing landscape, marking a significant strategic move in the industry [5][6]