Shang Hai Zheng Quan Bao·2025-11-17 12:06Core Viewpoint - H&H International Investment, managed by Duan Yongping, reported a total market value of approximately $14.7 billion as of the end of Q3 2025, with significant changes in its portfolio, including increased holdings in Berkshire Hathaway and ASML, while reducing positions in Apple, Alibaba, and Google [1][3][4]. Portfolio Overview - H&H International Investment holds a total of 11 companies, with Apple being the largest position at 60.42% of the portfolio, valued at approximately $8.87 billion. Berkshire Hathaway follows with a 17.78% share, valued at about $2.61 billion [3][4]. - The detailed holdings include: - Apple (AAPL): 34,829,107 shares, $8.87 billion, 60.42% of portfolio - Berkshire Hathaway (BRK.B): 5,191,300 shares, $2.61 billion, 17.78% of portfolio - Pinduoduo (PDD): 8,574,194 shares, $1.13 billion, 7.72% of portfolio - Occidental Petroleum (OXY): 13,556,100 shares, $640.53 million, 4.36% of portfolio - Alibaba (BABA): 2,777,330 shares, $496.39 million, 3.38% of portfolio - Google (GOOG): 1,810,500 shares, $440.95 million, 3.00% of portfolio [3][4]. Changes in Holdings - In Q3, Duan Yongping reduced his holdings in major stocks such as Apple, Alibaba, Nvidia, and Google, while increasing his stake in Berkshire Hathaway by 1.81 million shares. The reduction in Apple shares was notable, with a total of 2.89 million shares sold over the year [4][6]. - Duan Yongping's investment strategy reflects a cautious approach towards Apple, indicating uncertainty about its future growth potential despite its historical performance [4][6]. Focus on AI Sector - H&H International Investment has increased its exposure to AI companies, having added positions in Nvidia, TSMC, and Microsoft earlier in the year. Duan Yongping expressed a positive outlook on AI, emphasizing the importance of not missing out on potential opportunities in this sector [6][8]. - The investment in ASML, a leader in lithography machines, marks a strategic move to capitalize on the growing demand for AI-related technologies [6]. Institutional Perspectives - There is a divergence in institutional views on technology stocks, with some large firms reducing their positions in Nvidia while others, like BlackRock and Invesco, are increasing their stakes. This reflects a broader trend of varying confidence levels in the tech sector as the year ends [8]. - Analysts suggest that the AI sector will continue to be a core focus, with expectations of significant growth and investment in AI applications across various industries [8].