Xin Lang Cai Jing·2026-02-24 15:29Summary of Key Points Core Insights - The 13F reports for Q4 2025 from renowned investors Duan Yongping and Li Lu reveal their latest investment strategies amid the rapid transformation of the AI industry and volatility in Chinese concept stocks. Duan has opted for an "aggressive transformation," while Li appears to favor "structural adjustments," using Google as a comprehensive investment in various tech sectors [45][46]. Duan Yongping's Investment Strategy - Duan Yongping's H&H International Investment has a total market value of approximately $17.489 billion, equivalent to over 120.4 billion RMB, with a concentrated portfolio where the top five holdings account for 89% of the total [43][52]. - Apple remains the largest holding, despite a slight reduction of about 247 million shares (7.1%), still constituting 50.3% of the portfolio, valued at approximately $8.8 billion [12][54]. - Significant new investments include a large increase in Nvidia shares by 6.64 million, a 1110% increase, making it the third-largest holding at 7.72% of the portfolio [2][16]. - Duan has also increased positions in Berkshire Hathaway and Pinduoduo, reflecting confidence in their business models, while reducing exposure to Alibaba and Occidental Petroleum [14][70]. Li Lu's Investment Strategy - Li Lu's Himalaya Capital Management has a total market value of approximately $3.57 billion, equivalent to 246 billion RMB, with a highly concentrated portfolio of only nine stocks [44][75]. - The primary holding remains Alphabet (Google), with combined shares of GOOGL and GOOG accounting for over 43% of the total portfolio [5][75]. - A notable new addition is Crocs, with 628,000 shares acquired, representing 1.51% of the portfolio, aligning with Li's focus on brands with strong market presence and cash flow [34][75]. - Li continues to hold significant positions in traditional financial stocks, including Bank of America and East West Bank, reflecting a value investment approach focused on stable cash flows [35][40]. Comparative Analysis - Both investors demonstrate adaptability to emerging industries, with Duan taking a more aggressive stance towards AI and technology, while Li maintains a conservative approach with a focus on established companies [45][46]. - Duan's strategy indicates a shift towards AI-driven investments, while Li's portfolio remains heavily weighted towards traditional sectors, showcasing differing philosophies in navigating market changes [39][40].