李录，超200亿重仓8只票

Core Viewpoint - The recent disclosure of holdings by Himalaya Capital, led by investor Li Lu, reveals a significant focus on technology stocks, particularly Google, which remains the largest position in their portfolio as of the end of 2025. Group 1: Holdings Overview - As of the end of 2025, Himalaya Capital holds shares in 8 U.S. listed companies, with a total market value of $3.57 billion (approximately 246 billion RMB) [1][11]. - Google's position is the largest, with a holding value exceeding $1.56 billion, accounting for 43.86% of the portfolio [3][12]. - The second and third largest holdings are Bank of America and Pinduoduo, valued at $573.73 million (16.08%) and $522.50 million (14.64%) respectively, with no changes in share quantities from the previous quarter [3][12]. Group 2: Investment Strategy - Li Lu's investment style is characterized by low turnover and a focus on high-quality companies, which is evident in the recent portfolio adjustments [2][12]. - In the fourth quarter of the previous year, Himalaya Capital initiated a position in Crocs, acquiring 628,159 shares valued at $53.72 million, while exiting energy stock Sable Offshore [1][8]. Group 3: Industry Trends - The technology sector is highlighted as a preferred choice among major private equity firms, with both Jinglin Asset and Dongfang Harbor also holding significant positions in Google [4][14]. - Google's financial performance for the fourth quarter of 2025 showed total revenue surpassing $400 billion for the first time, reflecting a 15% year-over-year growth, driven by advancements in AI technology and cloud services [4][15]. - The AI sector is experiencing rapid growth, with various subfields achieving commercial viability, suggesting a favorable outlook for investments in AI-related companies [6][16].