天天基金网·2025-05-16 06:16Core Viewpoint - Jinglin Asset is optimistic about Chinese assets, believing that improving market sentiment and the increasing global competitiveness of Chinese companies present significant "alpha" opportunities [1][12]. Group 1: Jinglin Asset's Holdings - As of the end of Q1 2025, Jinglin Asset held stocks in 31 companies in the US market, with a total market value of $3.23 billion [1]. - The top ten holdings included Meta, Pinduoduo, NetEase, Manbang Group, TSMC, Futu Holdings, Apple, ZTO Express, Qifu Technology, and Beike, with Beike being a new addition to the list [3][4]. - Jinglin Asset increased its holdings in Beike by 422,800 shares, totaling 4.77 million shares by the end of Q1 2025 [7]. Group 2: Focus on Chinese Stocks - Jinglin Asset significantly increased its positions in several Chinese concept stocks, including buying 601,000 shares of Alibaba, which saw a price increase of nearly 56% in Q1 2025 [10]. - The firm also raised its stakes in TSMC and Futu Holdings, holding 1.575 million shares and 1.902 million shares, respectively, by the end of Q1 2025 [11]. - The firm’s partner expressed a complete shift away from US-only assets, focusing on Chinese companies related to technology and new consumption [11]. Group 3: Optimism Towards Chinese Assets - Jinglin Asset's confidence in Chinese assets is supported by several factors, including increased policy stimulus from the Chinese government and encouragement for companies to enhance shareholder returns through buybacks [13]. - Chinese companies are rapidly developing in key industries, with significant global competitiveness, particularly in electric vehicles, home appliances, smartphones, and clean energy equipment [14]. - China has become the world's largest automobile exporter in 2023 and holds a 50% share of global industrial robot installations [16]. - The valuation of Chinese stocks is attractive, with the MSCI China Index and CSI 300 Index having forward P/E ratios of 11.1 and 12.5, respectively, indicating they are at historically low levels [16].