证券时报·2025-10-24 03:16Core Viewpoint - The article discusses the recent adjustments made by Dongfang Hongwan Overseas Fund, led by Dan Bin, in its U.S. stock portfolio for the third quarter, highlighting significant changes in holdings and a focus on AI and semiconductor sectors [1][2]. Summary by Sections Portfolio Adjustments - As of the end of Q3, the fund's holdings increased from 13 to 17 stocks, with a total management scale of $1.292 billion (approximately 9.2 billion RMB), up from $1.126 billion in Q2 [2]. - Dan Bin made five new purchases, prominently including Alibaba, while maintaining significant positions in Nvidia and Google, and further strengthening the AI industry chain by adding two semiconductor companies: Broadcom and Astera Labs [2][8]. Major Transactions - The largest new purchase was Alibaba, with 221,000 shares acquired, valued at $39.5 million, representing 3.06% of the portfolio, making it the tenth largest holding [5]. - Significant reductions were made in Amazon and Netflix, with holdings cut by 50% and 71.5% respectively, resulting in both stocks exiting the top ten holdings [6]. AI Sector Focus - The fund has reinforced its commitment to the AI sector by investing in Broadcom and Astera Labs, with purchases of 29,000 and 64,000 shares respectively [8]. - 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 [8]. Market Perspective on AI - Dan Bin believes the risk of missing out on the AI revolution outweighs concerns about a potential bubble, viewing AI as a long-term technological revolution that could last 10 to 30 years [9]. - The article mentions a significant collaboration involving OpenAI and several major companies, indicating a growing demand for AI computing power that is expected to exceed current supply [9].