中国基金报·2025-11-12 05:47Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [2][3]. Holdings Overview - As of Q3 2025, Jinglin Hong Kong Company held 30 securities in the US market, with a total market value of $4.44 billion, up from $2.87 billion in the previous quarter [2][3]. - The company actively adjusted its portfolio, making 9 new purchases, adding to 8 existing positions, selling out of 7 stocks, and reducing holdings in 6 stocks [5][8]. Major Investments - The top ten holdings accounted for 81.9% of the total US stock portfolio, indicating a slight decrease in concentration compared to the previous quarter [5][6]. - The largest holding remains Meta Platforms, with an increase of 234,600 shares, bringing the total to 1,226,000 shares [6][7]. - Significant increases were also noted in holdings of Nvidia, with an additional 1,748,300 shares acquired, and in the hotel sector with increased positions in Atour and Huazhu Group [6][7]. New Acquisitions and Exits - Notable new purchases include 2,684,200 shares of WeRide, a leading player in China's autonomous driving sector, and positions in UnitedHealth, Uber, and New Oriental [8][9]. - The company has completely exited positions in several stocks, including Daqo New Energy, Trip.com, and BeiGene, indicating a strategic shift in its investment approach [8]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing the competitive advantages of Chinese companies in terms of cost efficiency, talent, and comprehensive capabilities across the production process [10]. - The firm believes that despite market fluctuations, there are still structural opportunities worth pursuing, particularly in the context of potential inflows of overseas capital into the Chinese market [10].