Tesla(US:TSLA) 证券时报·2025-11-22 11:51Core Viewpoint - The article discusses the investment perspective of Duan Yongping on Tesla, highlighting his initial skepticism about the electric vehicle industry and his eventual decision to invest in Tesla, emphasizing the importance of understanding the company's fundamentals and future cash flows [1][2]. Group 1: Investment Decision - Duan Yongping expressed that he has started investing in Tesla after recognizing the strength of Elon Musk's products and ideas, stating that he views this investment as a venture capital opportunity [1]. - He mentioned that he is primarily selling put options on Tesla, focusing on short-term options due to their higher annualized returns, and considers whether the price will be seen as cheap in ten years [1][2]. Group 2: Industry Insights - Duan Yongping believes that most electric vehicle businesses will face significant challenges due to minimal differentiation, but Tesla stands out by achieving large-scale production with a limited product range, which allows for lower costs and potential profitability [1][2]. - He compared the electric vehicle market to the gaming console industry, suggesting that while many companies may enter the market, only a few will survive and be profitable in the long run [2]. Group 3: Portfolio Management - As of the third quarter of 2025, Duan Yongping's investment management firm, H&H International Investment, reported a significant increase in total holdings, reaching $14.679 billion, approximately 104.29 billion RMB, with a quarter-on-quarter growth of 27.27% [3][4]. - The core holdings of the portfolio include major technology stocks such as Apple, Alibaba, Google, Microsoft, Nvidia, ASML, and TSMC, although there were slight reductions in positions for some of these companies during the third quarter [4].