券商中国·2026-02-07 09:44Core Viewpoint - Jinglin Capital has significantly adjusted its US stock holdings in the fourth quarter, reducing its position in Nvidia while increasing investments in Google, Pinduoduo, and Intel [1][5]. Group 1: Holdings Overview - As of the end of the fourth quarter, Jinglin's total US stock holdings amounted to $4.04 billion, a decrease of 3.37% from the previous quarter [2]. - The top ten holdings include Google, Meta, Pinduoduo, NetEase, Manbang, Futu, Nvidia, Alibaba, Intel, and Yaduo [2]. Group 2: Major Increases in Holdings - The largest increase in holdings was in Google, where the number of shares rose to 2.69 million, reflecting a 52.81% increase, making it the largest position at 20.82% of the portfolio [4]. - Jinglin also initiated a position in Broadcom with 245,800 shares, representing 2.1% of the portfolio, and increased holdings in Pinduoduo, Intel, and Futu [4]. Group 3: Major Reductions in Holdings - The most significant reduction was in Nvidia, where Jinglin sold 1.5409 million shares, a decrease of 64.78%, reducing its portfolio share to 3.86% [5]. - Additionally, Jinglin reduced its stake in Meta by 22,910 shares, resulting in an 18.68% decrease in holdings [5]. Group 4: Investment Strategy Insights - Jinglin's partner and fund manager, Gao Yuncheng, highlighted the importance of companies in emerging sectors like AI, new energy, and smart driving, emphasizing the ongoing transformation across industries [5][6]. - The core holdings are characterized by strong customer loyalty, pricing power, and distinct product differentiation, focusing on companies with stable valuations and cash flows [6].