高毅资产2025年末美股持仓出炉，持股近47亿元！近一个月调研26家A股公司！

Core Viewpoint - Gao Yi Asset's overseas fund held 13 US stocks with a total market value of approximately $683 million (about 4.7 billion RMB) at the end of Q4 2025, with significant positions in several Chinese concept stocks [2][3]. Summary by Sections Holdings Overview - In Q4 2025, Gao Yi Asset's holdings included 5 companies in the consumer goods sector and 4 in the communication services sector [2]. - The fund initiated positions in 2 new US stocks, increased holdings in 5 stocks, reduced holdings in 2 stocks, and maintained positions in 4 stocks [2]. Major Holdings - The largest holding was Huazhu, with a market value of approximately $243 million, accounting for about 36% of the total US stock holdings, and the stock rose over 20% in Q4 2025 [2]. - The second-largest holding was Pinduoduo, valued at approximately $222 million, representing about 33% of the total US stock holdings, although it saw a decline of 14.21% [3]. A-Share Holdings - Gao Yi Asset's A-share holdings exceeded 23.5 billion RMB, with significant positions in 18 A-share companies as of Q3 2025 [7]. - The fund's A-share investments are primarily managed by Feng Liu and Deng Xiaofeng, focusing on sectors such as non-ferrous metals, electronics, food and beverage, chemicals, and pharmaceuticals [7]. Performance Insights - The stock price of Zijin Mining, a major holding, increased over 99% in the first three quarters of 2025, and further rose over 28% from October 2025 to February 2026 [10]. - Gao Yi Asset actively conducted research on 26 A-share companies in the past month, with notable performance from companies like Wangsu Science & Technology, which surged over 85% [11].