本文转载自第一财经 值班编辑 | 江江 视觉 | 诺言 根据美股机构投资者13F持仓披露情况，截至2025年底，段永平管理的H&H International Investment持仓 总市值约174.89亿美元，折合人民币超1200亿元。 在大幅减持第一大重仓股苹果的同时，段永平在Q4将英伟达仓位狂拉逾11倍，并轻仓"试水"三家极具代 表性的AI垂直领域公司，CoreWeave、Credo Technology、Tempus Ai，持仓分别占比0.12%、0.12%、 0.04%。 此外，段永平还增持了谷歌、拼多多，并大幅减持了光刻机巨头阿斯麦（减持幅度87.63%）。 星标关注《盐财经》 洞察趋势，睿智人生 /// 大家都在看 /// 点 在看 把盐撒给更多的人 | Stock | History | Sector | Shares Held or | Market | % of | Previous | | Change in | 9/2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Principal | ...

This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Dive Brief: Two fast-growing infrastructure companies are teaming up to deploy a modular data center solution that could significantly reduce the time needed to scale up AI computing facilities. Energy Vault, a provider of grid-scale energy storage systems, said on Feb. 11 that it had inked a strategy partnership with Crusoe, an AI infrastructure developer, ...

Harmony Gold Mining Company Ltd (NYSE:HMY) is one of the best stocks to buy and hold for the next 6 months. On February 9, Harmony Gold Mining Company Ltd (NYSE:HMY) confirmed that its newly acquired CSA Copper Mine in Australia requires a capital injection and a strategic rethink. Harmony Gold Mining Company Ltd. (HMY) Faces Challenges With CSA Copper Mine Copyright: tomas1111 / 123RF Stock Photo The company took over the CSA mine in New South Wales last October by acquiring Mac Copper in a deal worth ...

WEC Energy Group, Inc. (NYSE:WEC) is one of the best infrastructure stocks to buy right now. On February 6, Mizuho lifted its price target on WEC Energy Group, Inc. (NYSE:WEC) to $121 from $117 and maintained an Outperform rating on the stock. Mizuho said its PT raise was supported by WEC’s strong performance in Q4 2025 financial results, which the company shared the day before. Is WEC Energy Group, Inc. (WEC) One of the Best Infrastructure Stocks to Buy Right Now? Pixabay/Public Domain In the results, ...

The Southern Company (NYSE:SO) is one of the best infrastructure stocks to buy right now. On January 28, The Southern Company (NYSE:SO) declared a quarterly dividend of $0.74 per share on its common stock. Payment is scheduled for March 6, this year, to shareholders of record on February 17. Southern Company (SO) Maintains Stability Amid Shifting Landscape Pixabay/Public Domain This announcement continues 78 consecutive years of quarterly dividends equal to or greater than the prior quarter. The 74 cent ...

Duke Energy Corporation (NYSE:DUK) is one of the best infrastructure stocks to buy right now. On February 11, Goldman Sachs lifted its price target on Duke Energy Corporation (NYSE:DUK) to $142 from $141 while retaining a Buy rating. Duke Energy (DUK) Advances Strategy Amid Rising Demand Trends Pixbabay/Public Domain ​Goldman focused on Duke’s updated five-year capital investment blueprint totaling $103 billion. The blueprint is a jump from the prior $87 billion forecast, and, according to Duke, it is s ...

Industry Overview - The software development market in China is expected to exceed 3 trillion yuan by 2026, with a compound annual growth rate of 12% [6] - The core competitive focus of the industry is on the integration of "technical depth, industry insight, and user experience" [6][22] - The acceleration of digital transformation has made software development a key engine for enterprise transformation [2] Evaluation Dimensions for Selecting Software Development Service Providers - **Technical Capability**: It is essential for providers to not only write code but also understand architecture and security. Companies should prioritize those with international certifications like CMMI3 and ISO27001 [3] - **Delivery Assurance**: A mature software development company must establish an end-to-end delivery mechanism with clear deliverables and acceptance criteria at each stage [4] - **Industry Experience**: Providers should demonstrate deep industry knowledge and have case studies relevant to the specific business context [7] Key Software Development Service Providers - **Huawei**: Recognized for its comprehensive strength and ability to handle large-scale government and enterprise projects, with a satisfaction rate consistently among the highest in the industry [11] - **Haoke Network Technology**: A leading choice for small and medium enterprises, known for its rapid adaptation to new technologies and high customer satisfaction [12] - **Shenzhen Haoke Network**: Focused on high compliance and high concurrency scenarios, with extensive experience across various industries [13] Future Trends in the Software Development Industry - The industry is transitioning from "generic development" to "deep technical integration, full-cycle services, and precise scenario applications" [22][24] - There is an increasing reliance on external service providers to achieve digital transformation goals, with a projected annual growth rate of 15% in the Chinese market [22] - The demand for long-term partnerships rather than one-time services is becoming a core competitive advantage [23]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported its US stock holdings as of the end of Q4 2025, with a significant focus on Chinese concept stocks, which accounted for 92% of its portfolio [1][2]. Group 1: Holdings Overview - HHLR holds a total of 33 US-listed companies, with its top ten holdings including Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, Beike, Webull Corp, Cytek Biosciences, and Clearwater Analytics, with seven of these being Chinese concept stocks [2][4]. - The market value of HHLR's holdings in Pinduoduo reached approximately $1.22 billion, with a total of 10.72 million shares, reflecting an increase of 2.13 million shares from the previous quarter [4][5]. - Alibaba's holdings increased from 3.29 million shares to 5.43 million shares, with the market value rising from $588 million to $796 million, making it the second-largest holding in HHLR's portfolio [7]. Group 2: Trading Activities - HHLR significantly increased its positions in Pinduoduo and Alibaba while reducing its holdings in Futu Holdings and Webull Corp, with Futu's shares decreasing by nearly 50% from 3.24 million to 1.63 million [5][7]. - The firm also completely exited positions in several companies, including NetEase, Baidu, Manbang Group, Donghai Group, and Bright Scholar [7]. - HHLR made a small purchase of Google shares, ending the quarter with 7,300 shares, while also acquiring 11,300 shares of TSMC, valued at approximately $3.43 million [8][10]. Group 3: Market Context - The increase in holdings of Pinduoduo and Alibaba aligns with similar moves by other major private equity firms, indicating a collective bullish sentiment towards these stocks despite Pinduoduo's revenue growth slowing to 9% year-over-year [5]. - The AI sector is highlighted as a key area of interest, with ongoing developments in various subfields, suggesting that companies in this space may present significant investment opportunities [8].

Group 1 - The core viewpoint of the article suggests that the recent market volatility is not a fundamental reversal but rather a result of algorithmic trading creating a "chain reaction" of sell-offs, affecting both good and bad companies alike [1][2][30] - ARK Invest's Cathie Wood compares the current market to 1996, indicating that the internet revolution is just beginning, rather than being at a bubble peak [1][49] - Wood believes that aggressive AI capital expenditures by tech giants are not wasteful but essential to seize a historical opportunity, asserting that AI-driven productivity gains will alter the traditional logic of growth leading to inflation [1][24] Group 2 - The article discusses a significant divergence between official inflation data and real-time indicators, with the latter suggesting a rapid decline in inflation, indicating a disconnect between macroeconomic models and reality [6][11] - Algorithms are shown to struggle with this disconnect, leading to erratic trading behavior as they react to conflicting signals from government data and real-time metrics [8][44] - The article emphasizes that the current market volatility reflects a deeper cognitive revolution regarding the sources of value, as traditional debt-driven growth models face challenges from AI-driven productivity [15][21][22] Group 3 - The article posits that the traditional Phillips Curve, which suggests a negative correlation between unemployment and inflation, is being disrupted by AI-driven growth, allowing for simultaneous low inflation and strong growth [35][41] - It highlights the potential for a paradigm shift in fiscal philosophy, moving from debt-driven demand stimulation to growth driven by productivity enhancements from AI [22][23] - The article warns that this structural transformation will lead to a painful revaluation of assets, particularly affecting companies that have relied on low-interest financing without sustainable cash flow [25][27] Group 4 - The article suggests that the value anchor of the dollar may shift due to a technological revolution driven by AI, questioning the traditional reliance on oil and U.S. Treasury bonds [50][51] - It indicates that macroeconomic volatility will likely become the norm as the gap between official statistics and real-time economic perceptions persists [51][52] - The article concludes that understanding this structural change is crucial for navigating future market dynamics, as the current volatility is seen as a necessary process for value discovery [54][57]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 春节期间，有券商策略团队连续7天路演，也有基金经理"下乡"实地调研。节后买什么、怎么投是他们最 关注的问题。 事实上，记者采访获知，在今年1-2月波动的市场环境中，除了高度关注以AI为代表的新质生产力产业链 进程之外，不少基金经理也将目光投向了内需领域。 基金经理关注内需大方向 早在年初举办的嘉实基金2026投资策略会上，嘉实基金股票策略研究总监方晗就公开表示，对2026年权 益市场持理性偏乐观态度，但市场风格与结构或出现较大切换，他强调说，可重点关注"反内卷"背景下利 润回升企业及受益于扩大内需举措的标的，这类板块或决定全年指数高度。 嘉实基金大消费研究总监吴越也表示，消费行业已步入关键转折点，伴随居民财富效应释放推动高端消费 与服务消费需求升级，2026年有望重现消费投资机遇，市场情绪低迷"人迹罕至"之时，或许正是布局窗 口期。 "权益资产经过过去一年半的上涨，估值水平已经有明显提升，基本面缓慢改善，但基本面跟上估值还需 要一定的时间，在这种情况下，波动难以避免。"沪上一家中大型基金公司资产配置负责人告诉上证报记 ...