Core Viewpoint - Michael Burry has made a significant shift in his investment strategy, moving from bearish to bullish on Chinese stocks, particularly by selling put options and buying call options on companies like Alibaba and JD.com [2][5][9]. Summary by Sections Investment Strategy Changes - In Q2 2025, Michael Burry's Scion Asset Management cleared its put options on Alibaba, Baidu, JD.com, Pinduoduo, and Ctrip, and instead purchased call options on Alibaba and JD.com, indicating a complete turnaround in his stance on Chinese stocks [5][9]. - As of the end of Q2, Burry's portfolio was heavily concentrated, with a market value of $578 million, where the top ten holdings accounted for 92.37% of the total [2]. Key Holdings - The largest positions in Burry's portfolio included call options on UnitedHealth and Regeneron Pharmaceuticals, with respective values of $109.19 million and $105 million, both newly initiated [3]. - Other notable new positions included call options on Lululemon ($95.03 million), Meta ($73.81 million), Estée Lauder ($40.4 million), JD.com ($32.64 million), and Alibaba ($28.35 million) [3]. Historical Context - Michael Burry gained fame for predicting the U.S. housing market crash and profiting significantly from it, which was depicted in the film "The Big Short" [6]. - In Q1 2024, Burry had already increased his stakes in JD.com and Alibaba by 80% and 66.67%, respectively, indicating a growing confidence in these companies [7]. Market Reactions - Following the "9·24" policy announcement, which positively impacted the stock market, Burry's aggressive accumulation of Chinese stocks yielded substantial returns [7]. - In Q2 2025, while some investors like David Tepper took profits from their Chinese stock holdings, Burry's renewed bullishness on Alibaba and JD.com suggests a divergence in market sentiment [12].

电影《大空头》的原型Michael Burry二季度"空转多"，对中概股态度180度大转弯，清空"看跌期权"，大手笔买入"看涨期权"。 截至二季度末，Michael Burry旗下的Scion Asset Management美股持仓市值为5.78亿美元，前十大重仓股占组合的比例为92.37%，持股较为集中。 | 代码 | 行业 | 持股数量 | | 持仓市值(美元)持股变化比例 | | --- | --- | --- | --- | --- | | 联合健康(看涨期权) | 医疗健康 | 350,000 | 109,189,500 | 新进 | | 再生元制药公司(看涨期权)医疗健康 | | 200,000 | 105,000,000 | 新进 | | Lululemon (看涨期权) | 可选消费 | 400,000 | 95,032,000 | 新进 | | META(看涨期权) | 通讯 | 100,000 | 73,809,000 | 新进 | | 雅诗兰黛(看涨期权) | 必需消费 | 500,000 | 40,400,000 | 新进 | | 京东(看涨期权) | 可选消费 | 1,000,00 ...

Core Viewpoint - Michael Burry has made a significant shift in his investment strategy, moving from bearish to bullish on Chinese stocks, clearing out put options and heavily investing in call options for various companies [1][4]. Group 1: Investment Strategy - As of the end of Q2, Michael Burry's Scion Asset Management held a market value of $578 million in U.S. stocks, with the top ten holdings accounting for 92.37% of the portfolio [2]. - Burry's strategy includes a combination of options and stocks, with the largest positions being call options on UnitedHealth and Regeneron Pharmaceuticals [3][4]. - In Q2 2025, Burry cleared out put options for Alibaba, Baidu, JD.com, Pinduoduo, and Ctrip, while buying call options for Alibaba and JD.com, alongside new investments in Lululemon [4][6]. Group 2: Holdings and Changes - The top new positions include: - UnitedHealth (350,000 shares, $109.19 million) - Regeneron Pharmaceuticals (200,000 shares, $105 million) - Lululemon (400,000 shares, $95.03 million) - META (100,000 shares, $73.81 million) - Estée Lauder (500,000 shares, $40.4 million) [3]. - Burry's previous holdings in Alibaba (put options) and other Chinese stocks were completely liquidated, indicating a complete turnaround in his investment outlook [4][6]. Group 3: Market Context - In Q1 2024, while other investors were pessimistic about Chinese stocks, Burry significantly increased his positions in JD.com and Alibaba by 80% and 66.67%, respectively [6]. - Following the "9·24" policy announcement in 2024, Burry's investments in Chinese stocks benefited from a strong market rebound [6][10]. - By Q2 2025, there was a divergence in views among global institutions regarding Chinese stocks, with some choosing to take profits while others continued to increase their positions [10].

清仓了百胜中国原有的29.2万股。清仓了携程原有的93.9万股。清仓了台积电原有的3.3万股。搜狐、 METAGENOMI、欢聚、华住集团、亿咖通科技、丹纳赫、玉柴国际、百度集团、亚朵等也被清仓。 百济神州、传奇生物、沃思控股、理想汽车、中通快递、BOSS直聘、声网、GOSSAMER BIO、MAZE THERAPEUTICS、SAGIMET BIOSCIENCES、怪兽充电、CONTINEUM、THERAPEUTICS、蘑菇街、 博实乐、太平洋生物科学、ALIGOS THERAPEUTICS、优信、RIDGETECH等持股不变。 拼多多依然是高瓴的第一大重仓股，持有约698万股，市值为7.3亿美元，占投资组合的23.52%。富途控 股位居第二，持有约431万股，市值达5.33亿美元，占投资组合的17.17%。BULL是其第三大持仓，持有 约3308万股，市值约3.96亿美元，占投资组合的12.74%。 对拼多多增持了41.4万股，增幅为6.31%。对阿里巴巴减持了约276万股，减持幅度高达70.58%。对京东 减持了约254万股，减持幅度为52.71%。对贝壳减持了约451万股，减持幅度为37.65%。对网 ...

高瓴看好中国，旗下HHLR Advisors一季度新进和增持了近20只中概股。 周四公布的一季度机构投资者持仓13F报告显示，高瓴旗下独立且专注于二级市场投资的基金管理平台HHLR Advisors一季度新进和增持了近20只 中概股。包括新进买入了百度、理想等10家公司，以及增持了富途控股、拼多多、网易、京东、携程等8家公司，减持阿里巴巴和百济神州等公 司。 根据数据披露，HHLR一季度持仓总市值从上季末的28.9亿美元增至35.4亿美元，增幅接近23%。总体数据显示，该基金今年一季度前十大持仓标 的占比88.46%。总共增持8只股票、减持10只股票、新进11只股票、清仓7只股票。 清仓达达物流，减持阿里 加码中国信息科技和消费股 HHLR基金一季度新进11只股票，其中不乏公众熟知的百度、理想、微博等中国企业。 | Stock | History | | Shares Held or | Market Value | % of | Previous % of | Rank | Change in | % Change | 96 | Qtr 1st | | --- | --- | --- | --- | --- ...