Core Viewpoint - The flagship fund "Oriental Harbor Marathon Global" managed by Dan Bin has achieved a historic breakthrough, with its cumulative net value recently surpassing a significant milestone, marking it as one of the few hundred billion private equity products to do so [2][4]. Fund Performance - As of October 24, 2025, the "Oriental Harbor Marathon Global" fund, established on March 29, 2016, has been operational for over 9 years, with cumulative returns approaching ***% and an annualized return exceeding ***% [2]. - Over 95% of the private equity products managed by Dan Bin have reached historical highs recently, with an average return of approximately ***% this year [4][6]. Investment Strategy - Dan Bin's investment strategy focuses on a global perspective, emphasizing value investment principles. The firm seeks to invest in companies that can change the world and those that are not easily influenced by external changes [10][11]. - The firm has shifted its investment focus from primarily Chinese markets to a global scale, particularly targeting leading companies in the AI sector [12][13]. AI Sector Focus - The performance of Oriental Harbor is significantly attributed to its bullish stance on the AI industry, with NVIDIA being a major holding. As of the end of Q3 2025, the firm held 17 US stocks with a total market value of approximately $1.292 billion, reflecting a nearly 15% increase from the previous quarter [8][9]. - Dan Bin believes that the current AI bubble is still in its early stages, with substantial growth potential in the sector, and emphasizes the importance of selectively embracing investment opportunities despite market volatility [13][14].

Core Viewpoint - Oriental Harbor Investment Fund, managed by Dan Bin, has shown a significant increase in its US stock holdings, reaching approximately $12.92 billion in Q3 2025, with notable investments in Alibaba and cryptocurrency stocks [3][4]. Holdings Summary - As of Q3 2025, Oriental Harbor holds 17 US stocks, with a total market value of approximately $12.92 billion, up from $11.26 billion in Q2 2025 [3]. - The fund has newly invested in five US stocks, including Alibaba, which has a market value of nearly $39.5 million and has seen a price increase of over 57% in Q3 [3][4]. - The largest holding remains Nvidia, valued at over $236.22 million, accounting for more than 18% of the total portfolio, with a Q3 price increase of over 18% [3][4]. Investment Strategy - Dan Bin has shifted the investment focus towards global markets, particularly in AI-related companies, indicating a long-term bullish outlook on the AI industry [13][15]. - The investment philosophy emphasizes companies that can "change the world" and those that are "not changed by the world," with a current focus on transformative business models [13]. Performance Metrics - Over 95% of the private funds managed by Dan Bin have reached historical highs by the end of September 2025, with an average return exceeding ***% for the first three quarters of the year [7][12]. - Oriental Harbor ranks third among private equity firms with over 100 billion in assets under management, having previously won the championship in 2023 and 2024 [12]. A-Share Market Engagement - Oriental Harbor has also been exploring investment opportunities in the A-share market, conducting research on nine technology companies since July 2025, many of which have performed well in Q3 [5][6].