Core Insights - Dongfang Hongyuan Overseas Fund, led by Dan Bin, revealed its Q3 portfolio adjustments, increasing its holdings from 13 to 17 stocks, with a management scale of $1.292 billion (approximately 9.2 billion RMB) [2] - The fund made significant moves, including a substantial purchase of Alibaba and a focus on the AI industry chain, while reducing positions in Amazon and Netflix [3][6] Portfolio Adjustments - In Q3, the fund initiated five new positions, including Alibaba, Broadcom, Astera Labs, BitMine Immersion Technologies, and a 2x long GOOGL ETF [3] - The largest new position was in Alibaba, acquiring 221,000 shares valued at $39.5 million, representing 3.06% of the portfolio [3] - The fund reduced its holdings in Amazon and Netflix by 50% and 71.5%, respectively, causing both stocks to exit the top ten holdings [3] AI Industry Focus - The fund strengthened its AI industry chain by adding two semiconductor companies, Broadcom and Astera Labs, with purchases of 29,000 and 64,000 shares, respectively [6] - Nvidia and Google remain the top two holdings, with respective values of $236 million and $224 million, together accounting for 35% of the total portfolio [6] - The fund's research director emphasized that the risk of missing out on the AI revolution outweighs the risks associated with potential bubbles, viewing AI as a long-term technological revolution [6][7] Market Dynamics - The recent partnerships formed by OpenAI with Oracle, SoftBank, and Coweave are seen as a significant development in the AI computing landscape, indicating a growing demand for AI computing power [7] - The ongoing debate about AI computing bubbles is expected to persist throughout the development cycle of AI, with the current stage viewed as early and valuations considered reasonable [7]

对于买入阿里巴巴，此前9月但斌在雪球曾发布帖子表示，这几年国内互联网巨头距离全球巨头的差距 是越来越大，需要奋力直追。并且以阿里巴巴为例表示：其市值曾与美国互联网巨头较为接近，但如今 市值仅为亚马逊的15.25%。 除阿里巴巴外，但斌还小幅买入了博通、Astera Labs、BitMine Immersion Technologies三家公司。 近日，但斌旗下的东方港湾海外基金，向美国证监会提交了13F报告，公布了其2025年三季度的持仓动 向。 截至三季度末，东方港湾海外基金的持仓标的从二季度的13只增加至17只，管理规模达到12.92亿美 元，约合人民币92亿元，较二季度末的11.26亿美元有所增长。 从东方港湾持仓股来看，但斌仍然青睐科技股，其中，英伟达、谷歌仍稳居前两大持仓股，二者期末持 股市值分别为2.36亿美元、2.24亿美元，合计占总持仓的35%。十大持仓股紧随其后的分别是3倍做多 FANG+指数ETN、3倍做多纳斯达克100ETF、Meta，微软、特斯拉、苹果、COINBASE和阿里巴巴。 值得关注的是，三季度但斌首次买入了阿里巴巴，共买入22.1万股，期末持股市值为3950万美元，占组 合比 ...

Core Insights - Dongfang Hongwan Overseas Fund, managed by Dan Bin, revealed its Q3 portfolio adjustments, increasing its holdings from 13 to 17 stocks, with a management scale of $1.292 billion, up from $1.126 billion in Q2 [1][2] Group 1: Portfolio Adjustments - The fund made significant changes in Q3, including a first-time purchase of Alibaba, acquiring 221,000 shares valued at $39.5 million, representing 3.06% of the portfolio [2] - Major reductions were made in Amazon and Netflix, with holdings decreased by 50% and 71.5% respectively, causing both stocks to exit the top ten holdings [2] - The fund also entered into leveraged products, acquiring a 2x long GOOGL ETF while completely selling off a 2x long NVIDIA ETF [2] Group 2: AI and Semiconductor Investments - The fund strengthened its AI industry chain by investing in two semiconductor companies, Broadcom and Astera Labs, purchasing 29,000 and 64,000 shares respectively [4] - NVIDIA and Google remain the top two holdings, with respective values of $236 million and $224 million, together accounting for 35% of the total portfolio [4] - Dan Bin believes that the risk of missing out on the AI revolution outweighs the risks associated with potential bubbles, viewing AI as a long-term technological revolution [4][6] Group 3: Cryptocurrency Investments - After initially investing in Coinbase, the fund further diversified into cryptocurrency by purchasing shares in BitMine Immersion Technologies, a company focused on Bitcoin and Ethereum networks [3] - BitMine has exhibited extreme stock price volatility, with fluctuations of up to 694% in a single day [3]