<p>According to Zhitong Finance APP, H&amp;H International Investment (the main entity holding Duan Yongping's US stocks) disclosed its latest 13F filing, showing that as of the end of Q1 2025, the overall market value of the portfolio was approximately $12 billion, a decrease of about 16% from $14.5 billion at the end of last year. In Q1 this year, Duan Yongping's holdings not only increased from 8 to 11 but also underwent significant changes in structure. Specifically, he reduced his holdings in Apple (AAPL.US) and Google (GOOG.US), entered new positions in AI giants, and increased his stake in PDD (PDD.US).</p>
<p><img src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/6f26b3bd81efb49e77cc4ca01aa435c0.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/6f26b3bd81efb49e77cc4ca01aa435c0.jpg"/></p>
<h2>Holding $900 million in PDD, ranking as the third-largest position</h2>
<p>Duan Yongping stated that although he had already increased his holdings in PDD to 7.23 million shares in Q4 last year, he chose to continue increasing his position in Q1 this year, with the latest share count reaching 7.75 million shares, valued at over $900 million, making it the third-largest position.</p>
<p>As an angel investor in PDD, he has often mentioned that he doesn't quite understand PDD's business model, saying, &#34;Investing in PDD is indeed because I like Huang Zheng.&#34; In the secondary market, Duan Yongping bought a small amount of PDD in Q3 2023, 150,000 shares, but cleared it by the end of the year. He executed this beautifully, with the purchase cost in that quarter being around $80, which had risen to $146 by the end of the year.</p>
<p>When the price corrected a bit in Q1 2024, he bought a small position again, sold a little in Q2, and only began a significant increase in holdings in Q3. On August 27, 2024, Duan Yongping mentioned on Xueqiu, &#34;I started selling some PDD puts. Although I still don't fully understand PDD's business model, I find it quite interesting after observing it over the years.&#34;</p>
<p>During a visit to his alma mater, Zhejiang University, on January 5 this year, Duan Yongping continued to praise Huang Zheng, stating, &#34;Currently, the only Chinese companies that have truly achieved globalization are probably PDD and Douyin; other companies may be more regionally globalized.&#34;</p>
<h2>Apple's holding ratio drops to 63%</h2>
<p>In contrast to PDD, the holding in Apple continues to decrease. Although Apple remains H&amp;H's largest position, it was reduced by another 16% in Q1 this year, with the current share count at 34.22 million shares, valued at $7.6 billion, and the proportion of the portfolio has dropped to 63%.</p>
<p>By the end of June 2024, Apple's proportion in Duan Yongping's holdings was close to 81%, mainly due to Apple's strong price increase and soaring market value.</p>
<p>Duan Yongping, who has a &#34;special affection&#34; for Apple, mentioned in August of that year, &#34;I don't think Apple is excessively expensive; I just feel that Apple is no longer that cheap.&#34; He sold some options, feeling that it was also quite good.</p>
<p>Regarding the reduction in Apple holdings since Q2 last year, Duan Yongping specifically clarified on December 3 last year, &#34;I have never actively sold Apple!!&#34; It should have been through selling calls that he passively sold the stock
In comparison, Buffett took a &#34;wait and see&#34; approach to Apple this quarter.</p>
<h2>New investments in Microsoft (MSFT.US), NVIDIA (NVDA.US), and TSMC (TSM.US)</h2>
<p>In contrast, Duan Yongping has newly invested in three AI giants. Microsoft, NVIDIA, and TSMC represent the &#34;interface, computing power, and manufacturing&#34; in the AI ecosystem, and Duan Yongping has bought a bit of each, with a very balanced distribution. The total market value of his holdings is approximately $220 million.</p>
<p>In mid-March, Duan Yongping responded on Xueqiu that he bought 100,000 shares of NVIDIA at $92.52, saying, &#34;It's like buying a lottery ticket,&#34; and he also sold a call option. He has spoken a lot about NVIDIA and is candid about his interest in the company.</p>
<p>&#34;NVIDIA is indeed impressive, and currently, it seems there is no one who can threaten NVIDIA. What I can't understand is: how long can their monopoly last? How long can the demand for NVIDIA chips last?&#34;</p>
<h2>Google (GOOG.US) and Alibaba (BABA.US) have been significantly reduced</h2>
<p>In terms of other holdings, Google was cut by another 70% this quarter, with its holding ratio dropping to less than 1.5%, sliding from the third-largest position at the end of last year to sixth place.</p>
<p>Alibaba's holdings were reduced by 27%, but thanks to its own stock price increase in the first quarter, its holding ratio in the portfolio rose instead of falling, increasing to 4.4%. The market value of holdings at the end of the first quarter was approximately $527 million.</p>
<p>Occidental Petroleum (OXY.US) continued to slightly increase its position; Disney (DIS.US) and Moderna were on the edge, with reductions of 3% and nearly half, respectively. Especially for Moderna (MRNA.US), the market value of holdings is only over $2 million, which can already be considered negligible</p>

<p>In the first quarter of 2023, Duan Yongping's holdings in U.S. stocks increased from 8 to 11, with a total market value of approximately $12 billion, a decrease of 16% compared to the end of last year. He reduced his positions in Apple and Google, while increasing his stake in PDD to 7.75 million shares, with a market value exceeding $900 million, making it the third-largest holding. Duan Yongping expressed doubts about PDD's business model but praised its founder Huang Zheng</p>

- H&H International Investment's latest 13F filing reveals a portfolio value of approximately $12 billion as of Q1 2025, down 16% from $14.5 billion at the end of 2024.  
- The portfolio saw an increase in holdings from 8 to 11 stocks, with significant changes including reduced positions in Apple and Google, and increased investment in Pinduoduo.  
- Notably, Pinduoduo now represents a $900 million stake, while Apple's share has decreased to 63% of the portfolio, reflecting a strategic shift towards AI companies like Microsoft, Nvidia, and TSMC.

Zhitong

Alphabet - C

Taiwan Semiconductor

Alphabet

NVIDIA

ByteDance

Microsoft

Moderna

Occidental Petroleum

GraniteShares 2x Long NVDA Daily ETF

Apple

YieldMax NVDA Option Income Strategy ETF

Disney

Duan Yongping's Q1 U.S. stock holdings exposed! Increased position in PDD and significantly reduced holdings in Apple and Google