<p>随着 2025 年第二季度已经过去一个多月，许多投资基金将很快开始披露他们在第一季度末持有的股票，这基本上为投资者提供了他们买入和卖出的情况的一个视角。考虑到所有的波动性，现在是观察大型机构基金年初投资情况的特别有趣的时刻。</p>
<p>第一季度的文件不会显示市场在 4 月的表现，因为特朗普总统在 4 月 2 日宣布的 “解放日”。但它们提供了一个重要的视角，展示了投资者如何看待关税以及更广泛市场中的高估值，特别是对于人工智能（AI）巨头。</p>
<p>第一季度还发生了另一件事，涉及一个主要的机构股东。德克萨斯州教师退休系统（TRS）——美国第六大教师养老金基金——削减了对 <strong>Nvidia</strong>(NVDA 0.28%)、<strong>Tesla</strong>(TSLA 3.31%) 和 <strong>Apple</strong>(AAPL 0.63%) 的持股。但它加大了对一只在过去五年中上涨了 419% 的热门制药股的投资。</p>
<h2>卖出大型科技和 AI 股票</h2>
<p>虽然我们不知道 TRS 基金在季度内何时卖出，但我们知道该基金削减了其几项最大持股的股份，这些都是市场上最受欢迎的股票：</p>
<ul>
<li>对 Apple 的持股：削减 12%</li>
<li>对 Nvidia 的持股：削减 9%</li>
<li>对 Tesla 的持股：削减 8%</li>
</ul>
<p>目前尚不清楚投资组合经理是否在全面削减基金的科技敞口，还是专门针对这些股票。但考虑到这些三只股票在 2025 年第一季度的表现，他们似乎做出了及时的决策：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9c0dd08f5ee5bd8e986ff0f3834e636f.png?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/https://media.ycharts.com/charts/9c0dd08f5ee5bd8e986ff0f3834e636f.png"/></p>
<p>TSLA 数据来源于 YCharts。</p>
<p>Nvidia 和许多其他 AI 股票在今年早些时候遇到了麻烦，当时中国科技公司 DeepSeek 成功开发出一个与 OpenAI 的 ChatGPT 相媲美的聊天机器人， reportedly 使用了不那么先进的芯片，并花费远低于 OpenAI。关于 DeepSeek 模型所投入资源的水平仍然存在很多争论，但投资者开始质疑整体 AI 需求以及推动 AI 的超大规模公司的巨额资本支出计划。</p>
<p>随着首席执行官埃隆·马斯克在政治上更加活跃，特别是在他参与的名为政府效率部（DOGE）的倡议中，特斯拉的表现也出现了下滑。关于特斯拉全球需求下降的报道让分析师质疑马斯克的直言不讳是否损害了品牌。此外，考虑到特斯拉的高估值，该公司需要在未来的计划上取得成功，包括自动驾驶和机器人技术。</p>
<p>在第一季度，Apple 的股价下跌幅度在这三者中最小，但考虑到这家消费科技巨头在中国和越南的制造业务，投资者或许应该更加担忧。4 月 2 日后，股价大幅下跌，但在特朗普对提高关税率的 90 天暂停后反弹。特朗普政府暂时免除了在中国制造的消费电子产品的关税，尽管任何对这些关税的续期都不会对 Apple 有利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxOTAvYm9hcmRyb29tLTEuanBnJnc9NzAw?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/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxOTAvYm9hcmRyb29tLTEuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>加大对这一经典制药股的投资</h2>
<p>虽然 TRS 削减了多项主要持股，但在这一季度它还将对制药巨头 <strong>礼来</strong>(LLY -3.19%) 的持股增加了 11%。礼来于 1951 年首次上市，在过去五年中上涨了 395%（截至 5 月 6 日），与许多科技和 AI 股票的强劲表现相媲美。</p>
<p>作为首家商业化胰岛素的公司，礼来近年来表现良好。这主要得益于其 GLP-1 药物的表现，这些药物帮助人们管理 2 型糖尿病并减轻体重。礼来的一款主要药物 Mounjaro，帮助 2 型糖尿病患者管理血糖，其收入在 2025 年第一季度同比增长了 113%。Zepbound 是一种帮助人们管理食欲并最终减少食量的药物，其销售额同比增长了 347%。</p>
<p>该公司在新药开发方面也在不断取得进展。首席执行官大卫·里克斯在财报声明中指出，礼来获得了几种肿瘤学和免疫学药物的监管批准，并在与糖尿病和肥胖相关的药物的后期研究中继续取得成功。它还在进一步投资开发，并计划建设四个新的制造设施。管理层还重申了全年收入指导，预计收入在 580 亿美元到 610 亿美元之间，预计绩效利润率在 40.5% 到 42.5% 之间。</p>
<p>虽然科技在投资领域主导了好几年，但投资者购买各个行业的股票以增加投资组合的多样性始终是个好主意。礼来是一只罕见的大型且稳定的制药股，其回报甚至与一些最引人注目的 AI 创新者相媲美。</p>

礼来

<p>德克萨斯州教师退休系统是美国第六大教师养老金基金，减少了在英伟达、特斯拉和苹果的投资，同时将对礼来的投资增加了 11%。这一变化发生在市场波动和对人工智能需求及特斯拉表现的担忧之中。礼来在过去五年中上涨了 395%，这得益于其成功的糖尿病和体重管理药物。该公司继续投资于药物开发，并预计今年的收入将在 580 亿到 610 亿美元之间，强调了投资组合中行业多样性的重要性</p>

<p>With the second quarter of 2025 now over a month old, many investment funds will soon begin disclosing what stocks they held at the end of the first quarter, essentially providing investors a glimpse of what they bought and sold. It's a particularly interesting time to see how large institutional funds invested early in the year, given all of the volatility.</p>
<div class="lb-trans"><p>随着 2025 年第二季度已经过去一个多月，许多投资基金将很快开始披露他们在第一季度末持有的股票，这基本上为投资者提供了他们买入和卖出的情况的一个视角。考虑到所有的波动性，现在是观察大型机构基金年初投资情况的特别有趣的时刻。</p>
</div><p>First-quarter filings won't show what the market did in April, following President Donald Trump's &#34;Liberation Day&#34; announcement on April 2. But they offer an important glimpse of how investors were approaching tariffs, as well as high valuations in the broader market, particularly for the artificial intelligence (AI) giants.</p>
<div class="lb-trans"><p>第一季度的文件不会显示市场在 4 月的表现，因为特朗普总统在 4 月 2 日宣布的 “解放日”。但它们提供了一个重要的视角，展示了投资者如何看待关税以及更广泛市场中的高估值，特别是对于人工智能（AI）巨头。</p>
</div><p>Another thing happened in the first quarter with a major institutional shareholder. The Teacher Retirement System of Texas (TRS) -- the sixth-largest pension fund for teachers in the U.S. -- cut its stake in <strong>Nvidia</strong>(NVDA 0.28%), <strong>Tesla</strong>(TSLA 3.31%), and <strong>Apple</strong>(AAPL 0.63%). But it piled into a popular pharmaceutical stock that's up 419% over the last five years.</p>
<div class="lb-trans"><p>第一季度还发生了另一件事，涉及一个主要的机构股东。德克萨斯州教师退休系统（TRS）——美国第六大教师养老金基金——削减了对 <strong>Nvidia</strong>(NVDA 0.28%)、<strong>Tesla</strong>(TSLA 3.31%) 和 <strong>Apple</strong>(AAPL 0.63%) 的持股。但它加大了对一只在过去五年中上涨了 419% 的热门制药股的投资。</p>
</div><h2>Selling big tech and AI</h2>
<div class="lb-trans"><h2>卖出大型科技和 AI 股票</h2>
</div><p>While we don't know when the TRS fund sold during the quarter, we do know that the fund cut its stake in several of its largest holdings, some of the most popular stocks in the market:</p>
<div class="lb-trans"><p>虽然我们不知道 TRS 基金在季度内何时卖出，但我们知道该基金削减了其几项最大持股的股份，这些都是市场上最受欢迎的股票：</p>
</div><ul>
<li>Its stake in Apple: cut by 12%</li>
<li>Its stake in Nvidia: cut by 9%</li>
<li>Its stake in Tesla: cut by 8%</li>
</ul>
<div class="lb-trans"><ul>
<li>对 Apple 的持股：削减 12%</li>
<li>对 Nvidia 的持股：削减 9%</li>
<li>对 Tesla 的持股：削减 8%</li>
</ul>
</div><p>It's not clear whether the portfolio managers were cutting the fund's tech exposure across the board, or specifically targeting these names. But they seemed to have made a timely call, given what happened to these three stocks in the first quarter of the year:</p>
<div class="lb-trans"><p>目前尚不清楚投资组合经理是否在全面削减基金的科技敞口，还是专门针对这些股票。但考虑到这些三只股票在 2025 年第一季度的表现，他们似乎做出了及时的决策：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9c0dd08f5ee5bd8e986ff0f3834e636f.png" alt="" original-src="https://media.ycharts.com/charts/9c0dd08f5ee5bd8e986ff0f3834e636f.png"/></p>
<p>TSLA data by YCharts.</p>
<div class="lb-trans"><p>TSLA 数据来源于 YCharts。</p>
</div><p>Nvidia and many other AI stocks ran into trouble earlier this year when the Chinese tech company DeepSeek managed to build a chatbot rivaling OpenAI's ChatGPT, reportedly using less advanced chips and spending much less than OpenAI. There's still much debate over the level of resources that went into DeepSeek's model, but investors nevertheless began to question overall AI demand as well as massive capital expenditure plans by the hyperscalers driving AI.</p>
<div class="lb-trans"><p>Nvidia 和许多其他 AI 股票在今年早些时候遇到了麻烦，当时中国科技公司 DeepSeek 成功开发出一个与 OpenAI 的 ChatGPT 相媲美的聊天机器人， reportedly 使用了不那么先进的芯片，并花费远低于 OpenAI。关于 DeepSeek 模型所投入资源的水平仍然存在很多争论，但投资者开始质疑整体 AI 需求以及推动 AI 的超大规模公司的巨额资本支出计划。</p>
</div><p>Tesla faltered as CEO Elon Musk got more involved in politics, specifically with his work on the initiative known as the Department of Government Efficiency (DOGE). Reports of falling demand for Tesla vehicles globally made analysts question whether Musk's outspokenness had hurt the brand. Furthermore, given Tesla's high valuation, the company needs to execute on future initiatives, including autonomous driving and robotics.</p>
<div class="lb-trans"><p>随着首席执行官埃隆·马斯克在政治上更加活跃，特别是在他参与的名为政府效率部（DOGE）的倡议中，特斯拉的表现也出现了下滑。关于特斯拉全球需求下降的报道让分析师质疑马斯克的直言不讳是否损害了品牌。此外，考虑到特斯拉的高估值，该公司需要在未来的计划上取得成功，包括自动驾驶和机器人技术。</p>
</div><p>Apple shares fell the least among these three in the first quarter, but perhaps investors should have been more concerned, given how much manufacturing the consumer tech giant does in China and Vietnam. Shares fell hard after April 2 but rebounded following Trump's 90-day pause on higher tariff rates. The Trump administration has temporarily exempted consumer electronics made in China from tariffs, although any renewal of those would not work in Apple's favor.</p>
<div class="lb-trans"><p>在第一季度，Apple 的股价下跌幅度在这三者中最小，但考虑到这家消费科技巨头在中国和越南的制造业务，投资者或许应该更加担忧。4 月 2 日后，股价大幅下跌，但在特朗普对提高关税率的 90 天暂停后反弹。特朗普政府暂时免除了在中国制造的消费电子产品的关税，尽管任何对这些关税的续期都不会对 Apple 有利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcxOTAvYm9hcmRyb29tLTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817190%2Fboardroom-1.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Piling into this classic pharma play</h2>
<div class="lb-trans"><h2>加大对这一经典制药股的投资</h2>
</div><p>While TRS cut a number of its top positions, it also increased its stake in the pharmaceutical giant <strong>Eli Lilly</strong>(LLY -3.19%) by 11% in the quarter. Lilly, which first went public in 1951, has risen 395% (as of May 6) over the last five years, rivaling the strong performances of many tech and AI stocks.</p>
<div class="lb-trans"><p>虽然 TRS 削减了多项主要持股，但在这一季度它还将对制药巨头 <strong>礼来</strong>(LLY -3.19%) 的持股增加了 11%。礼来于 1951 年首次上市，在过去五年中上涨了 395%（截至 5 月 6 日），与许多科技和 AI 股票的强劲表现相媲美。</p>
</div><p>Well-known as the first company to commercialize insulin, Eli Lilly has performed well in recent years. This is largely due to the performance of its GLP-1 drugs, which help people looking to manage diabetes type 2 and to lose weight. One of Eli Lilly's premier drugs, Mounjaro, which helps people with type 2 diabetes manage their blood sugar, had its revenue rocket 113% higher year over year in the first quarter of 2025. Zepbound, a drug that helps people manage their appetites and ultimately eat less, increased its sales 347% year over year.</p>
<div class="lb-trans"><p>作为首家商业化胰岛素的公司，礼来近年来表现良好。这主要得益于其 GLP-1 药物的表现，这些药物帮助人们管理 2 型糖尿病并减轻体重。礼来的一款主要药物 Mounjaro，帮助 2 型糖尿病患者管理血糖，其收入在 2025 年第一季度同比增长了 113%。Zepbound 是一种帮助人们管理食欲并最终减少食量的药物，其销售额同比增长了 347%。</p>
</div><p>The company also continues to make progress in new drug development. CEO David Ricks noted in an earnings statement that Lilly received regulatory approval for several oncology and immunology drugs, and continues to see success in later-stage studies for its drugs related to diabetes and obesity. It's investing further in development and planning to construct four new manufacturing facilities. Management also reaffirmed its full-year revenue guidance of $58 billion to $61 billion of revenue, and expects a performance margin in the range of 40.5% to 42.5%.</p>
<div class="lb-trans"><p>该公司在新药开发方面也在不断取得进展。首席执行官大卫·里克斯在财报声明中指出，礼来获得了几种肿瘤学和免疫学药物的监管批准，并在与糖尿病和肥胖相关的药物的后期研究中继续取得成功。它还在进一步投资开发，并计划建设四个新的制造设施。管理层还重申了全年收入指导，预计收入在 580 亿美元到 610 亿美元之间，预计绩效利润率在 40.5% 到 42.5% 之间。</p>
</div><p>While tech has dominated the investing landscape for several years, it's always a good idea for investors to buy stocks in a variety of sectors to add diversity to their portfolios. Eli Lilly is a rare large-cap and stable pharmaceutical stock, whose returns have rivaled those of even some of the most headline-grabbing AI innovators.</p>
<div class="lb-trans"><p>虽然科技在投资领域主导了好几年，但投资者购买各个行业的股票以增加投资组合的多样性始终是个好主意。礼来是一只罕见的大型且稳定的制药股，其回报甚至与一些最引人注目的 AI 创新者相媲美。</p>
</div>

One of the Largest Teacher Pension Funds in the U.S. Sold Nvidia, Tesla, and Apple and Piled Into a Popular Pharmaceutical Stock Up 395% Over the Last 5 Years

- 投资基金将披露 2025 年第一季度持股情况，反映市场动态。  
- 德克萨斯教师退休系统削减对 Nvidia、Tesla 和 Apple 的持股，同时增持 Eli Lilly。  
- Eli Lilly 受益于 GLP-1 药物，第一季度收入大幅增长，展现出强劲表现。  

美国最大的教师养老金基金之一出售了英伟达、特斯拉和苹果的股票，并投资了一只在过去五年中上涨 395% 的热门制药股票