China's top private equity fund reveals "U.S. stock performance report": The proportion of Chinese concept stocks continues to rise. Apple Inc. (AAPL.US) remains a focus of contention.

By the end of this Friday, most institutional investors in the US stock market have already disclosed their third-quarter holdings (13F). For domestic investors, the overseas investment trends of Chinese private equity institutions such as Hillhouse Capital and Gaoyi Capital are undoubtedly the most closely watched. Note: Q3 US stock portfolio trends of the top four Chinese private equity institutions Overall, in the third quarter of this year, most Chinese private equity institutions still focused on Chinese concept stocks. Hillhouse Capital and Gaoyi Capital have further increased their holdings of Chinese concept stocks, with Gaoyi Capital continuing to increase its position in PDD Holdings Inc. Sponsored ADR Class A (PDD.US). Different funds have different attitudes towards Apple Inc. While "Stock God" Buffett significantly reduced his holdings in Apple Inc., "Chinese Buffett" Li Lu also chose to greatly reduce his holdings in Apple Inc. (AAPL.US), but JingLin chose to significantly increase its holdings in Apple Inc. in the third quarter, making it their seventh largest holding. Hillhouse Capital: Absolute focus on Chinese concept stocks, significant adjustment in e-commerce stocks Overall, in the third quarter, HHLR Advisors under Hillhouse Capital saw a total market value increase of over 10%, while continuing to increase their exposure to Chinese assets. Among HHLR Advisors' top ten largest holdings in the third quarter, nine are Chinese concept stocks including BEIGENE, Alibaba Group Holding Limited Sponsored ADR, PDD Holdings Inc. Sponsored ADR Class A, Legend Biotech Corp. Sponsored ADR, Vipshop Holdings Ltd Sponsored ADR, Netease Inc Sponsored ADR, KE Holdings, Inc. Sponsored ADR Class A, Trip.com Group Ltd. Sponsored ADR, Futu Holdings Ltd. Sponsored ADR Class A. The proportion of Chinese concept stocks in their total holdings has increased from 85% in the previous quarter to 93%, firmly establishing their dominant position. Hillhouse Capital made significant adjustments to their Chinese e-commerce stocks: a large increase in holdings of Alibaba Group Holding Limited Sponsored ADR. Hillhouse Capital significantly increased their holdings of 3.448 million shares of Alibaba, a 64.1% increase, making it their second largest holding. Gaoyi Capital: Continued increase in "China content", further increasing position in PDD Holdings Inc. Sponsored ADR Class A By the end of the third quarter, Gaoyi Capital's US stock holdings reached $870 million, an increase of approximately 14.5% from the end of the second quarter with the top ten largest holdings being PDD Holdings Inc. Sponsored ADR Class A, H World Group Limited Sponsored ADR, Netease Inc Sponsored ADR, YUM CHINA, KE Holdings, Inc. Sponsored ADR Class A, Meta, Trip.com Group Ltd. Sponsored ADR, iQIYI, Inc. Sponsored ADR Class A, ZTO Express (Cayman), Inc. Sponsored ADR Class A, and Atour Lifestyle Holdings Ltd. Sponsored ADR. Compared to the previous quarter, Gaoyi Capital's holdings seem to have further increased "China content." Among their top holdings, Gaoyi Capital significantly increased their positions in PDD Holdings Inc. Sponsored ADR Class A, H World Group Limited Sponsored ADR, Netease Inc Sponsored ADR, YUM CHINA, KE Holdings, Inc. Sponsored ADR Class A, among others, making PDD Holdings Inc. Sponsored ADR Class A firmly occupy the top position; while reducing their Meta shares by 30,000 shares, by 30%. In addition to reducing their Meta holdings, Gaoyi Capital also significantly reduced its holdings in Microsoft Corporation in the third quarter, divested from Lian, Amer Sports Company (AS.US), and previously held small amounts of New Oriental Education & Technology Group, Inc. Sponsored ADR and Alibaba Group Holding Limited Sponsored ADR stocks, and established new positions in Boss Zhipin and Li Auto, Inc. Sponsored ADR Class A. JingLin: Significantly reduced holdings in major stocks, increased holdings in Apple Inc. In the third quarter, JingLin significantly reduced their holdings in most major stocks, only increasing their holdings in Apple Inc. and ZTO Express (Cayman), Inc. Sponsored ADR ClasStock A is one of the major holdings. Due to a large amount of reduction in holdings, the market value of the holdings at the end of the Q3 quarter reported by the asset management company was $3.15 billion, a significant decrease from $3.79 billion in the previous quarter.In the third quarter, Jinglin reduced its top ten holdings from the previous quarter. The largest reductions were in Microsoft Corporation (down 87%) and NVIDIA Corporation (down 97%). Semiconductor and AI technology stocks such as Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR and Meta also saw reductions of 20-30%. Chinese concept stocks like Futu experienced a uniform reduction of around 10%. PDD Holdings Inc. Sponsored ADR Class A remains Jinglin's largest holding. At the same time, Jinglin completely sold off holdings in ASML Holding NV ADR, iShares Semiconductor ETF, Amazon.com, Inc., Li Auto, Inc. Sponsored ADR Class A, Tesla, Inc., Novo Nordisk A/S Sponsored ADR Class B, Merck & Co., Inc., and other technology and pharmaceutical concept stocks. On the other hand, in Q3, Jinglin's biggest move was to increase its holdings in Apple Inc. by 591,000 shares. Jinglin began rebuilding its position in Apple Inc. in the second quarter of this year and increased its holdings by 591,000 shares in the third quarter, a 356.9% increase, making Apple Inc. its seventh largest holding. Li Lu: Following in Buffett's Footsteps, Significantly Reducing Holdings in Apple Inc. As the "Chinese Buffett," Li Lu of Himalaya Capital's portfolio adjustments can be said to be "closely following the footsteps of the stock god." In the second quarter of this year, Li Lu initiated a position in Occidental Petroleum Corporation, buying 1.467 million shares, completely mimicking Buffett's Berkshire Hathaway's ongoing increase of Occidental Petroleum Corporation. In the third quarter, Li Lu chose to significantly reduce its holdings in Apple Inc. by 441,900 shares, a reduction of 58.18%, once again echoing Berkshire Hathaway's move to significantly reduce its position in Apple Inc. in the third quarter. In addition to reducing its holdings in Apple Inc., Li Lu also initiated a position in the oil and gas exploration and development company Sable Offshore Corp (SOC.US). As of the end of the third quarter, Himalaya Capital held 1.343 million shares of the company, valued at $31.74 million, accounting for 1.28% of its investment portfolio. As of the end of the third quarter of this year, Himalaya Capital's US stock holdings consisted of only seven stocks, including Bank of America Corp, Alphabet Inc. Class C-C, Alphabet Inc. Class C-A, Berkshire Hathaway-B, East West Bancorp, Inc., Occidental Petroleum Corporation, Apple Inc., and SOC. This article is from "Cai Liang Society", GMTEight editor: Li Fo.