Q1 Portfolio Adjustments of Duan Yongping and Dan Bin Revealed! Patience Required for Tech Sector Investment, Major Institutions Including Springs Capital, Chongyang, Lingjun, and Xingshi Investment Analyze Market Trends

Duan Yongping's Complete Portfolio Shift: Exits CHINA SHENHUA, Makes Heavy Bet on POP MART, Expresses Confidence in Its Global Potential Duan Yongping disclosed his latest portfolio adjustments on social media, announcing he had swapped all his holdings in CHINA SHENHUA for POP MART, drawing significant market attention. Duan had held CHINA SHENHUA for a long period, an investment that yielded substantial returns. After the complete exit, he expressed gratitude, calling it a good company and stating he would consider re-entering if future opportunities arise. Notably, Duan's view on POP MART has undergone a major shift; in 2025, he stated he did not understand the company and was unwilling to invest. Starting in March 2026, Duan changed his perspective. After reviewing POP MART's annual report, he expressed excitement, believing its emotional value consumption model has global potential. Following a visit to its U.S. store in April, he began buying shares, highly praising founder Wang Ning's management capabilities and expressing optimism about the company's long-term growth potential.

Dan Bin's Latest Adjustments Revealed: Extreme Bet on Alphabet, AI Investment Shifts Towards "Truly Profitable" Targets Latest SEC filings reveal the portfolio of Dan Bin's Orient Harbor overseas fund, with a market value of $1.133 billion. His adjustments highlight an evolution in AI investment strategy, attracting market focus. Dan Bin's bet on Alphabet is extreme. While he reduced some holdings of Alphabet Class C shares, he initiated a position in Alphabet Class A shares, making the combined Alphabet (A+C) position 37.53% of the portfolio, nearly double that of the second-largest holding, NVIDIA. He views Alphabet as a full-stack AI player, with its financial reports validating effective AI business implementation and strong profitability. Regarding adjustments, the fund initiated positions in stocks like Taiwan Semiconductor Manufacturing, increased holdings in NVIDIA and Apple, reduced holdings in Meta Platforms, Inc. and Amazon.com, and exited positions like Microsoft. Dan Bin stated that fund constraints prevent further concentration in Alphabet and pointed out that AI investment has entered its second half, where the market places greater emphasis on practical AI implementation and profit balance.

Latest Holdings of Top Private Funds Revealed: Feng Liu Adds and Reduces Concurrently, Deng Xiaofeng Trims Leaders, Yang Dong Positions in Consumer Sector With the completion of Q1 earnings reports, the latest investment moves of three major billion-dollar private fund managers—Deng Xiaofeng, Feng Liu, and Yang Dong—have come to light, becoming a market focus. Their adjustments reflect different investment logics. The fund managed by Feng Liu had a Q1 portfolio value of 9.262 billion yuan. It increased holdings in Ruifeng New Materials, reduced holdings in Hikvision and Zhongwei New Materials, maintained positions in some stocks, and exited the top ten circulating shareholders of several others. Funds under Deng Xiaofeng concentrated on reducing holdings in BOE Technology Group, TCL Technology, and Beixin Building Materials, with a significant reduction in BOE Technology Group. Previously, his funds had increased holdings in Beixin Building Materials, but have now exited its top ten shareholders. Ningquan Asset Management, led by Yang Dong, positioned in the consumer sector. Its funds initiated a position in food company Haoxiangni, increased holdings in Fuanna, and reduced holdings in Mingzhou Co., precisely capturing opportunities related to the consumer sector.

Mining Industry Opportunities Springs Capital: AI Capital Expenditure Overheating? Uncovering New Investment Logic Amidst Tech Giants' "FOMO" Sentiment Addressing the recent hot topic of overheated AI capital expenditure, major private fund Springs Capital stated in its latest public commentary that a dialectical view is necessary. Although accelerated iteration by giants like Alphabet and OpenAI has sparked "overheating" concerns, the industry trend remains strong. The U.S. leads innovation with computing power advantages, while China accelerates application deployment leveraging supply chain and cost advantages. North American cloud providers, driven by "Fear Of Missing Out" (FOMO) sentiment, are increasing investments, suggesting the computing infrastructure boom will continue. Looking ahead, Springs Capital maintains a positive outlook. The market is currently at an intersection of loose liquidity and a return to fundamental pricing: central bank injections remain high, and fiscal net injections have reached a near two-year peak, providing support for equity markets. Simultaneously, Q1 reports show listed companies' performance emerging from the bottom, with the transmission effect of profit growth to stock prices strengthening. The institution will deeply explore high-quality targets with sustainable growth and profit certainty.

Chongyang Investment's May Letter: In the AI Era, Are Internet Platforms Still Core Assets? Recently, prominent private fund Chongyang Investment released its May 2026 letter to investors, focusing on the internet sector's correction dilemma and future positioning amid the AI wave, offering an in-depth analysis of the sector's adjustment logic and long-term value. The letter points out that the Hang Seng Tech Index has experienced a deep correction since its October 2025 high, with the internet sector declining significantly. The core reason is the simultaneous downward revision of both performance and valuation, not merely sentiment-driven selling. Weak consumption, intensified local competition, and increased AI investments have led to declining operating margins and reduced free cash flow for internet companies, shrinking the scale of dividends and buybacks. Chongyang Investment analyzes that the market faces a "dilemma" in pricing internet companies' AI investments, worrying both about insufficient investment leading to disruption and excessive investment impacting short-term returns. It emphasizes that internet companies hold a dual identity as AI infrastructure providers and mass application distributors, and their accumulated core production factors are difficult for AI-native companies to replace. Regarding industry prospects, Chongyang Investment believes the internet industry is currently in an identity transition period. The short-term mismatch between AI investment and returns is a temporary phenomenon. In the long run, leading platforms that can defend core entry points and participate in value distribution still possess core asset potential, urging investors to view the technology cycle evolution with patience.

Chen Yu of Shennong Investment: Betting on AI + Innovative Drugs, Leading Company Market Caps to Explode in Next 3-5 Years According to the China Securities Journal, Chen Yu, General Manager of Shennong Investment, recently shared core views on investment logic, sector selection, and market outlook under the new productivity transformation. He clearly stated that within the new productivity transformation, AI and innovative drugs are the industries iterating fastest and most capable of changing the world. Shennong Investment has locked onto these two major tracks. In AI, it favors computing power and application directions; in innovative drugs, it focuses on leaders in specific sub-sectors with broad patient populations. The firm itself is fully embracing AI and deepening its involvement in related fields. Chen Yu is optimistic about the Q2 market, predicting significant room for market cap growth for leading domestic AI and innovative drug companies over the next 3-5 years. He advises investors to actively position in new productivity-related targets during market volatility bottoms, growing alongside high-quality enterprises.

Ma Zhiyu of Lingjun Investment: AI Reshapes Quantitative Research, Doesn't Change Investment Essence But Determines Competitiveness In late April, Ma Zhiyu, Chief Investment Officer of Lingjun Investment, gave an interview to the China Securities Journal, deeply interpreting AI's transformative impact on the quantitative investment industry, its practical applications, future outlook, and sharing core industry views. Ma Zhiyu stated that the technological system centered on AI, combined with data, algorithms, and computing power, is the most significant technology changing the investment industry in recent years. AI empowers quantitative investment mainly in two dimensions: information processing and strategy iteration. It can efficiently process unstructured data, accelerate strategy development, and simultaneously help solve the industry's problem of strategy homogenization. He revealed that Lingjun Investment has applied AI across the entire research and investment process, implementing an intelligent research agent. Risk control has also seen efficiency upgrades with AI assistance. Looking forward, AI will drive profound changes in the quantitative industry, with breakthroughs expected in multimodal data applications. Ma Zhiyu emphasized that AI is merely a tool to enhance investment efficiency; it does not change the essence of investment. Core aspects like understanding risk and judging value still require human control. Iteration efficiency will determine an institution's market competitiveness.

Xingshi Investment: Geopolitical Easing + AI Boom, Core Assets Poised for Revaluation Xingshi Investment recently released its April 2026 monthly investment note on its public platform, reviewing that month's market performance, looking ahead to future market direction, clarifying core investment strategies, and conveying industry optimism. Xingshi Investment noted that in April, U.S.-Iran tensions marginally eased, the market gradually became desensitized to geopolitical risks, and indices rose amidst volatility, with technology sectors like electronics and communications leading gains. Looking forward, the most intense phase of U.S.-Iran conflict is likely over, and the market focus will return to economic fundamentals and industry trends. Domestic AI investment is accelerating, domestic large models and chips are achieving compatibility and deployment, a virtuous AI ecosystem is forming, and domestic computing power continues to surge. Simultaneously, the domestic economy is gradually stabilizing, with corporate profits expected to further recover and spread. Strategy-wise, Xingshi Investment believes geopolitical easing opens a window for risk appetite recovery, and economic resilience is evident. As profit improvements spread to more industries, Chinese core assets are poised for revaluation. Focus should be on high-growth industry opportunities.

Wenbo Investment's May Note: Cautiously Optimistic Positioning, Strategy Optimization to Adapt to Market Wenbo Investment's May investment note indicated that the A-share market rebounded in April, with major indices closing higher across the board, led by the STAR 50 Index. Tech stocks drove the rebound, while traditional cyclical and consumer sectors performed flat. During the same period, Wenbo's Alpha strategy generated relatively weak excess returns, and its market-neutral strategy experienced a drawdown due to multiple factors, with the overall strategy adapted to balanced market conditions. Looking to May, Wenbo Investment holds a cautiously optimistic view, believing market excess volatility will remain high, making it more difficult for Alpha strategies to capture stable returns. With the earnings report vacuum period approaching, favorable price and volume signals will come into play, and the neutral strategy will maintain high-position operations. At the strategy level, Wenbo Investment plans to continuously optimize short-cycle trading strategies and increase the allocation ratio of trading signals to better adapt to a market characterized by frequent hotspots.

Ren Bridge Asset: AI Bubble Emerging, Adhering to Patience for Opportunities In its review of April market performance, Ren Bridge Asset pointed out that Middle East conflicts eased in April, and AI assets led global market gains. However, it believes current market optimism towards the AI computing power sector shows signs of a bubble. Drawing a historical analogy, the underlying logic of the AI bubble is similar to the internet bubble, belonging to an industry cycle bubble, requiring patience. Regarding A-share Q1 reports, it stated overall profits were better than expected but showed significant divergence, with profit growth driven by a minority of companies while most performed flat. Market concentration on high-growth stocks can easily foster bubbles. Additionally, Ren Bridge Asset mentioned positive changes in the domestic real estate market, with declining home price跌幅 narrowing, increased entry of rigid demand, and rising rental yields potentially becoming an important support for the property market. Commercial real estate might be the first to see recovery opportunities.

Liang Hui of Xiangju Capital: Market Returns to Fundamentals, This Type of Asset to Become Investment Core Recently, Liang Hui, Founder and General Manager of Xiangju Capital, stated on its public platform that as the marginal impact of geopolitical risks weakens, investment will return to fundamentals, with corporate profit expectations guiding market direction. He believes that as industrial goods price修复 accelerates, corporate profit expectations for 2026 will improve significantly. The current economy is in a stage of self-repair and upward movement, suggesting the行情 could sustain a longer uptrend. Strategy-wise, Liang Hui employs a "core-satellite" allocation system, focusing on super-growth,稳健成长, and long-term value companies with durable moats. He is optimistic about directions like AI infrastructure, semiconductors, and globally competitive manufacturing leaders. Furthermore, he mentioned that Xiangju Capital has entered a "subjective + quantitative" dual-drive model, leveraging quantitative methods and AI to optimize portfolio configuration, balancing return potential and risk防御, striving to achieve improvements in both收益and稳健性.

Risk Warning: Funds carry risks, investment requires caution. Past performance is not indicative of future results. Fund managers' views are for reference only.