In the third quarter of this year, Oriental Harbor's overseas fund newly bought SpaceX (SPCX) and Apple. Apple was repurchased in the third quarter after being fully sold in the second quarter, and Apple's stock price hit a new all-time high again on October 22; SpaceX was a first-time purchase. But Bin stated: "Cycles repeat, and the noise will eventually fade. What we need to do remains the same: see through the fog of prices, anchor on fundamentals, and together with truly outstanding companies, patiently wait for time to deliver."
On October 22, the U.S. Securities and Exchange Commission (SEC) website disclosed the U.S. stock holdings of Oriental Harbor's overseas fund, Oriental Harbor Investment Fund, as of the end of the third quarter of 2026. The report showed that as of the end of the third quarter of 2026, the Oriental Harbor overseas fund held a total of 13 U.S. stock positions, with a combined market value of approximately US$1.469 billion, equivalent to about RMB 9.8 billion at current exchange rates. Google remained the largest U.S. stock holding of the Oriental Harbor overseas fund. In the third quarter, the fund newly bought SpaceX (SPCX) and Apple, increased its positions in Google, Nvidia and other stocks, and fully sold Marvell Technology.
New purchases of SpaceX (SPCX) and Apple. In the third quarter of this year, the Oriental Harbor overseas fund newly bought SpaceX (SPCX) and Apple. Among them, Apple was repurchased in the third quarter after being fully sold in the second quarter, and Apple's stock price hit a new all-time high again on October 22; SpaceX (SPCX) was a first-time purchase. In addition, the fund significantly increased its positions in Meta and Amazon in the third quarter, and slightly increased its positions in Nvidia, SanDisk, TSMC and others.
On August 18, Oriental Harbor founder But Bin posted that he had bought SpaceX (SPCX), saying: "This is the beginning of my strategic allocation to SpaceX (SPCX). If we believe that human civilization must continue outward and move toward the stars, then a company like SpaceX (SPCX) represents humanity's future."
On October 20 local time, SpaceX (SPCX) released its third-quarter 2026 financial report. During the reporting period, the company's revenue was US$14.58 billion, up 161% year over year; net profit was US$4.4 billion, turning profitable year over year, compared with a net loss of US$1.05 billion in the same period last year. This was SpaceX (SPCX)'s second quarterly report card since its listing in June this year, and also its first quarterly profit. According to SpaceX (SPCX) Chief Financial Officer Bret Johnsen's forecast, the company's first-quarter revenue next year will fall in the range of US$33 billion to US$37 billion, far exceeding the analysts' average estimate of US$22.2 billion. Johnsen attributed this forecast to "improved visibility on computing contract projects over the next six months." Since its listing in June this year, SpaceX (SPCX)'s stock price has generally shown a "V"-shaped trend, with a peak price of US$225.64 per share. As of press time, the company's stock price was US$144.75, with a market value of US$1.97 trillion.
But Bin's latest remarks: still holding firm to the AI supply chain. Recently, the A-share market has continued to fluctuate, and But Bin posted on Weibo his latest views on market trends, the AI supply chain and the philosophy of value investing. He said the market had "gone around in circles, as if the ups and downs of the past two years had returned to the starting point. Round after round of expectations, round after round of volatility, and in the end we are once again standing at the starting point we once knew." In But Bin's view, the market is inherently impermanent: "The coming and going of sentiment and the flow of capital drive the index through repeated cycles. Many times, the retracements in the market will wear away most people's patience." But he stressed that for value investors, the index returning to a past level does not mean that a company's value has stayed in place. He wrote: "Over these two years, outstanding companies have continued to operate, create profits and accumulate assets, and their intrinsic value has been growing forward all along. Prices swinging back and forth around value is precisely the most common form of the market." Facing market cycles, what But Bin offered was still a fundamental framework: "Cycles repeat, and the noise will eventually fade. What we need to do remains the same: see through the fog of prices, anchor on fundamentals, and together with truly outstanding companies, patiently wait for time to deliver." A netizen asked: "Are you still holding firm to the A-share AI supply chain?" But Bin reposted and responded: "Of course, still holding on. Otherwise, our domestic funds that can only buy A-shares and Hong Kong stocks would not have had drawdowns."
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