H&H International Investment (Duan Yongping)

Duan Yongping's signature concentration eased slightly — Apple cut from 50% to 37% of book (-11% shares) — but the proceeds went straight back into US mega-cap: NVDA +91% shares to 12.1%, GOOG +100% shares to 5.3%, and crucially a brand-NEW Tesla position at 6.3%. PDD added +71% to 10.1%. Alibaba fully exited (19q held). Reads as a deliberate diversification within the Buffett-style book — Apple still the anchor but no longer the only conviction.

• ★ HELD
  APPLE INC AAPL

  Trimmed -11% in shares; weight 50% → 37%. 30 straight quarters held at +108% unrealized — the legendary Apple position still dominates but is being deliberately right-sized.

• ▲ ADDED
  NVIDIA CORPORATION NVDA

  Shares +91% to 12.1% weight — Duan's NVDA build now solidly a top-three position. Five quarters of growing conviction.

• + NEW
  TESLA INC TSLA

  Brand-new at 6.3% — first Tesla position ever in the book. Notable because Duan publicly admires Musk's operating style; the position is slightly underwater (-10%).

• ▲ ADDED
  PDD HOLDINGS INC PDD

  Shares +71% to 10.1% — Duan's PDD add continues even as HHLR is cutting PDD. Differing China-e-commerce reads at the top managers.

• ▲ ADDED
  ALPHABET INC GOOG

  Shares +100% (doubled) to 5.3% — Buffett-style adding to a 30-quarter quality holding.

• × EXIT
  ALIBABA GROUP HLDG LTD BABA

  Closed after 19 quarters — long-running China bet exited just as HHLR is also cutting BABA. Cross-manager consensus on BABA exit.

• ◐ CONCENTRATION

  Top-3 weight 79% → 71% — still extremely concentrated, but the most diversified Duan has been in years.