BlockBeats News, February 18th. Renowned investor Duan Yongping’s investment company, H&H International Investment, submitted its 13F filing this morning disclosing changes in its US stock holdings as of the fourth quarter of 2025. The total year-end holding value is approximately $17.489 billion, representing a 19% increase from Q3’s $14.7 billion. The company held 14 stocks, with the top ten positions accounting for as much as 99.66% of the total portfolio value, maintaining a focus on value stocks and AI-related opportunities. The top five holdings are as follows: Apple (AAPL) at 50.30%, Berkshire Hathaway B (BRK.B) at 20.63%, NVIDIA (NVDA) at 7.72%, Pinduoduo (PDD) at 7.48%, and Google C (GOOG) at 3.33%.
The main changes in their holdings in the last quarter of last year included a significant reduction in Apple holdings and increased investment in the AI industry chain, as follows:
Apple’s holdings decreased by approximately 7.09%, selling off 2.47 million shares;
NVIDIA’s holdings increased by over 1100%, surging from around 600,000 shares in Q3 to about 7.24 million shares, making it the third-largest position in the portfolio;
Berkshire Hathaway B’s holdings increased by over 38.24%, adding nearly 2 million shares as a defensive investment;
Pinduoduo’s holdings increased by approximately 34.55%, adding nearly 3 million shares, exemplifying its value investment philosophy of buying more as the price falls;
Microsoft and TSMC’s holdings increased significantly by 207% and 371%, respectively, both being critical players in the AI industry chain;
A small position was opened in three AI-related stocks, including CoreWeave (CRWV), a leading cloud AI computing power leasing company, accounting for about 0.12% of its holdings; Credo Technology (CRDO), providing data center interconnect solutions, accounting for about 0.12% of its holdings; and Tempus AI (TEM), an AI-assisted precision medicine company, accounting for about 0.04% of its holdings.
In 2025, Duan Yongping continues to adhere to the value investment concept of “invisible greatness, tangible form,” heavily investing in well-known companies with a highly concentrated portfolio, with the top five holdings accounting for over 89%. However, there was a significant increase in allocation across the entire AI industry chain, from core chips to infrastructure and applications. In a November 2025 interview with Xueqiu’s “Strategy,” Duan Yongping mentioned, “I think you should invest a bit and take a look at it; at least get involved in AI. It seems inappropriate to completely miss out on it.”
Furthermore, Shi Yonping’s current top holdings in A-share and H-share markets are Guizhou Maotai and Tencent Holdings. On January 21, he added 20,000 Maotai shares near 1400 yuan and also holds a small amount of coal stock in China Shenhua.
