景林资产四季度减持英伟达，增持谷歌、拼多多

中国基金报02-08

私募巨头景林资产海外主体景林资产管理香港有限公司（以下简称景林香港公司），近日向美国证券交易委员会（SEC）提交了截至2025年四季度末的美股持仓数据。根据13F文件，截至2025年12月31日，景林香港公司四季度末在美股市场合计持仓总市值为40.45亿美元，较三季度末的44.41亿美元下降了8.92%。从调仓动向来看，去年四季度景林香港公司新买进了1只证券，加仓了5只证券，同时清仓了3只证券，...

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22.91万股，使其从首位跌落至第二大持仓。另一方面，景林香港公司大幅增持谷歌母公司Alphabet 92.97万股，使其成为第一大重仓股。同时，新进买入博通（AVGO），持有24.58万股。作为谷歌定制TPU芯片的主要设计与制造合作伙伴，该公司与谷歌的业务关系极为紧密。增持拼多多继续加码中国消费与电商景林香港公司在去年四季度延续了对中国消费与电商板块的看好。具体来看，拼多多获得增持61.13万股，稳居其第三大重仓股。该公司在跨境业务上保持强劲增长势头。此外，景林香港公司继续持有阿里巴巴和网易，持仓未变，显示出对头部电商及互联网平台的持有信心。出行领域则出现明显减持。其中，自动驾驶公司文远知行在上一季度被景林香港公司大举建仓后，四季度遭减持约48.24万股。全球共享出行龙头优步被彻底清仓，显示景林香港公司在该细分赛道上态度转向谨慎。此外，景林香港公司四季度减持贝壳188万股，延续了三季度以来的减仓操作。景林香港公司四季度还减持了联合健康、新思科技、台积电、标普生物科技ETF等。AI对各行各业的渗透和改造才刚刚开始记者从渠道获悉了景林资产的最新观点。公司表示，在AI人工智能、新能源、智能驾驶、人形机器人等新经济发展的前沿领域，中美各自都在积极投资，相关公司在这个时代大浪潮中快速成长，营收和市值不断刷新纪录，前景星辰大海。但在突进式发展的同时，也出现越来越多质疑的声音。景林资产认为，在警惕AI泡沫或者过度投资的同时，其也清晰地看到AI对各行各业的渗透和改造才刚刚开始，未来的巨头现在可能还是刚起步的AI原生公司。当然，全球经济其实也面临着增长压力。有希望、有问题，有热火朝天资源集聚，也有冰冻三尺需要慢慢化解，体现在股票市场上就是个股波动率大，更加考验投资的韧性与研究深度。面对市场高波动性，景林资产表示，其核心持仓基本是稳定的，用一句话总结就是：两个体系，各有星辰。公司在中美为主的两大体系中，依据各自的比较优势，精选出估值和经营现金流让人放心的公司。景林资产表示，其核心持仓中的公司都有一个共同特点：这些公司都对他们的客户有强粘性和定价权、产品差异化明显、他们都能够按照自己的节奏控制合意利润率水平。未来的整体策略就是在全球范围内，买入并持有时代最优秀公司。通过跨市场的均衡配置，构建全球精选投资组合。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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