中国顶流私募Q4调仓大转向：集体加仓拼多多(PDD.US)、AI重心悄然转变

智通财经网02-20

随着美国证券交易委员会(SEC)2025年第四季度13F持仓报告披露收官，高瓴(HHLR)、景林、高毅、东方港湾及喜马拉雅资本等五家头部中资机构的美股持仓动态浮出水面。在全球流动性边际变化与AI产业分化的背景下，五大机构调仓呈现“共识与分歧并存”的鲜明特征：中概电商龙头拼多多(PDD.US)获集体加仓，成为跨机构的最大共识；谷歌(GOOG.US)取代英伟达(NVDA.US)成为多家机构的新投资核心...

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positions in Pinduoduo (PDD.US), AI focus quietly shifts","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PDD":1.95,"KPDD":0.6,"PDDL":0.6},"content_text":"随着美国证券交易委员会(SEC)2025年第四季度13F持仓报告披露收官，高瓴(HHLR)、景林、高毅、东方港湾及喜马拉雅资本等五家头部中资机构的美股持仓动态浮出水面。在全球流动性边际变化与AI产业分化的背景下，五大机构调仓呈现“共识与分歧并存”的鲜明特征：中概电商龙头拼多多(PDD.US)获集体加仓，成为跨机构的最大共识；谷歌(GOOG.US)取代英伟达(NVDA.US)成为多家机构的新投资核心；高瓴极致收缩聚焦“双核心”，喜马拉雅资本则以谨慎操作彰显长期价值投资定力。整体来看，头部机构普遍选择收缩战线、提升持仓集中度，在AI赛道上从“算力狂热”转向“应用与平台确定性”，中概股中的消费复苏与电商龙头标的，成为资金布局的核心阵地。高瓴(HHLR)：极致收缩，电商双核心占比超六成高瓴旗下专注二级市场的HHLR  Advisors四季度美股持仓总市值约31.04亿美元，环比下降24%，持仓标的维持33只，呈现“整体减仓、结构集中”的显著特征。不过，中概股仍是核心配置资产，市值占比达到92%。具体来看，HHLR第四季度的调仓核心聚焦中概电商龙头，拼多多与阿里巴巴构成组合“双核心”，合计占比达65%。其中，第一大重仓股拼多多获大幅增持，持仓市值12.16亿美元，占比从28%升至39%；第二大重仓股阿里巴巴持仓市值7.96亿美元，占比从14.4%大幅提升至26%。创新药赛道延续坚守，百济神州、传奇生物、Arrivent Bio  Pharma仍位列前十大重仓。其他关键操作包括：增持台积电，首次建仓iShares比特币ETF；减持富途、Webull等金融科技标的；清仓了冬海集团等非核心中概股。前十大重仓股中，中概股占据七席，市值占比高达92%，中资核心资产的配置地位进一步强化。景林资产：谷歌登顶第一重仓，英伟达遭砍仓超六成景林资产管理香港有限公司四季度美股持仓总市值40.45亿美元，环比下降8.92%，持仓结构迎来“大换血”。最核心变化来自科技龙头换仓：谷歌(Alphabet)取代Meta成为第一大重仓股，增持92.97万股至约269万股，持仓市值8.42亿美元，占比达20.82%；而此前的AI算力龙头英伟达遭遇大幅减持，减持154.09万股，减仓比例超六成，持仓市值降至1.56亿美元，占比仅3.86%，从第三大持仓退至第七位。Meta也被减持22.91万股，降至第二大重仓。中概股配置上，拼多多获增持61.13万股，稳居第三大重仓股，阿里巴巴、网易持仓保持不变，延续了对中国消费及电商板块的看好。此外，景林新进博通，减持台积电、贝壳等标的，前十大重仓股合计占比82.85%，组合集中度维持高位。高毅资产：坚守中概消费，华住、拼多多稳居前两大重仓高毅资产海外基金四季度美股持仓总市值6.83亿美元，仅持有13只标的，前十大重仓股占比超98%，持仓高度集中。中概股仍是绝对核心，华住酒店(HTHT.US)以2.43亿美元持仓市值、36%的占比稳居第一大重仓股，该股四季度涨幅超20%，凸显机构对消费复苏的乐观预期。拼多多为第二大重仓股，持仓市值2.22亿美元，四季度获增持62.9万股至133.3万股，与景林、高瓴形成加仓共振。其他加仓动作包括：增持贝壳49.6万股、雾芯科技32.5万股、爱奇艺141万股，新进逸仙电商。谷歌、百胜中国和贝壳分列第三至第五大重仓股，形成“中概消费+全球科技”的双主线布局。东方港湾：谷歌登顶，清仓阿里等7股，集中度显著提升但斌执掌的东方港湾海外基金四季度持仓总市值13.16亿美元(约合91亿元人民币)，环比小幅增长，持仓标的从17只锐减至10只，组合集中度大幅提升。但斌第四季度的调仓核心与景林形成呼应：谷歌取代英伟达成为第一大重仓股，四季度增持幅度达40.55%，持股量增至129.3万股，叠加股价近29%的涨幅，持仓市值达4.06亿美元，占比高达30.85%。英伟达虽获小幅增持，但以2.37亿美元持仓市值、18.02%的占比退居第二。为聚焦核心，东方港湾清仓阿里巴巴、Coinbase、奈飞、台积电等7只标的，横跨加密资产、内容平台、半导体等领域。同时，加仓微软、苹果、Meta、亚马逊等美国科技巨头，并配置TQQQ(3倍做多纳斯达克100ETF)、二倍做多谷歌ETF等杠杆工具，强化组合进攻性。喜马拉雅资本：零操作彰显定力，谷歌、美国银行成“压舱石”李录管理的喜马拉雅资本四季度延续“长期持有、集中持股”的经典风格，在坚守核心的同时进行精准结构优化，持仓总市值从32.3亿美元升至35.7亿美元，实现“主动调仓+股价上涨”双重驱动的市值增长。持仓结构依旧高度集中，前四大持仓(谷歌、美国银行、拼多多、伯克希尔・哈撒韦B)合计占比超87%。其中，谷歌(含A/C类股)为绝对第一重仓，持仓市值15.65亿美元，占比高达43.86%。美国银行为第二重仓，持仓市值5.74亿美元，占比16.08%，与伯克希尔・哈撒韦B(占比12.64%)共同构成组合的金融“压舱石”。拼多多作为第三大重仓股，持股数量保持不变，占比14.64%，与其他四家头部机构形成共识配置。西方石油、华美银行等标的持仓则纹丝不动，延续了长期价值投资的核心框架。李录四季度关键操作聚焦“消费增配”与“能源收缩”：首次建仓消费龙头、美国著名的休闲鞋履品牌Crocs，持仓市值约0.53亿美元，占比1.50%，押注全球消费复苏与公司基本面改善；清仓能源标的SableOffshore，退出小众油气勘探领域，优化组合风险结构。本文转载自“财联社”，智通财经编辑：蒋远华。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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