As the 13F filings are released, the latest moves of major investors have come to light! An investment account managed by Duan Yongping in the U.S. was previously uncovered by netizens, with the institutional name being "H&H International Investment".
The report submitted by H&H shows that, as of the third quarter of 2025, it holds 11 U.S. stocks with a total market value of $14.68 billion, approximately RMB 104.2 billion. The latest data indicates that Duan Yongping established a new position of 80,000 shares in the third quarter. $ASML Holding (ASML.US)$ , with a holding value of $77.45 million, accounting for 0.53%, which is not a high proportion. ASML Holding, as the world's sole supplier of EUV lithography machines, may represent one of Duan Yongping’s areas of interest in the core equipment segment of the global semiconductor industry.
In the third quarter, Duan Yongping increased his holdings in $Berkshire Hathaway-B (BRK.B.US)$ ; while reducing his stake in $Apple (AAPL.US)$ 、$PDD Holdings (PDD.US)$、$Alibaba (BABA.US)$、 $Alphabet-C (GOOG.US)$ 、$NVIDIA (NVDA.US)$; Yes$Occidental Petroleum (OXY.US)$、$Microsoft (MSFT.US)$、$Disney (DIS.US)$and$Taiwan Semiconductor (TSM.US)$Position remains unchanged.
Apple has consistently been Duan Yongping’s top holding. As of the end of the third quarter, the H&H portfolio managed by him held Apple shares valued at $8.869 billion, accounting for 60.42% of the portfolio; the second-largest holding was Berkshire Hathaway B shares, valued at $2.61 billion, making up 17.78% of the portfolio.
As of the end of the third quarter of 2025, the H&H portfolio managed by Duan Yongping holds 11 stocks: Apple, Berkshire Hathaway B, PDD Holdings, Occidental Petroleum, Alibaba, Google C, Microsoft, NVIDIA, Disney, ASML Holding, and Taiwan Semiconductor.
The above reflects the U.S. stock holdings of funds under Duan Yongping. His Hong Kong stock and A-share holdings do not require disclosure, though he has mentioned his investment focus in these markets.
In a recent interview, Duan Yongping revealed his investment targets.
He stated that, at present, the largest amount he has truly invested was initially in$NetEase (NTES.US)$, then Yahoo, investing in Yahoo was essentially aiming to buy Alibaba; later, it was almost Apple, and the weight of Berkshire Hathaway was not significant either; Moutai is actually quite substantial, and Tencent remains a solid choice.
He mentioned that Google does not count since he has never placed a major bet on it. PDD Holdings can be considered special because he invested during its early startup phase, but the amount was minimal while the returns were significant. Strictly speaking, it doesn't really count as he didn't invest with full understanding but rather did so somewhat blindly.
Duan Yongping remarked, 'I have touched quite a number of stocks, including China Shenhua, which I still hold but with a relatively small position. My stake in Kweichow Maotai is comparatively larger. I usually tell people that I own just three stocks: Apple, Tencent, and Kweichow Maotai—this is almost entirely true.'
Regarding investment philosophy, Duan Yongping continues to emphasize: buying stocks is equivalent to buying companies; investing is simple but not easy. You must evaluate the company, understand the business, and also comprehend future cash flows. Most companies are not easy to understand. Buffett’s margin of safety does not mean cheapness; it refers to how well you understand the company. Understanding the business is crucial—without that understanding, investing becomes very difficult. Having run a business myself, I find it relatively easier to understand others’ businesses, but even so, I cannot grasp too many different types of businesses.
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