Duan Yongping, 120 billion yuan holdings revealed

According to the 13F holdings disclosures of U.S. institutional investors, as of the end of 2025, Duan Yongping’s H&H International Investment has a total market value of approximately $17.489 billion, equivalent to over 120 billion RMB.

In the fourth quarter of 2025, Duan Yongping significantly increased his holdings in Nvidia, and also added positions in Pinduoduo, Berkshire Hathaway, and three new AI-related companies with small positions. Meanwhile, he reduced holdings in Apple, Alibaba, Western Oil, and others.

Apple Remains the Top Holding

Overall, H&H International Investment holds 14 companies, including Apple, Berkshire Hathaway, Nvidia, Pinduoduo, Western Oil, and others.

Details are shown in the chart below:

Apple remains his largest holding, accounting for 50.3% of the portfolio, with a market value of $8.797 billion as of the end of 2025. Additionally, Berkshire Hathaway accounts for 20.63%, with a market value of $3.607 billion.

Looking at the changes in holdings, in the fourth quarter of 2025, Duan Yongping reduced his positions in Apple, Western Oil, Alibaba, Disney, and Asm. Notably, he has held Apple since 2011, maintaining a long-term position. However, in the first quarter of last year, he significantly reduced his Apple holdings by selling 6.64 million shares; in the second quarter, he increased by 894,400 shares; in the third quarter, he reduced by 289,500 shares; and in the fourth quarter, he again sold 2.4706 million shares.

On January 23, 2025, Duan Yongping stated, “Warren Buffett rarely hoards cash (short-term government bonds), but in recent years, I’ve seen him holding large amounts of cash, especially after he started selling Apple. The only reason I can think of is that he thinks the stock market is expensive, and within his circle of competence, the companies he wants to buy aren’t cheap, so he’s waiting.”

Aggressive Buying of Nvidia

While reducing holdings in Apple, Western Oil, Alibaba, and others, Duan Yongping increased his positions in AI concept stocks. In the fourth quarter of 2025, he made a large purchase of Nvidia.

In a conversation with Snowball founder Fang Sanwen in 2025, Duan Yongping said, “Nvidia is indeed impressive. I’ve watched many videos of Jensen Huang, and I really admire him. The things he talked about over ten years ago are the same as today. He saw it early and has been working toward that direction. So now you have to think—what he’s talking about still reflects his view of the future. I think it’s worth investing a bit and trying to get involved. AI is something I believe we shouldn’t miss out on.”

Data shows that in the fourth quarter of 2025, Duan Yongping increased Nvidia holdings by 6.6393 million shares. By the end of 2025, he held a total of 7.2371 million shares, with a market value of $1.35 billion, accounting for 7.72% of his portfolio.

In an interview with Fang Sanwen, Duan Yongping acknowledged that AI might have a bubble but also emphasized that some companies are very strong. He said, “AI is definitely an industrial revolution, but bubbles always come with it. The characteristic of a bubble is that everyone joins in as prices rise. Whenever AI is mentioned, people rush to buy. But in the end, some companies will truly be very powerful.”

By the end of 2025, Duan Yongping’s Nvidia holdings are close to 10 billion RMB, which likely exceeds what he described as “at least involved.”

Keeping Up with AI Trends

In response to the accelerating AI era, Duan Yongping is increasing his AI-related investments. Besides adding to Nvidia, he also increased his holdings in the AI “new star,” Google, and has mentioned Gemini multiple times.

After the release of Gemini 3 in November 2025, Google became an AI “new star,” and Duan Yongping spoke about Gemini several times. On January 4, 2026, he said, “Recently, Gemini has been more active.”

In addition to Nvidia and Google, Duan Yongping also recently invested in three new companies: CRWV, CRDO, and TEM, all related to AI concepts. As of the end of 2025, his holdings in these three companies were approximately 0.12%, 0.12%, and 0.04% of his portfolio, respectively.

CRWV is a cloud service provider focused on AI and high-performance computing, listed on Nasdaq. The company is deeply integrated with Nvidia, mainly renting out high-end Nvidia GPUs for AI training/inference, high-performance computing, rendering, and more.

CRDO is a leading semiconductor company specializing in high-speed connections for AI data centers, also listed on Nasdaq. Its core business involves active cables and high-speed chips, serving as the “vascular” supply chain for AI computing networks.

TEM is a leading AI-driven precision medicine company listed on Nasdaq, focusing on tumor diagnosis and treatment, medical big data, and AI applications. It is regarded as a benchmark enterprise in the medical AI field.

Although the positions in these three newly added companies are small, they reflect Duan Yongping’s ongoing attention to the latest developments in the AI industry, demonstrating his commitment to staying current.

In early January this year, in his New Year outlook, Duan Yongping said he plans to learn more about how to use AI in the new year, hoping to understand AI better and be willing to make significant investments.

He stated, “This thing is becoming more and more interesting the more I use it. It feels like the world is a little different now. It’s hard to imagine what the world will look like in ten years, but it’s very likely that the changes will be greater than in the past ten, twenty, or even forty years.”