Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].

Summary of Futu Holdings (FUTU) Conference Call Company Overview - **Company**: Futu Holdings (FUTU) - **Market Cap**: $21.1 billion - **Current Price**: $151.49 - **Target Price**: $213.39 - **Upside Potential**: 40.9% [1] Key Takeaways Industry and Market Position - **Client Growth**: Futu is optimistic about new client growth driven by the Hong Kong IPO market, new market launches, and market share gains in existing markets. The company plans to enter one to two new markets in 2026 [1][20]. - **Market Share**: In Hong Kong, Futu has approximately a 30% share in client accounts but only 1% to 2% in terms of assets under management (AUM), indicating significant room for growth [17]. Strategic Focus - **Client and AUM Growth**: The company aims to attract higher-net-worth clients and increase wallet share in established markets like Hong Kong. The average client asset balance in international markets has shown double-digit quarter-over-quarter growth [20][21]. - **Revenue Diversification**: Futu is diversifying its revenue streams beyond simple trading, focusing on higher-margin derivatives, wealth management, banking integration, and cryptocurrency [1][32]. Competitive Landscape - **Differentiation**: Futu differentiates itself through superior user experience and technology, targeting a specific niche among global peers rather than competing on price [1][17]. - **US Market Strategy**: Futu finds the US market attractive and aims to fill gaps between competitors like HOOD and IBKR by offering sophisticated user tools and a user-friendly experience [18]. Financial Performance and Projections - **Revenue Growth**: Projected revenue growth is significant, with estimates of HK$ 13,503.8 million for 2024, increasing to HK$ 29,132.9 million by 2027 [5]. - **Net Income Growth**: Expected net income growth of 27.0% in 2024, with a peak of 95.0% in 2025 [5]. - **Earnings Per Share (EPS)**: Projected EPS growth from HK$ 39.30 in 2024 to HK$ 102.51 by 2027 [5]. Risks and Challenges - **Rate-Cutting Impact**: Management believes that potential negative impacts from a rate-cutting cycle on interest income can be offset by higher trading volumes and growth in margin financing [1][32]. - **Client Acquisition Costs**: Futu views brand marketing as a continuous investment, with a low client churn rate of less than 1% over the past two quarters [26]. New Products and Initiatives - **Product Development**: Futu plans to focus on product development in 2026, particularly in banking integration and cryptocurrency, while maintaining a competitive commission rate in Asian markets [32][19]. - **Market Expansion**: The company is strategically selecting new markets based on investor interest in overseas allocations and the competitive landscape [27]. Conclusion Futu Holdings is positioned for significant growth in the coming years, with a strong focus on client acquisition, revenue diversification, and market expansion. The company's strategic initiatives and optimistic outlook on market conditions present a compelling investment opportunity, despite potential risks associated with market volatility and competition.

Group 1 - A company associated with self-heating pots, Hangzhou Jinlingyang, is facing bankruptcy with a total execution amount exceeding 1.4 billion yuan [2] - The company has multiple legal issues, including 6 execution records and 9 instances of being listed as a dishonest executor [2] - The legal representative, Cai Hongliang, has been restricted from high consumption due to these issues [2] Group 2 - Xiaohongshu is developing an AI video editing product named OpenStoryline, currently in testing and may be open-sourced in the future [2] Group 3 - A certain e-commerce platform has launched a limited edition gold phone case priced at 139,999 yuan, which includes a free iPhone 17 Pro Max with the purchase [3][4] - The gold phone case is available in various weights, starting from 10g to 100g, with the highest priced version at 139,999 yuan [3][4] Group 4 - Memory prices are expected to surge by 80%-90% by the first quarter of 2026, driven by a significant increase in DRAM prices for general servers [6] - The price of 64GB RDIMM contracts has risen from 450 USD in the fourth quarter to over 900 USD in the first quarter, with expectations to exceed 1000 USD in the second quarter [6] Group 5 - Apple is preparing to celebrate its 50th anniversary, with CEO Tim Cook confirming that a commemorative event will take place, although details are not yet disclosed [7] - Cook emphasized the importance of reflecting on the company's history while looking forward to future innovations [7] Group 6 - Tesla's FSD (Full Self-Driving) technology does not have a specific launch date in China, but local training centers have been established to support its deployment [8] - The company aims to ensure that the technology will perform at a level comparable to or better than local drivers [8] Group 7 - Alphabet's dollar bond issuance has attracted over 100 billion USD in demand, indicating strong investor interest in AI-related bonds [9] - The expected issuance size is around 15 billion USD, showcasing a rare level of enthusiasm in corporate bond markets [9] Group 8 - Seres plans to divest significant assets, resulting in a loss of control over Blue Electric Vehicles, with the local government and other investors taking a substantial stake in the new entity [10] - The agreement indicates that Seres will only hold a minority interest in Blue Electric Vehicles post-divestment [10] Group 9 - Playboy has signed an agreement to sell 50% of its China business to UTG Group for a total of 122 million USD, which includes cash payments and guaranteed dividends [12] - This deal allows UTG to manage Playboy's operations in mainland China, Hong Kong, and Macau [12]

Group 1 - The core viewpoint of the article is that Futu Holdings (FUTU.US) saw a stock price increase of over 3%, reaching $156.55, following an upgrade from Goldman Sachs from "Neutral" to "Buy" [1] - Goldman Sachs raised the 12-month price target for Futu to $213.39, indicating approximately 30% upside potential [1] - The upgrade is primarily based on a more positive outlook on the capital market environment and a reassessment of Futu's sustainability in terms of "new customer acquisition and trading activity" [1]

Core Viewpoint - Futu Holdings (FUTU.US) saw a stock increase of over 3%, reaching $156.55, following an upgrade from Goldman Sachs from "Neutral" to "Buy" with a 12-month target price raised to $213.39, indicating approximately 30% upside potential [1] Group 1 - Goldman Sachs' upgrade is based on a more positive outlook on the capital market environment [1] - The reassessment of Futu's sustainability in terms of "new customer acquisition and trading activity" contributed to the upgrade [1]

Core Insights - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet Inc. to become the largest holding in the fourth quarter of 2025 [1][6]. Group 1: Portfolio Overview - Jinglin Asset's total market value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total market value [2][5]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,680 shares or 52.81% from the previous quarter [2][5]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,056 shares or 18.69% [2][5]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,306 shares or 18.21% [3][5]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [6][7]. - The fund also reduced its stake in Meta by approximately 229,056 shares, leading to its drop from the top position to second largest [6]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,680 shares and in Pinduoduo by approximately 611,306 shares, indicating a strategic shift in technology stock allocation [6][7]. Group 4: Other Notable Adjustments - The fund also reduced its positions in other semiconductor-related stocks such as TSMC and Spotify, while increasing its stake in Intel by approximately 694,363 shares [7][9]. - Notably, Jinglin continued to reduce its holdings in KE Holdings, having sold 1.88 million shares in the fourth quarter, following a significant reduction in the previous quarter [9].

Core Viewpoint - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet, making it the largest holding in the fourth quarter of 2025 [1][5]. Group 1: Portfolio Overview - Jinglin Asset's total portfolio value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2][1]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total portfolio [2][1]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,700 shares from the previous quarter [2][4]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,000 shares [3][4]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,300 shares [3][4]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [5][1]. - The fund also decreased its position in Meta by about 229,000 shares, leading to its drop from the top position to second [5][1]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,700 shares and also added to its positions in Intel and Futu Holdings [5][6].

Group 1 - The majority of Chinese concept stocks in the US market saw an increase in pre-market trading, with NIO rising by 4% [1] - Li Auto experienced a 2% increase, while Baidu rose by 1% [1] - Futu Holdings increased by 0.4%, Alibaba by 0.3%, and JD.com by 0.1% [1] Group 2 - Pinduoduo saw a decline of 0.5%, and Trip.com fell by 0.6% [1]

Market Overview - The software sector and cryptocurrency experienced a significant downturn, with the S&P 500 index falling by 1.23% to 6798.4 points, the Nasdaq Composite down 1.59% to 22540.59 points, and the Dow Jones Industrial Average decreasing by 1.2% to 48908.72 points, marking the worst three-day sell-off since April of the previous year [1][3] - Bitcoin dropped below $64,000, losing nearly half its value over the past six months, while spot silver saw a single-day decline of nearly 20% [1] Employment Data Impact - The recent weak U.S. employment data has halted the recent sector rotation, with 318 stocks in the S&P 500 declining. December job openings unexpectedly fell to the lowest level since 2020, and the number of layoffs reached the highest January level since the severe recession in 2009 [3] - Allianz's Chief Economic Advisor, Mohamed El-Erian, noted that layoffs are occurring despite GDP growth of approximately 4%, indicating a decoupling of employment from economic growth, which could have profound economic, political, and social implications [3] Company-Specific Developments - Amazon's stock plummeted over 10% after announcing a capital expenditure forecast of $200 billion for the year, significantly higher than the previous year's $130 billion and analyst expectations of $150 billion, which negatively impacted its profit guidance [3] - Nvidia's stock fell by 1.33%, while other major tech companies like Apple, Google, and Microsoft also saw declines, with Microsoft down 4.95% and Amazon down 4.42% [6] AI and Software Sector - The software sector faced pressure following the release of a new flagship model by AI company Anthropic, contributing to a broader sell-off in AI-related stocks. FaceSet dropped 7.21%, reaching its lowest point since March 2020, while Thomson Reuters fell over 5%, hitting a new low since 2021 [6] - Amid concerns over AI capital expenditures, some supply chain stocks performed well, such as Tianhong Technology, which rose 6.9% due to Google's $185 billion capital expenditure guidance [6] Chinese Stocks Performance - Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.9%. Notable performances included NIO up 5.86% and Baidu up 0.73%, while Alibaba and JD.com saw slight declines [7] Other Industry News - Pandora, the world's largest jewelry company, surged 16.83% after announcing plans to reduce reliance on pure silver by introducing platinum-plated jewelry in response to rising silver prices [8] - The proposed merger between Rio Tinto and Glencore to form the world's largest mining group collapsed, with Glencore citing undervaluation of its contribution to the merger [9] - Nvidia announced delays in the release of its RTX 50 series graphics cards due to memory shortages, prioritizing AI chip production instead [10] - Hims & Hers Health plans to launch a cheaper generic version of the oral weight loss drug semaglutide, causing a significant drop in the stock price of Novo Nordisk, which had just received approval for its brand product [11]

Group 1 - The core viewpoint of the article highlights that U.S. listed Chinese stocks are mostly rising in pre-market trading on February 5, with notable increases in several companies [1] Group 2 - Bilibili saw a rise of 3% [1] - Yum China and NIO both increased by 2% [1] - Alibaba experienced a 2% increase, while Futu Holdings rose by 1% and Pinduoduo saw a slight increase of 0.3% [1]