Duan Yongping
H&H International Investment
A value investor anchored in Apple and Berkshire who leaned hard into the AI chain in 2026 — adding 91% to Nvidia (now #3), opening Tesla and adding PDD in Q1 while exiting Alibaba. Especially relevant for Chinese readers.
Investment thesis
Duan emphasizes staying within his competence: he holds Apple and Berkshire for the long run and rarely trades.
In Q1 2026 he added 91% to Nvidia (~6.6M shares, now #3 at 12.1%), opened a ~3.4M-share Tesla stake (#5 at 6.3%), added over 8M PDD shares, and exited Alibaba entirely — a full-chain AI tilt, as Chinese media put it.
His note on Apple — “mature, still growing, but no longer cheap” — captures his valuation discipline.
Sources: 新浪财经 — 段永平最新千亿持仓：清仓阿里、新进特斯拉、加仓英伟达 660 万股 · 腾讯新闻 — 段永平 Q1 持仓：加仓英伟达、谷歌、拼多多 · 21 经济网 — 巴菲特减持苹果，段永平大举押注 AI · 新浪财经 — 段永平 1380 亿元持仓曝光
Related themes
Compute & AI Chips
4 namesThe “pick-and-shovel” layer of the AI boom. Training and inference demand drives GPU/accelerator sales — the clearest cash flows today, but also the most crowded and richly valued.
Physical AI & Robotics
2 namesAI steps out of the screen into the physical world: embodied intelligence and humanoid robots. Jensen Huang calls humanoids a ~$40T market and robotics Nvidia’s second growth curve after AI; SoftBank’s Son calls physical AI the birthplace of the next trillion-dollar company. Listed pure-plays are scarce and the leaders are mostly private — narrative and valuation run ahead of deployment.
AI Applications & Platforms
2 namesThe layer that turns models into products and revenue: search, ads, productivity, vertical SaaS. Winners are decided by distribution and data, not raw compute.
China AI
3 namesThe AI story at China’s internet giants: in-house models + cloud + e-commerce/ad monetization. Usually cheaper than U.S. peers, but carrying policy and geopolitical risk.
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