With the completion of the SEC 13F filings for the first quarter of 2026, the U.S. stock portfolio adjustments of five major Chinese investment institutions—Hillhouse (HHLR), Greenwoods, Gao Yi, Oriental Harbor, and Himalaya Capital—have been fully revealed. Overall, the portfolio adjustments this quarter are characterized by a focus on the AI and semiconductor sectors, minor adjustments to core Chinese stock holdings, and diversification into consumer and financial stocks, showing both consensus and divergence in strategies among the institutions.

Hillhouse (HHLR): Core Chinese Holdings Remain Stable, Significant Increase in Semiconductor and Optical Communication Bets By the end of Q1 2026, Hillhouse's U.S. stock portfolio had a total market value of $1.673 billion, covering 38 stocks, with core Chinese holdings maintaining high certainty. The top five holdings remained unchanged, in order: PDD Holdings Inc, Alibaba, BeiGene, Futu Holdings, and Legend Biotech, solidifying their core positions in the portfolio. In terms of adjustments, HHLR made phased adjustments to leading Chinese stocks, with slight reductions in holdings of Alibaba, Futu Holdings, and Webull, though these remain portfolio anchors, interpreted by the market as routine position management. The quarter's highlight was a heavy allocation to the semiconductor and optical communication sectors, with new additions including NVIDIA, Marvell Technology, Intel, Coherent, Corning, and Lumentum, covering key areas such as computing chips, data center interconnects, optical communication devices, and optical materials. Marvell Technology successfully entered the top ten holdings. Additionally, HHLR added new Chinese consumer and e-commerce stocks like Dingdong Maicai and Vipshop, further diversifying the portfolio structure.

Greenwoods: Heavy Bet on Intel Yields Excess Returns Data disclosed by Greenwoods Asset Management Hong Kong Limited, the overseas entity of private equity giant Greenwoods, shows that its U.S. stock portfolio reached a market value of $3.878 billion by the end of Q1 2026, with the top ten holdings accounting for 84%, indicating a concentrated portfolio with significant returns. Alphabet remained the largest holding, with a market value of $840 million and 2.9216 million shares, with a slight increase of 231,600 shares in Q1. The stock has risen nearly 40% since the end of Q1, continuing to provide steady returns. Additionally, PDD Holdings Inc, NetEase, Full Truck Alliance, and META ranked second to fifth in its holdings, with increases of 1.13 million shares in PDD Holdings Inc and 12.36 million shares in Full Truck Alliance, further solidifying the importance of Chinese stocks in its portfolio. Greenwoods' adjustments focused on tech giants and chip leaders. Intel became the most heavily increased holding this quarter, with shares rising by 4.3328 million compared to the end of Q4 2025, reaching 6.9232 million shares by quarter-end and jumping to the sixth-largest holding. The corresponding market value was approximately $306 million, accounting for 7.88% of its total portfolio. Benefiting from multiple positive factors such as the Apple foundry agreement, better-than-expected earnings, and expectations of CPU price increases, Intel's stock price surged nearly 20% in Q1 and has risen over 140% since the end of Q1, contributing substantial floating profits to Greenwoods' overseas portfolio. On the reduction side, Greenwoods made the largest cut to Meta, selling 455,200 shares in Q1, reducing Meta's portfolio share to 7.99%.

Gao Yi: Increased Holdings in Chinese Stocks and Memory Chips, New Positions in AI Chip Giants By the end of Q1 2026, Gao Yi's U.S. stock portfolio had a total market value of $910 million, up steadily from $680 million at the end of 2025, with adjustments focused on AI chips and high-quality Chinese stocks. Gao Yi significantly increased holdings in Taiwan Semiconductor Manufacturing, Kanzhun, Trip.com, and Futu Holdings in Q1, while reducing its position in Alphabet. The top five holdings were PDD Holdings Inc, Huazhu Group, Taiwan Semiconductor Manufacturing, Kanzhun, and NVIDIA. Notably, Gao Yi's optimism toward the AI industry chain strengthened further, with new positions established in NVIDIA, Micron Technology, and Advanced Micro Devices—three leading chip companies—precisely positioning in the core AI computing and memory sectors, reflecting strong confidence in the long-term growth of the chip sector amid the AI boom.

Oriental Harbor: Increased Concentration in AI Sector, Exited Microsoft to Focus on Alphabet and NVIDIA The U.S. stock portfolio managed by Dan Bin at Oriental Harbor consisted of 12 stocks by the end of Q1, with a total market value of $1.133 billion, slightly down from $1.316 billion the previous quarter, showing a high focus on the AI industry chain. Alphabet remained the largest holding, echoing Greenwoods' strategy, with further increases in Alphabet holdings and the addition of Alphabet Class A shares in Q1. Combined holdings of Alphabet (Class A + Class C) accounted for 38% of the portfolio, alongside a position in the 2x Long Alphabet ETF. Additionally, Oriental Harbor slightly increased its holdings in NVIDIA, raising its portfolio share to 20% by quarter-end. The top two holdings, Alphabet and NVIDIA, together accounted for nearly 60% of the portfolio, indicating an increased concentration on the AI sector. Dan Bin previously predicted that 2025 would be a preparatory phase for AI, with 2026 potentially seeing an explosion in AI applications, and this adjustment aligns with that view. Furthermore, in Q1, Oriental Harbor added new positions in Taiwan Semiconductor Manufacturing, Micron Technology, and CIRCLE INTERNET GROUP INC, while exiting Microsoft and the 3x Long FANG+ Index ETN (FNGU). Among these, memory leader Micron Technology has risen over 130% year-to-date, delivering impressive returns.

Himalaya Capital: Alphabet Remains Anchor, Significant Reduction in Bank of America, Diversification into Finance and Consumer Sectors The U.S. stock portfolio managed by Li Lu at Himalaya Capital consisted of 14 stocks by the end of Q1, with a total market value of $3.2 billion, slightly down from $3.57 billion the previous quarter, maintaining a steady, long-term investment style. The overall portfolio structure saw little change, with Alphabet remaining the top anchor, as combined holdings of Alphabet Class A and Class C accounted for over 44%, solidifying its core position. In terms of adjustments, Li Lu significantly reduced holdings in Bank of America by 7.43 million shares, causing Bank of America to drop from the second-largest holding last quarter to the sixth, with its portfolio share plummeting from 16.08% to 4.05%. Li Lu also established new positions in five stocks in Q1, covering internet music, financial services, and index institutions: Tencent Music, S&P Global (SPGI), H&R Block, Moody's, and MSCI. Additionally, holdings were increased in Crocs Inc, a leading U.S. footwear and apparel manufacturer, reflecting a moderate allocation to the consumer sector.