Gao Yi Asset Management's overseas fund U.S. stock holdings for the fourth quarter of 2025 were disclosed on the U.S. Securities and Exchange Commission (SEC) website on February 12. The data shows that at the end of 2025, the fund held positions in 13 U.S.-listed companies, with a total portfolio value of approximately $683 million USD (about 4.7 billion yuan). Several U.S.-listed Chinese companies were included in the portfolio.

In terms of sector allocation, five companies were from the consumer goods sector, while four were from the communication services sector. Regarding trading activity in the fourth quarter, Gao Yi established new positions in two U.S. stocks, increased its holdings in five stocks, reduced its stake in two stocks, and maintained its position in four stocks unchanged.

The fund's largest U.S. stock holding was the hotel operator H World Group, with a year-end 2025 holding value of about $243 million USD, accounting for roughly 36% of its total U.S. stock portfolio. This stock gained over 20% during the fourth quarter of 2025.

The second-largest U.S. stock holding was the e-commerce company PDD Holdings Inc, with a year-end 2025 holding value of approximately $222 million USD, representing about 33% of the total U.S. stock portfolio.

Gao Yi Asset Management, established in 2013, focuses on fundamental and industry research, practicing long-term, value, and responsible investing. The firm brings together numerous portfolio managers and research talent with extensive investment experience and strong long-term track records.

According to Choice data, as of the end of the third quarter of 2025, Gao Yi Asset Management's products held significant positions in 18 A-share companies, with a total market value of approximately 23.574 billion yuan. This included establishing new positions in three companies, adding to positions in three companies, reducing stakes in ten companies, and maintaining unchanged holdings in two companies.

The primary A-share holdings were managed by portfolio managers Feng Liu and Deng Xiaofeng. Deng Xiaofeng's holdings were concentrated in the nonferrous metals and electronics sectors, while Feng Liu's focused on the food & beverage, chemicals, and pharmaceutical & biotechnology sectors.

The firm's largest A-share holding was Hangzhou Hikvision Digital Technology Co.,Ltd.. The "Gao Yi Linshan No.1 Yuanwang Fund" managed by Feng Liu was the company's fourth-largest circulating shareholder, holding 3.06% of its circulating shares, with a position value exceeding 8.8 billion yuan.

The second-largest A-share holding was Zijin Mining Group Company Limited, heavily weighted by Deng Xiaofeng, with a position value exceeding 5.3 billion yuan at the end of Q3 2025. The stock had surged over 99% in the first three quarters of 2025. From October 2025 through February 13, 2026, it rose another 28%.

Deng Xiaofeng's products first appeared among Zijin Mining's top ten circulating shareholders in the second quarter of 2019, when the stock price was below 3 yuan, marking over six years of continuous holding. Driven by rising gold and copper prices, Zijin Mining's share price has frequently reached new all-time highs recently, surpassing 40 yuan at its peak in January 2026.

In March 2023, Deng Xiaofeng expressed the view that long-term demand for industrial metals like copper and aluminum has historically shown stable growth. He suggested that compared to the past, cyclical factors in the nonferrous metals industry might weaken, while structural factors could strengthen. He noted that capital markets often still perceive these industries as highly cyclical and volatile, creating a potential opportunity for investors due to this gap between perception and reality.

As a major A-share investor, Gao Yi Asset Management is also highly active in researching A-share companies, consistently ranking among the top large asset managers in terms of research activity.

According to Choice data, over the past month up to February 13, Gao Yi conducted research on 26 A-share companies, including researching Haian Group twice within the month. Eight of these companies were from the machinery and equipment sector. Among them, Wangsu Science & Technology Co., Ltd., which was researched on January 30, saw its stock price surge over 85% in the past month, driven by iterative advancements in AI models boosting demand for domestic computing power.