1.64亿美元!HHLR Q1美股大举买入AMD,投资转向半导体

$1.64 billion! HHLR Q1 US stocks bought AMD in a big way, investing in semiconductors ·  May 17 19:10

① According to F13, Q1 HHLR Advisors' positions had a market value of 4.6 billion US dollars, and Pinduoduo was the largest stock. ② Among semiconductor companies, HHLR Advisors bought AMD, Micron Technology, Asmack, TSMC, and owned Amazon, Microsoft, Alphabet, META, and Nvidia.

“Science and Technology Innovation Board Daily”, May 17 (Reporter Chen Mei) Recently, the US stock holdings of Gao Lin's secondary market team HHLR Advisors were revealed. According to the F13 file, the Q1 HHLR Advisors' market value reached 4.6 billion US dollars, and Internet companies and biomedicine are still the favorites of HHLRAdvisors. Additionally, HHLR Advisors is the first to buy a semiconductor/AI sector company.


AMD holds a position of 164 million US dollars and buys semiconductors in a big way

According to the F13 document, HHLR Advisors purchased more than 10 semiconductor/AI companies, including the most familiar Amazon, Microsoft, and Google parent companies Alphabet, META PLATFORMS (formerly Facebook), and Nvidia. The position values reached US$148 million, US$291 million, US$8.96 million, US$2.91 million, and US$12.28 million, respectively, and these companies are all related to AI and big models.

Among semiconductor equipment and related industry chain companies, HHLR Advisors bought Advanced Micro Devices (AMD) in a big way, with a position value of 164 million US dollars. Micron Technology (Micron Technology), ASML Holding (Asma), and TSMC were also selected by HHLR Advisors, with positions worth US$8.499 million, US$3.2 million, and US$13.34 million.

Among them, AMD's server revenue share in Q1 2024 reached 33%, that is, 1/3 of the global server and data center market revenue was taken by AMD.

ASML Holding (ASML) is the world's largest supplier of semiconductor lithography systems, with 80% of the global market share.

According to financial reports, ASML Holding (Asma)'s net sales for the full year of 2023 reached 27.6 billion euros, with additional orders of 9.2 billion euros in the fourth quarter. Meanwhile, net sales in 2024 are expected to be roughly the same as in 2023. Net sales for the first quarter of 2024 are about 5 billion to 5.5 billion euros, and gross margin is about 48% to 49%.

Micron Technology (Micron Technology) is one of the world's leading suppliers of advanced semiconductor solutions, including DRAM, NAND flash memory, and CMOS image sensors. Micron Technology's fiscal year 2024 Q1 showed that the company's revenue for the quarter was US$4.726 billion, up 15.6% year on year. At the same time, it is expected that business fundamentals will improve in 2024 and achieve a breakthrough in 2025.

Micron said that in order to seize the huge opportunities brought by artificial intelligence to the terminal market, it has made sufficient preparations for high-bandwidth memory for AI applications in data centers.

In addition to Shigekura Semiconductor, HHLR Advisors is also active in the fields of communications, digital infrastructure, and network switches, investing in Broadcom Corporation (Broadcom), Marvell (Miman Technology Group Co., Ltd.), and Arista Networks (Arista Networks), respectively. These investments are not unrelated to AI. An investor told the “Science and Technology Innovation Board Daily” reporter that under the wave of artificial intelligence, AI systems rely on large amounts of data for training and optimization.

“Among them, communication and digital infrastructure can provide data collection, transmission, and processing capabilities, and this data is the foundation for AI algorithms to make effective decisions. With the expansion of AI to edge computing, the future will form a trend of collaborative development between cloud computing and edge computing, which will also provide strong infrastructure support for AI.”

Overall, HHLR Advisors' investment in US stocks has changed, and semiconductor and AI companies have become its most important investment direction.

Biomedicine is still a favorite, reducing Alibaba's holdings

Compared to the previous quarter, in biomedicine, HHLR Advisors still maintained a certain pace and frequency, holding more than 10 shares.

According to F13 documents, HHLR Advisors continued to hold (BEIGENE) BeiGene, (I-Mab) Tianjing Biotech (LEGEND BIOTECH), and several innovative pharmaceutical companies during the quarter. Examples include developing immunomodulatory technology platforms for mice and rabbits, YS Biopharma (isobiotics) to prevent rabies, hepatitis B, herpes zoster, influenza, and coronavirus; Sagimet Biosciences, a selective fatty acid synthase (FASN) inhibitor company; and Aligos Therapeutics, an innovative hepatitis B drug.

In terms of position value, (BEIGENE) BeiGene and LEGEND BIOTECH (LEGEND BIOTECH) were US$809 million and US$335 million respectively, making them the top ten holdings value stocks of HHLR Advisors. However, compared to the previous quarter, HHLR Advisors slightly reduced their holdings (BEIGENE) of BeiGene and LEGEND BIOTECH (LEGEND BIOTECH).

In terms of internet companies, Alibaba's previous heavy holdings were drastically reduced by HHLR Advisors in Q1. The value of its holdings was US$10.41 million, compared to US$94.61 million last quarter. Baidu was also sold by HHLR Advisors, and the value of Q1 holdings was reduced to US$15.85 million, compared to US$63.76 million previously. At the same time, almost all of JD was sold, leaving only 1.67 million US dollars in Q1 position value.

It is worth mentioning that among Internet companies, Pinduoduo is unique. HHLR Advisors' holding value reached 1.37 billion US dollars, making it the most important stock. At the same time, compared to the previous quarter, HHLR Advisors increased its holdings by 1.68 million shares, increasing its holdings by 16.62%. According to the Q1 financial report, Pinduoduo Group's revenue for the first quarter of this year was 37.64 billion yuan, an increase of 58.2% over the previous year. The current market value reached 1991 billion US dollars. This is an important reason why HHLR Advisors continues to take heavy positions.

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