With the disclosure of the SEC's 13F holdings report for the first quarter of 2026, the stock holdings trends of the top five Chinese institutions in the US, including Hillhouse (HHLR), Jinglin, Gaoyi, Eastern Port, and Himalaya Capital, have all been revealed. Overall, the repositioning of Chinese institutions this quarter has focused on the AI and semiconductor sectors, slight adjustments to core Chinese concept stocks, and a clear focus on diversifying consumer and financial targets. There is both consensus and differentiation in the strategies of institutions. Hillhouse (HHLR): Core holding in Chinese concept stocks stable, significant increase in semiconductor and optical communication As of the end of the first quarter of 2026, the total market value of Hillhouse (HHLR)'s US stock holdings reached $1.673 billion, covering 38 stocks, with a continued high certainty in core Chinese concept stock holdings. The top five major holdings remain unchanged, consisting of Pinduoduo (PDD.US), Alibaba (BABA.US), Anji Sophia (ONC.US), Futu Holdings, and Legend Biotech, securing a core position in the portfolio. Regarding repositioning, HHLR made phased adjustments to the top Chinese concept stocks, with a slight decrease in the number of shares held in Alibaba, Futu Holdings, and Weibo among others. However, they remain the cornerstone of the portfolio, with the market interpreting this as a routine position management operation. The highlight of this quarter is the heavy positioning in the semiconductor and optical communication sectors, with the addition of several stocks such as NVIDIA, Marvell Technology, Intel, Coherent, Corning, Lumentum, covering key areas such as computational chips, data center interconnection, optical communication devices, and optical materials. Marvell Technology successfully entered the top ten holdings. In addition, HHLR also added new Chinese consumer and e-commerce stocks such as Dingdong and Vipshop, further enriching the composition of the portfolio. Jinglin: Heavily invested in Intel for excess returns The overseas entity of the private equity giant Jinglin Asset Management, Jinglin Asset Management Hong Kong Limited, disclosed data showing that the total market value of their US stock holdings as of the end of the first quarter of 2026 reached $3.878 billion, with the top ten holdings accounting for 84%, concentrated and significant returns. Google remains the largest holding, with a market value of $840 million, holding 2.9216 million shares, and a minor increase of 231,600 shares in the first quarter; the stock has risen nearly 40% since the end of the first quarter, providing stable returns. In addition, Pinduoduo, NetEase, Full Truck Alliance, and META respectively ranked as their second to fifth top stocks, with additional 1.13 million shares of Pinduoduo and 12.36 million shares of Full Truck Alliance, further solidifying the importance of Chinese concept stocks in their holdings. Jinglin's repositioning revolves around technology giants and chip manufacturers. Intel became the strongest addition this quarter, with a substantial increase of 4.3328 million shares compared to the end of the fourth quarter of 2025, reaching a holding of 6.9232 million shares at the end of the quarter, rising to the sixth largest position, with a corresponding market value of about $306 million, accounting for 7.88% of their total holdings. Benefiting from the landing of the Apple foundry agreement, better-than-expected financial reports, and expectations of CPU price increases, Intel's stock price has risen nearly 20% in the first quarter, followed by a further increase of over 140% since the end of the first quarter, contributing significant gains to Jinglin's overseas portfolio. On the reduction side, Jinglin's largest reduction was in Meta, selling a cumulative 455,200 shares in the first quarter, reducing its share in the portfolio to 7.99%. Gaoyi: Increased holdings in Chinese concept stocks and storage chips, new positions in AI chip giants By the end of the first quarter of 2026, Gaoyi's total market value of US stock holdings reached $910 million, up from $680 million at the end of 2025, focusing on AI chips and quality Chinese concept stocks in repositioning. In the first quarter, Gaoyi significantly increased its holdings in TSMC, Boss Zhipin, Ctrip, and Futu Holdings, while reducing its holdings in Google. The top five major holdings were Pinduoduo, Huazhu, TSMC, Boss Zhipin, and NVIDIA. It is worth noting that Gaoyi's optimistic attitude towards the AI industry chain has been further strengthened, with new positions in three major chip leaders, NVIDIA, Micron, and AMD in the first quarter, accurately positioning themselves in the AI computing power and storage core sectors, demonstrating a firm bullishness on the long-term prosperity of the chip sector under the AI boom. Eastern Port: Concentration in the AI sector increases, exit from Microsoft focusing on Google and NVIDIA Managed by Du Bin, Eastern Port's U.S. stock holdings at the end of the first quarter included 12 stocks with a total market value of $1.133 billion, slightly down from $1.316 billion in the previous quarter, with holdings highly focused on the AI industry chain. Google remains the top holding, echoing Jinglin's strategy, with a further increase in holdings in Google and a new position in Google A in the first quarter, with a combined holding of 38%; they also hold a double long position in a Google ETF. In addition, Eastern Port slightly increased its holdings in NVIDIA, with the year-end holding ratio rising to 20%, with Google and NVIDIA accounting for nearly 60% of the top two positions, indicating a further concentration on the AI sector in Eastern Port's investment portfolio. Du Bin had previously predicted that 2025 would be a period of starting and accumulating strength in artificial intelligence, and 2026 might see an explosion in AI applications, and this repositioning is a realization of that prediction. In addition, in the first quarter of this year, Eastern Port added new positions in TSMC, Micron Technology, and CIRCLE INTERNET GROUP INC while exiting Microsoft and taking a three times long position in the FANG+ index ETN (FNGU); with storage leader Micron Technology up over 130% year-to-date, demonstrating impressive returns. Himalaya Capital: Google remains the cornerstone, significant reduction in Bank of America holdings, focus on financial and consumer sectors Managed by Li Lu, Himalaya Capital's U.S. stock holdings at the end of the first quarter of this year included 14 stocks with a total market value of $3.2 billion, slightly down from $3.57 billion in the previous quarter, maintaining their style of stable and long-term investment. Overall changes in the portfolio structure were minimal, with Google remaining the top cornerstone stock, with a combined holding of over 44%, maintaining its core position. Regarding repositioning, Li Lu significantly reduced their holding of Bank of America by 7.43 million shares, sliding Bank of America from the second largest holding in the previous quarter to the sixth place, with the shareholding ratio dropping from 16.08% to 4.05%. In the first quarter, Li Lu also added 5 new stocks covering internet music, financial services, and index institutions, including TencentXun Music, S&P Global (SPGI), H&R Block Tax Services, Moody's, MSCI; at the same time, increase holdings in the leading American footwear and apparel manufacturer Crocs Inc, and moderately allocate to the consumer sector.This article is reprinted from Caixin, edited by GMTEight: Li Fo.