Second-quarter 13F filings showed fresh portfolio moves by veteran investor Duan Yongping. According to a report cited by PANews from Red Star News, H&H International Investment, the firm managed by Duan, held positions in 18 companies as of the end of the second quarter of 2026, with a total portfolio value of $19.101 billion, or about RMB 130 billion. That was down from roughly $20 billion at the end of the first quarter. Apple, Berkshire Hathaway Class B, and PDD remained the fund’s three largest holdings. Apple was valued at about $7.84 billion and accounted for 41.05% of the portfolio. Berkshire Hathaway Class B stood at about $4.62 billion, or 24.18%, while PDD was worth about $1.91 billion, or 9.99%. Compared with the end of the first quarter, Duan cut 1.8469 million Apple shares. In the second quarter, he also reduced NVIDIA by 7.5631 million shares and cut Alphabet by more than 1.7 million shares. He fully exited Taiwan Semiconductor Manufacturing Co. and cloud security company CRWD. On the buy side, he added 5.2738 million PDD shares, lifting that position by 26.71% from the prior quarter, and he also re-entered Alibaba with a new position of 301,400 shares valued at about $28.93 million at quarter-end.

A recent disclosure from the U.S. Securities and Exchange Commission showed that Gao Yi Asset held 19 U.S. stocks at the end of the second quarter, with a total portfolio value of about $979 million. The filing pointed to a clear increase in exposure to the semiconductor and storage supply chain. Taiwan Semiconductor Manufacturing Co., H World Group, PDD Holdings, Kanzhun, and Trip.com were the firm’s top five holdings, accounting for 24.32%, 17.20%, 16.86%, 15.51%, and 4.21% of the portfolio, or about 78.1% combined. Gao Yi sharply increased its positions in Micron Technology and SanDisk. Micron shares held rose 283.48% from the prior quarter, with the stake valued at about $39.73 million, while SanDisk holdings climbed about 192% to a market value of roughly $36.38 million. The firm also added to positions in Kanzhun, Trip.com, KE Holdings, H World Group, Yum China, and PDD, opened new positions in Vertiv, WeRide, Visa, and Alibaba, cut Nvidia, NetEase, iQIYI, and RLX Technology, and fully exited Futu, Lumentum, XPeng, and NIO.

A U.S. Securities and Exchange Commission filing shows that H&H International Investment, managed by Duan Yongping, held a portfolio worth about $19.1 billion at the end of the second quarter, down from roughly $20 billion at the end of the first quarter. The filing also outlined a round of portfolio changes. H&H added to its positions in PDD Holdings, Berkshire Hathaway Class B, and Disney, while also opening a new stake in Alibaba. At the same time, the firm sharply reduced holdings in Nvidia, Google, and Microsoft, and fully exited Taiwan Semiconductor Manufacturing Co. and CrowdStrike. The disclosure offers a snapshot of how the portfolio was adjusted by the end of the quarter, based on information released by the SEC.

H&H International Investment LLC, the firm managed by well-known investor Duan Yongping, filed its 2026 second-quarter 13F report with the U.S. Securities and Exchange Commission on Aug. 15. As of June 30, the firm held 18 stocks with a total 13F portfolio value of about $19.1 billion, down slightly from $20 billion at the end of the fourth quarter last year. Apple remained the largest holding at roughly $7.84 billion, accounting for 41.05% of the portfolio, followed by Berkshire Hathaway Class B at about $4.62 billion, or 24.18%. The filing showed that PDD was the biggest increase during the quarter. H&H added 5.2738 million shares, bringing its total position to 25.0221 million shares, a 26.71% increase. By the end of the quarter, PDD had become the firm’s third-largest holding with a weight close to 10%. The report also showed a new position in Alibaba, with 301,400 shares worth about $28.93 million at quarter-end. At the same time, the firm reduced several large technology positions. Apple was trimmed by 1.8469 million shares, Nvidia by 7.5631 million shares, Alphabet Class C by 1.7374 million shares, and Microsoft by 25.78%. H&H also fully exited Taiwan Semiconductor Manufacturing Co. and CrowdStrike during the quarter.

U.S. equities ended higher after softer inflation data helped push the S&P 500 to another record close, with the Nasdaq and Dow also advancing. July producer prices cooled to 4.7% year over year from 5.5% in June, while the market lifted the odds of the Federal Reserve holding rates steady in September to around 65%. Even so, the long end of the Treasury market sent a different signal: the 30-year bond auction cleared at 5.216%, the highest since 2001, and indirect bidding weakened, pointing to growing concern over fiscal supply and term premium. Sector leadership was narrow. SanDisk surged after issuing aggressive long-term targets at its 2026 investor day, lifting Western Digital, SK Hynix, Seagate, Micron and the Roundhill storage ETF. Workday also jumped on a Reuters report that Silver Lake had held acquisition talks for months. In contrast, optical networking names and parts of the AI hardware trade reversed lower, while Cisco fell despite record quarterly revenue as investors focused on margin concerns. Oil prices retreated after both the IEA and OPEC lowered demand expectations, and Donald Trump signed a proclamation imposing 10% to 100% tariffs on imported drones and related parts on national security grounds.

According to Kuai Technology via ChainCatcher, Changxin Memory's 17nm DDR5 chips have reached a yield rate above 90%, leaving the company just about two percentage points behind Samsung's 92-93% yield for comparable generation products. That places Changxin's technical indicators in the global first tier. Several leading PC manufacturers completed certification for Changxin DRAM around mid-year and have started small-batch deployments in some notebook lines. Adoption strategies, however, are far from uniform: Dell has completely prohibited the chips, HP only uses them in mainland China, while Acer and Asus are fitting them into models aimed at mainland China and other emerging markets. The immediate impact on prices from Samsung, SK Hynix and Micron remains limited, mainly because those three are still prioritizing LPDDR5 supply, whereas Changxin is concentrating on expanding DDR5 shipments. PC executives caution that the top three memory suppliers hold more than 90% of the global DRAM share, meaning large-scale adoption requires extreme care. For now, both the number of models using Changxin chips and the total quantities involved are very small.

SK Hynix fell 15% last week, underperforming both the KOSPI, which dropped 5%, and Samsung Electronics, which lost 9%. That pullback pushed three issues to the center of the debate: uncertainty around HBM specifications and pricing, the timing of a new shareholder return plan, and the company’s disclosed 54 trillion won infrastructure capex program. In a research note dated Aug. 9, JPMorgan argued those concerns have been overstated rather than driven by a change in fundamentals. The bank said media reports suggesting SK Hynix could price its 2027 HBM4 products at a 50% discount to rivals were inaccurate. Its own conservative model assumes HBM average selling prices in 2027 rise by less than 40% year over year, supported by product mix decisions, the company’s long-running relationship with Nvidia, and annual price renegotiation flexibility. JPMorgan also said SK Hynix is now expected to unveil an updated shareholder return plan by the end of September, earlier than management’s previous guidance of before year-end. On capex, the bank said the 54 trillion won plan should be read as part of the company’s path toward its 2030 target of one million wafers of capacity rather than as a near-term expansion push. JPMorgan kept its Overweight rating and 2.75 million won target price on the stock.

Samsung Electronics, SK hynix and Micron Technology have all posted record quarterly results, yet their shares have pulled back over the past month as investors question whether the memory sector is heading toward the familiar boom-bust pattern of rising prices, aggressive capacity additions, oversupply and collapse. Public disclosures and comments from executives suggest this cycle is different in one important way: spending is rising, but the new capacity is being directed mainly toward AI products such as HBM and server DRAM rather than broad-based expansion across end markets. At the same time, the three suppliers are shifting away from quarterly pricing and into three- to five-year supply agreements that include floor prices, take-or-pay commitments, prepayments, deposits and, in some cases, minimum revenue guarantees. Micron has disclosed 16 five-year strategic customer agreements, while Samsung said it plans to place 60% to 70% of capacity under multi-year contracts. Industry researchers and company executives cited in the report expect supply tightness to extend through 2027 and potentially into 2028, with EUV delivery times and wafer reallocation to HBM limiting near-term relief. The article also points to a second layer of change after 2028: how quickly new capacity arrives, whether long-term contracts can keep earnings stable even if spot prices soften, and how much influence CXMT and domestic Chinese suppliers gain in consumer DRAM, LPDDR and eventually HBM-related manufacturing chains. Those factors, rather than the current price spike alone, may determine whether the sector truly breaks from its historical “death spiral.”