Lei Zhang
HHLR Advisors / Hillhouse · 高瓴体系的美股公开窗口
HHLR Advisors 是观察 Hillhouse 体系美股持仓的重要机构；张磊和高瓴长期产业研究背景，使医疗、平台科技、消费和亚洲成长股仓位具有很强的产业读数。最值得看的是高瓴如何在医疗创新、互联网平台、消费升级和亚洲资产之间调整资本权重。
| 股票 | 股数 | 市值 | 权重 |
|---|---|---|---|
PDD
|
4,165,029 | $425.6M | 25.4% |
BABA
|
2,453,657 | $307.8M | 18.4% |
ONC
|
1,034,306 | $307.2M | 18.4% |
FUTU
|
1,419,483 | $194.1M | 11.6% |
LEGN
|
5,984,550 | $108.3M | 6.5% |
AVBP
|
3,929,117 | $90.6M | 5.4% |
BEKE
|
4,236,278 | $63.4M | 3.8% |
CWAN
|
1,365,971 | $32.3M | 1.9% |
CTKB
|
6,657,030 | $29.1M | 1.7% |
MRVL
|
171,033 | $16.9M | 1.0% |
YSG
|
4,885,873 | $15.0M | 0.9% |
NBP
|
5,980,568 | $14.7M | 0.9% |
MAZE
|
366,028 | $10.9M | 0.7% |
CTNM
|
669,337 | $8.7M | 0.5% |
API
|
2,098,553 | $7.4M | 0.4% |
BULL
|
1,500,000 | $7.2M | 0.4% |
TSM
|
15,520 | $5.2M | 0.3% |
SGMT
|
724,800 | $3.8M | 0.2% |
TUYA
|
1,564,400 | $3.6M | 0.2% |
GE
|
10,043 | $2.8M | 0.2% |
| 股票 | 动作 | 13F 时间 | 当前股数 | 上期股数 | 股数变化 | 13F市值变化 |
|---|---|---|---|---|---|---|
|
PDD
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 4,165,029 | 10,721,400 | -61.2% | -$790.1M |
|
BABA
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 2,453,657 | 5,430,346 | -54.8% | -$488.1M |
|
FUTU
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 1,419,483 | 1,630,249 | -12.9% | -$73.6M |
|
BULL
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 1,500,000 | 5,974,604 | -74.9% | -$39.2M |
|
MRVL
|
新增 | 2026-03-31 披露 2026-05-15 | 171,033 | 0 | - | +$16.9M |
|
MAZE
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 366,028 | 457,535 | -20.0% | -$8.0M |
VIPS
|
新增 | 2026-03-31 披露 2026-05-15 | 124,700 | 0 | - | +$2.0M |
|
TSM
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 15,520 | 11,300 | 37.3% | +$1.8M |
|
BULL
|
大幅减持 | 2025-12-31 披露 2026-02-17 | 5,974,604 | 33,080,846 | -81.9% | -$442.8M |
|
FUTU
|
大幅减持 | 2025-12-31 披露 2026-02-17 | 1,630,249 | 3,238,179 | -49.7% | -$295.4M |
BIDU
|
清仓 | 2025-12-31 披露 2026-02-17 | 0 | 1,641,000 | -100.0% | -$216.2M |
|
BABA
|
大幅增持 | 2025-12-31 披露 2026-02-17 | 5,430,346 | 3,289,666 | 65.1% | +$208.0M |
NTES
|
清仓 | 2025-12-31 披露 2026-02-17 | 0 | 790,807 | -100.0% | -$120.2M |
|
PDD
|
大幅增持 | 2025-12-31 披露 2026-02-17 | 10,721,400 | 8,592,600 | 24.8% | +$80.0M |
YMM
|
清仓 | 2025-12-31 披露 2026-02-17 | 0 | 4,066,553 | -100.0% | -$52.7M |
SE
|
清仓 | 2025-12-31 披露 2026-02-17 | 0 | 180,050 | -100.0% | -$32.2M |
|
AVBP
|
小幅减持 | 2025-12-31 披露 2026-02-17 | 3,929,117 | 4,484,672 | -12.4% | -$3.7M |
|
TSM
|
新增 | 2025-12-31 披露 2026-02-17 | 11,300 | 0 | - | +$3.4M |
|
BABA
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 3,289,666 | 1,149,700 | 186.1% | +$457.6M |
|
PDD
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 8,592,600 | 6,976,804 | 23.2% | +$405.5M |
|
BIDU
|
新增 | 2025-09-30 披露 2025-11-14 | 1,641,000 | 0 | - | +$216.2M |
|
NTES
|
大幅减持 | 2025-09-30 披露 2025-11-14 | 790,807 | 1,663,668 | -52.5% | -$103.7M |
WNS
|
清仓 | 2025-09-30 披露 2025-11-14 | 0 | 1,531,466 | -100.0% | -$96.8M |
JD
|
清仓 | 2025-09-30 披露 2025-11-14 | 0 | 2,275,500 | -100.0% | -$74.3M |
|
YMM
|
新增 | 2025-09-30 披露 2025-11-14 | 4,066,553 | 0 | - | +$52.7M |
|
BEKE
|
大幅减持 | 2025-09-30 披露 2025-11-14 | 4,236,278 | 7,465,465 | -43.3% | -$51.9M |
|
SE
|
新增 | 2025-09-30 披露 2025-11-14 | 180,050 | 0 | - | +$32.2M |
|
FUTU
|
大幅减持 | 2025-09-30 披露 2025-11-14 | 3,238,179 | 4,312,237 | -24.9% | +$30.2M |
|
VIPS
|
清仓 | 2025-09-30 披露 2025-11-14 | 0 | 1,131,788 | -100.0% | -$17.0M |
LI
|
清仓 | 2025-09-30 披露 2025-11-14 | 0 | 620,000 | -100.0% | -$16.8M |
|
YSG
|
大幅减持 | 2025-09-30 披露 2025-11-14 | 4,885,873 | 6,111,933 | -20.1% | -$14.7M |
BZ
|
清仓 | 2025-09-30 披露 2025-11-14 | 0 | 576,339 | -100.0% | -$10.3M |
Yale Insights 对张磊和 Stephen Roach 的访谈讨论中国投资、长期资本、企业质量和制度环境，是张磊英文公开资料中较可靠的来源之一。
Yale Insights 的张磊研究者资料集中列出相关公开资料和背景信息，是个人介绍和资料来源的稳定依据。