Chinese Concept Stocks | Keystone Hedge Fund Adjusts Portfolio: Cuts Pinduoduo, Adds NetEase

On February 12th, Eastern Time (Wednesday), the three major U.S. stock indices showed mixed movements. The S&P 500 Index fell 0.27% to 6051.97 points; the Dow Jones Index dropped 0.50% to 44368.56 points; the Nasdaq Index rose 0.03% to 19649.95 points.

On February 11th, the Nasdaq Golden Dragon China Index fell 1.66%.

Among popular Chinese concept stocks, Bilibili rose 6.36%, Alibaba increased by 4.90%, Baidu climbed 4.36%, NIO went up 4.08%, NetEase increased by 3.46%, XPeng Motors rose 3.29%, Pinduoduo increased by 1.15%, JD.com fell 3.65%, and TSMC dropped 1.13%.

In terms of continuously rising Chinese concept stocks, Best Group rose by 0.12% over 10 consecutive days with a cumulative increase of 1.66% during the period. EHang Holdings increased by 21.39% over 7 days with a cumulative increase of 50.63%. Sohu rose by 1.59% over 7 days with a cumulative increase of 18.56%. NetEase increased by 3.46% over 6 days with a cumulative gain of 7.84%. Jiuzi New Energy rose by 17.02% over 6 days with a cumulative rise of 140.44%.

Regarding continuously declining Chinese concept stocks, Next Technology dropped by 3.33% over 7 days with a cumulative decline of 18.88%. Dingxin Holdings fell by 1.49% over 6 days with a cumulative drop of 30.53%. MicroAlgo decreased by 0.81% over 6 days with a cumulative decline of 22.78%. Golden Sun fell by 1.37% over 6 days with a cumulative drop of 14.47%. Donis dropped by 2.47% over 5 days with a cumulative decline of 11.45%. Jinsheng Amusement fell by 13.82% over 5 days with a cumulative drop of 41.11%.

Singapore's hedge fund Keystone reduced its holdings in Chinese concept stocks like Pinduoduo and Li Auto in the fourth quarter and built positions in NetEase. An analysis of Keystone Investors Pte's 13F filing shows that the Singapore-based emerging hedge fund reduced its holdings of 1.23 million shares of Pinduoduo, 810,000 shares of Yum China, 490,000 shares of Trip.com, 98,000 shares of New Oriental, and 36,000 shares of Li Auto in the fourth quarter. It built new positions with 590,000 shares of Full Truck Alliance, 47,000 shares of NetEase, and 28,000 shares of Futu. The fund increased its holdings of Huazhu Group by 36,000 shares.

The humanoid robot G1 from Unitree Technology has been removed from JD.com. On February 12th, it was discovered that the humanoid intelligent robot G1 from Unitree Technology was briefly listed on JD.com for 99,000 yuan each, with an estimated delivery time of 45 days. Currently, this product has been delisted from JD.com's platform. The product page shows that the humanoid robot model is G1-001, designed for entertainment and companionship, with a battery life of 2-4 hours. Each G1 weighs approximately 35,000 grams, stands 127 centimeters tall, and features a 3-finger dexterous hand with force control, 23 to 43 joint motors, and 3D laser radar. The warranty period for the G1 product is 8 months. Customer service stated that the product was launched on the platform on February 11th and is no longer available for individual sales. Interested parties can contact Unitree Technology's official phone number to connect with sales personnel.

Unitree Technology's Unitree H1 and G1 humanoid robots have officially launched for sale on JD.com. These two robots showcased their outstanding performance and innovative design on this year's Spring Festival Gala stage and technical parameters. Currently, the Unitree G1 humanoid robot is priced at 99,000 yuan on JD.com, with an estimated delivery time of 45 days. The Unitree H1 humanoid robot is priced at 650,000 yuan, with an estimated delivery time of 60 days.

The demand for IP figurines on Xianyu platform has surged by 271% since the beginning of the year. The New Year's second-dimensional economy continues to heat up. Data shows that since the beginning of the year, the demand for IP figurines on the Xianyu platform has surged by 271%. Popular IP figurines from brands like Bandai and Pop Mart are in high demand, with many "star valleys" emerging. Notably, the derivative merchandise of the animated film "Ne Zha" achieved a single-day transaction volume exceeding 3 million yuan, demonstrating the increasing appeal of domestic animation IPs to young people. The search volume for "four pits" consumption, including Hanfu, Lolita, JK uniforms, and COS costumes, has risen by 170%, indicating that young people are more willing to pay for their interests.

Baidu is expected to release the next-generation AI model Ernie 5.0 this year. During the night trading of Baidu's U.S. stocks, the value surged by more than 3%.

At the World Governments Summit 2025 held in Dubai, UAE, Robin Li stated that innovation cannot be planned; you never know when and where innovation will occur, but you can create an environment conducive to innovation. Looking back over the past few hundred years, most innovations have been related to cost reduction, not only in the field of artificial intelligence but also beyond the IT industry. If you can reduce costs by a certain amount or percentage, it means your productivity has increased by the same percentage. He believes that the emergence of DeepSeek was expected, as innovation cannot be planned, and you never know when and where it will occur, but you can create an environment that fosters innovation.