According to the disclosures on the official website of the U.S. Securities and Exchange Commission, data regarding the US stock holdings of the overseas fund managed by Butbin under Dongfang Harbor for the fourth quarter of 2025 has been released. As of the end of 2025, the fund held a total of 10 US stock positions, boasting a combined market value of US$1.316 billion (equivalent to over RMB 9.1 billion). This marked a slight uptick from the US$1.292 billion recorded at the end of the third quarter. In the fourth quarter, Dongfang Harbor opted to liquidate several US stock positions, including those in Coinbase, Netflix, Astera Labs, BitMine Immersion Technologies, Broadcom, and TSMC. Simultaneously, the fund significantly bolstered its stake in Google by around 40.55%. Consequently, Google supplanted Nvidia as the fund's top holding. By the end of 2025, the market value of Dongfang Harbor's Google holdings stood at approximately US$406 million, representing roughly 31% of its total US stock holdings. It's important to note that the market is inherently fraught with risks, and investors should exercise due diligence when making investment decisions. This article is not intended to provide personalized investment advice.