As of February 15, Beijing time, most of the U.S. stock holdings data of major investment institutions as of the end of the fourth quarter of 2024 disclosed on the website of the U.S. Securities and Exchange Commission (SEC) have been released. In general, in the fourth quarter of 2024, U.S. technology stocks are still the core configuration of large funds, but institutional position adjustments are obviously differentiated, and high-level profit-taking phenomena are frequent; hedge funds that are good at "bottom-fishing" have bought Chinese stocks in large quantities; and many institutions have increased the allocation of consumer and cyclical stocks. In terms of individual stocks, in the fourth quarter of 2024, Buffett did not continue to sell Apple shares, and Himalaya Capital kept all its positions unchanged and did not continue to sell Apple; at the same time, Buffett's only new stock to open a position was Constellation Brands, a high-end wine company. He increased his holdings in consumer and cyclical stocks such as Domino's Pizza and Occidental Petroleum; among Chinese stocks, institutions seem to be more enthusiastic about increasing their holdings in Alibaba than Pinduoduo, which is a reversal compared with the institutional position adjustments in the previous few months.