Zhang Yongping in the Mirror: A Portrait of a Value Investor

“On the fifth day of the Lunar New Year, I looked in the mirror.” This statement by Duan Yongping may seem lighthearted, but it secretly contains deep confidence—an iconic figure in China’s investment world responding to admiration in the simplest way. The “mirror” reflects not just a person, but a realm of investment philosophy and wealth understanding.

Duan Yongping’s name is well-known in the industry, praised as a “true invisible billionaire,” “China’s Buffett,” and affectionately called “DuanFett.” He is one of China’s earliest and most renowned value investors, with a staggering asset scale, yet always known for humility.

Starting with the Mirror: Why He Is Considered a God of Wealth

Born in Nanchang, Jiangxi, in 1961, Duan Yongping later graduated from Zhejiang University and Renmin University. His first job was at RiHua Electronics in 1989, followed by co-founding the gaming brand Xiaobawang, which was his initial stage. In 1995, he left Xiaobawang to establish BBK, a company that became a microcosm of China’s consumer electronics industry. Interestingly, Chen Mingyong of OPPO, Shen Wei of VIVO, and Jin Zhijiang of BBK Education were all core members of his team, demonstrating his sharp vision.

In 2001, at age 40, Duan Yongping retired from business success and turned to investing. Every step since then has become a textbook case in the industry. His investment in NetEase yielded 100 times returns, marking the first chapter of the “DuanFett” legend. In 2006, he paid a record $620,000 to have lunch with Warren Buffett, becoming the first Chinese investor to invite a partner (Pinduoduo founder Huang Zheng) to join him. The influence of that lunch remains significant today.

These achievements gradually reveal that the so-called “God of Wealth” is essentially a mirror capable of reflecting correct investment logic. The mirror Duan Yongping looks into reflects a profound understanding of corporate essence.

Legendary Investments Across Generations: From NetEase to Apple

In 2011, Apple’s market value was about $300 billion. Duan Yongping chose to build a large position at that time, a decision later proven to be brilliant—Apple’s market cap once exceeded $4 trillion, a more than tenfold increase. Apple has long been the top holding in Duan Yongping’s portfolio. Even as he gradually reduced his holdings in recent quarters, trimming over 7% (about 2.47 million shares), he still retains a substantial stake.

The logic behind this is clear: long-term investing is not about quick gains from buying low and selling high, but about unwavering confidence in quality companies. Apple, from undervalued to overvalued, Duan Yongping never chased the peak blindly nor panicked and sold during volatility. This is the so-called “mirror wisdom”—the ability to see one’s own greed and fear clearly, and make rational decisions.

Tencent’s Trial: More Than Just Vision Tested

In 2022, Duan Yongping repeatedly built positions in Tencent at low points, when the stock was around HKD 300. But subsequent movements cost many followers—by October, the stock had fallen to HKD 180, causing losses for many. At that time, the market criticized this bottom-fishing.

However, if we look today, Tencent’s stock has risen to HKD 657. Even based on the initial HKD 300 entry price, the gains have doubled. Duan Yongping once angrily rebuked a netizen who said, “People who buy Tencent lack investment ability,” saying, “Shut up! You act like you’re richer than me.” Behind this exchange lies a fundamental divide between long-term investors and short-term speculators. Tencent’s case proves that true investment skill isn’t about predicting short-term trends but about enduring confidence crises.

Precise Bottom-Fishing in Moutai: Understanding Chinese Enterprises

In early 2026, Duan Yongping precisely bottom-fished Moutai, which soon responded with nearly hitting the daily limit. This again demonstrated his deep understanding of China’s leading consumer brands. From NetEase, Apple, to Moutai, his investment portfolio consistently reflects a persistent focus on high-quality enterprises.

NVIDIA’s New Favorite: Industry Chain Layout in the AI Era

In Q4 2025, Duan Yongping made a striking move. When NVIDIA’s stock was high, he aggressively bought 6.6393 million shares, increasing his holdings by 1110.62%, reaching a total of 7.2371 million shares, with a market value soaring to $1.35 billion, making it his third-largest position (7.72%).

What’s most intriguing is that he didn’t just hold NVIDIA alone to ride the AI wave, but built a diversified industry chain portfolio. He also added positions in CoreWeave, Credo, and Tempus, with new holdings of 299,900, 141,300, and 110,000 shares respectively. These companies cover three key nodes of the AI industry chain—computing power, connectivity, and applications—forming a comprehensive ecological investment layout.

This shows that Duan Yongping’s understanding of new era investment opportunities has evolved: it’s not about blindly chasing hot topics, but about systematically constructing a portfolio that captures core value regardless of how the AI tide unfolds.

The Wisdom of the Mirror: The Ultimate Realm of Investing

Returning to that phrase, “I looked in the mirror,” we can now better understand its meaning. What does this mirror reflect? Confidence, a commitment to long-termism, and a discipline in mastering the most challenging skill—“human nature.”

Duan Yongping is called the “God of Wealth” not because he never fails, but because he knows how to find trends in the tide of history, stay rational amid market panic, and trust his judgment when others doubt. Whether it’s the 100x NetEase, 10x Apple, or the doubled Tencent, these investment stories share a common point—they all stem from a correct understanding of that “mirror”: recognizing one’s own limits, investing in companies you truly understand, and giving them enough patience.

On the fifth day of the Lunar New Year, Duan Yongping looks in the mirror. What this mirror reflects may be the very image every investor should aspire to—rationality, steadfastness, and an unwavering pursuit of long-term value.