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    <nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007903107</cusip>
    <value>153700500</value>
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    <nameOfIssuer>ALIBABA GROUP HLDG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>01609W102</cusip>
    <value>1152808500</value>
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      <Sole>6450000</Sole>
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    <nameOfIssuer>ALPHABET INC</nameOfIssuer>
    <titleOfClass>CAP STK CL C</titleOfClass>
    <cusip>02079K107</cusip>
    <value>337925625</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>1387500</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMAZON COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>548925000</value>
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    <otherManager>N/A</otherManager>
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      <Sole>2500000</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMERICAN AIRLS GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02376R102</cusip>
    <value>103970000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9250000</sshPrnamt>
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    <otherManager>N/A</otherManager>
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      <Sole>9250000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ASML HOLDING N V</nameOfIssuer>
    <titleOfClass>N Y REGISTRY SHS</titleOfClass>
    <cusip>N07059210</cusip>
    <value>61957760</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>64000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BAIDU INC</nameOfIssuer>
    <titleOfClass>SPON ADR REP A</titleOfClass>
    <cusip>056752108</cusip>
    <value>137699650</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1045000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>1045000</Sole>
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      <None>0</None>
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    <nameOfIssuer>BLOCK INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>852234103</cusip>
    <value>26739900</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>370000</Sole>
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      <None>0</None>
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    <nameOfIssuer>CAESARS ENTERTAINMENT INC NE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12769G100</cusip>
    <value>56752500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2100000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>2100000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CITIZENS FINL GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>174610105</cusip>
    <value>31896000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>600000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COMERICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>200340107</cusip>
    <value>31690500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>462500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>462500</Sole>
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      <None>0</None>
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    <nameOfIssuer>CORNING INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>219350105</cusip>
    <value>133298750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1625000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1625000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>247361702</cusip>
    <value>26246875</value>
    <shrsOrPrnAmt>
      <sshPrnamt>462500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>462500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DEUTSCHE BANK A G</nameOfIssuer>
    <titleOfClass>NAMEN AKT</titleOfClass>
    <cusip>D18190898</cusip>
    <value>134203900</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3790000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>3790000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer>
    <titleOfClass>COM UT LTD PTN</titleOfClass>
    <cusip>29273V100</cusip>
    <value>85066153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4957235</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>4957235</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FISERV INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337738108</cusip>
    <value>119260250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>925000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>925000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GOODYEAR TIRE &amp; RUBR CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>382550101</cusip>
    <value>38447200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5140000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5140000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>IQVIA HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46266C105</cusip>
    <value>54132900</value>
    <shrsOrPrnAmt>
      <sshPrnamt>285000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>285000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CHINA LG-CAP ETF</titleOfClass>
    <cusip>464287184</cusip>
    <value>45665400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1110000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>JD.COM INC</nameOfIssuer>
    <titleOfClass>SPON ADS CL A</titleOfClass>
    <cusip>47215P106</cusip>
    <value>217750500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6225000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6225000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KEYCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>493267108</cusip>
    <value>37753800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2020000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>2020000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KRANESHARES TRUST</nameOfIssuer>
    <titleOfClass>CSI CHI INTERNET</titleOfClass>
    <cusip>500767306</cusip>
    <value>310874000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7400000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>7400000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>L3HARRIS TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>502431109</cusip>
    <value>91623000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>300000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>512807306</cusip>
    <value>49543000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>370000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LYFT INC</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>55087P104</cusip>
    <value>123256000</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5600000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>30303M102</cusip>
    <value>271720600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>370000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595112103</cusip>
    <value>83660000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>500000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>239551875</value>
    <shrsOrPrnAmt>
      <sshPrnamt>462500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>462500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>608190104</cusip>
    <value>20820580</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>161500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MPLX LP</nameOfIssuer>
    <titleOfClass>COM UNIT REP LTD</titleOfClass>
    <cusip>55336V100</cusip>
    <value>26723250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>535000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>535000</Sole>
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      <None>0</None>
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    <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>629377508</cusip>
    <value>302846500</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>1870000</Sole>
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      <None>0</None>
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    <nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67066G104</cusip>
    <value>354502000</value>
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      <sshPrnamt>1900000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>1900000</Sole>
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      <None>0</None>
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    <nameOfIssuer>OWENS CORNING NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>690742101</cusip>
    <value>22845790</value>
    <shrsOrPrnAmt>
      <sshPrnamt>161500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>161500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PDD HOLDINGS INC</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>722304102</cusip>
    <value>237906000</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>207118200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1245000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>1245000</Sole>
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    </votingAuthority>
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    <nameOfIssuer>RTX CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75513E101</cusip>
    <value>85254635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>509500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>509500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>874039100</cusip>
    <value>296047400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1060000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>910047109</cusip>
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      <None>0</None>
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    <nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
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    <nameOfIssuer>VISTRA CORP</nameOfIssuer>
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    <nameOfIssuer>WESTERN ALLIANCE BANCORP</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>WHIRLPOOL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>432300000</value>
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      <Sole>5500000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ZIONS BANCORPORATION N A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>989701107</cusip>
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      <sshPrnamt>285000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>285000</Sole>
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      <None>0</None>
    </votingAuthority>
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</informationTable>
