| SHORT-TERM INVESTMENTS |
4. SHORT-TERM INVESTMENTS | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | | | (in thousands) | Short‑term investments: | | | | | Bank time deposits | | 14,874,498 | | 7,057,770 | Wealth management products | | 20,474,093 | | 21,625,789 | Held-to-maturity debt investments | | 5,417,761 | | 5,526,195 | Available-for-sale debt investments | | 551,348 | | 5,370,207 | Total | | 41,317,700 | | 39,579,961 |
The following table sets forth selected data with respect to the Group’s short-term investments at December 31, 2025: | | | | | | | | | | | | | As of December 31, 2025 | | | Cost or | | Gross | | Gross | | | | | | | amortized cost | | unrecognized | | unrecognized | | | | | | | less allowance | | holding | | holding | | | | | | | for credit losses | | gains | | losses | | Fair value | | | RMB | | RMB | | RMB | | RMB | | US$ | | | | (in thousands) | Held-to-maturity debt investments | | 5,526,195 | | 3,176 | | (75,405) | | 5,453,966 | | 779,907 | Available-for-sale debt investments | | 5,405,275 | | — | | (35,068) | | 5,370,207 | | 767,929 |
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