Social Security Fund's Portfolio Adjustment Path Becomes Clear in Q4 Last Year, Heavy Positions in 54 Stocks, New Holdings in 22 Targets

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The National Social Security Fund is regarded as the “ballast” of long-term capital in the capital market. Recently, as the annual reports of listed companies continue to be disclosed, the data on its holdings changes for the fourth quarter of 2025 is gradually coming to light.

As of the time the Securities Daily reporter filed the report, the social security fund appeared in the top ten circulating shareholders of 54 A-shares in the fourth quarter of last year, with a total shareholding of 1.32 billion shares and a total market value of 22.652 billion yuan. From the known operational trajectory, the social security fund entered 22 new stocks in the fourth quarter, increased its holdings in 14 stocks, reduced its holdings in 8 stocks, and maintained its positions in another 10 stocks. The adjustment actions not only continue the logic of long-term value investment but also highlight the layout strategy for emerging sectors.

According to the disclosed data, among the 22 new stocks acquired by the social security fund are China National Materials, Shunluo Electronics, Hongqiao Holdings, Kelun Pharmaceutical, etc. The new targets are mainly concentrated in the fields of hardware equipment, pharmaceuticals and biotechnology, and chemicals. In addition, among the 14 stocks that the social security fund has increased its holdings in, those with significant increases include China Merchants Shekou, Focus Technology, and Zangge Mining.

In terms of individual stock concentration, the Social Security Fund’s holdings exhibit the characteristic of “focusing on leading stocks while maintaining a degree of diversification.” China Merchants Shekou, with a holding value of 1.921 billion yuan, has become the largest stock held by the Social Security Fund, jointly held by the National Social Security Fund’s 112 and 413 portfolios; Cangge Mining and China National Building Material rank second and third with holding values of 1.646 billion yuan and 1.462 billion yuan, respectively. Notably, Shantui Construction Machinery has become the most favored stock by the Social Security Fund portfolios, collectively held by five portfolios including the National Social Security Fund’s 406 and 17022 portfolios, with a total holding value of 1.165 billion yuan, reflecting the high consensus among institutions on leading enterprises in the machinery sector.

From the specific operations in the fourth quarter of last year, the adjustment actions of the social security fund reveal three major directions: “increasing allocation in cycles, laying out growth, and optimizing structure.” In terms of new investments, the social security fund added 22 new stocks in the fourth quarter, covering multiple fields such as hardware equipment, pharmaceuticals and biotechnology, and chemicals, with many of the targets related to the computing power industry chain and emerging tracks like new energy. For example, Shunluo Electronics in the hardware equipment sector, as a core supplier of electronic components, saw new holdings from the social security fund; Kelun Pharmaceutical in the pharmaceuticals and biotechnology sector leveraged its advantages in innovative drug research and development, with a single holding value exceeding 400 million yuan from the social security fund; and Anhui Weihe High-tech in the chemicals sector entered the social security fund’s heavy holding list due to its layout in the new materials business.

“The new investments and increased holdings by the social security fund generally exhibit characteristics of stable performance and reasonable valuation.” Chen Yuheng, a senior investment advisor at Shaanxi Jufen Investment Consulting Co., Ltd., stated in an interview with Securities Daily. From the perspective of new investments, the social security fund is not only focusing on the long-term opportunities in growth sectors like the computing power industry chain but also paying attention to the valuation recovery opportunities of leading companies in cyclical sectors. Regarding the increased holdings, the focus is mainly on high-quality enterprises with strong performance certainty and stable dividends, reflecting the allocation logic of long-term capital.

In the fourth quarter, corresponding to new investments and increased holdings, the social security fund reduced its holdings in 8 stocks, mainly involving targets with uncertain fundamentals or high valuations. Among them, Shantui Construction Machinery Co., Ltd. had 6.9022 million shares reduced, bringing its market value down to 1.165 billion yuan; China Merchants Jinling was reduced by 1.3039 million shares; in addition, some consumer electronics and medical device targets were also moderately reduced, with an overall mild reduction aimed at optimizing the portfolio structure.

In addition, 10 individual stocks maintained their positions in the social security fund’s holdings in the fourth quarter, including Shanjin International and China Jushi, which were previously heavily weighted. These stocks generally exhibit stable performance growth and prominent industry positions, and the social security fund’s decision to hold them long-term reflects confidence in quality assets.

Qianhai Kaiyuan Fund’s Chief Economist Yang Delong believes that the social security fund, as a representative of long-term capital, has significant reference value in its holding direction. The current balanced allocation of the social security fund in cyclical sectors and growth tracks not only reflects an optimistic expectation of the economic fundamentals but also demonstrates a precise grasp of the trend of industrial upgrading, providing ordinary investors with a clear allocation idea.

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