2025 Annual Report Reveals QFII Movements: Total Holdings of 2.29 Billion A-Shares

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As A-share listed companies prepare to disclose their 2025 annual reports intensively, the latest holdings and rebalancing strategies of QFII (Qualified Foreign Institutional Investors) are also coming to light.

As of the time of this report by Securities Daily, Wind Information data shows that QFII figures have appeared among the top ten circulating shareholders of 41 A-share listed companies, with a total holding of 229 million shares. Based on the closing price at the end of 2025, these shares are valued at approximately 5.162 billion yuan.

From the disclosed shareholdings, five stocks have QFII holdings exceeding 10 million shares. By the end of 2025, Baofeng Energy held the most with 44.81 million shares; Tiejian Heavy Industry, Shengtun Mining (rights protection), Kunyu Group, and Baosheng Co. held 23.5 million, 21.12 million, 13.74 million, and 12.23 million shares respectively.

Looking at the trend of disclosed position changes, compared to the end of Q3 2025, nine stocks saw increased QFII holdings in Q4 2025, including Zhejiang Liming, Shahe Shares, and Dawei Shares. Additionally, the number of new heavy positions taken by QFII in Q4 2025 reached 21 stocks.

In terms of market value of holdings, by the end of 2025, 16 stocks had QFII holdings valued at over 100 million yuan. For example, Baofeng Energy’s QFII holding value was the highest, with Abu Dhabi Investment Authority’s stake worth 880 million yuan; Demingli and Shengtun Mining had holdings valued at 367 million yuan and 320 million yuan respectively. According to Shenwan industry classification, these stocks belong to sectors such as basic chemicals, non-ferrous metals, and electronics.

The investment movements of well-known international asset management firms are also closely watched. UBS Group holds a position worth 1.1 billion yuan, ranking first among QFII institutions, appearing among the top ten circulating shareholders in 15 stocks, including XinNuoWei, Baosheng Co., and Ultrasonic Electronics. JPMorgan Securities and Morgan Stanley International hold positions worth 163 million yuan and 289 million yuan respectively, appearing among the top ten shareholders in 7 and 10 stocks.

These data not only reflect QFII’s industry allocation and stock holding characteristics but also demonstrate foreign institutional investors’ firm confidence in China’s high-quality assets.

According to research by Lianbo Fund, China’s AI Token consumption is expected to maintain over 100% growth in the coming years, indicating that AI infrastructure and applications may still have huge profit growth potential. Additionally, the rebound in travel data during China’s New Year holiday confirms the trend of consumption recovery. All these factors are likely to support strong profit growth in China’s stock market and bolster market upward momentum.

“From a valuation perspective, China’s equity market has rebounded from last year’s lows, but its forward P/E discount compared to overseas markets remains significantly low; considering that domestic interest rates may stay accommodative and corporate profits are expected to recover, we remain optimistic about the structural valuation recovery opportunities in China’s equity market,” said a representative from Lianbo Fund in an interview with Securities Daily.

Morgan Stanley’s equity investment team believes that looking ahead, AI remains the most core direction in the tech sector, currently driven mainly by performance catalysts. Although the AI sector is affected by increased volatility in US tech stocks, it has strong earnings certainty, with domestic platform token usage increasing tenfold and computational demand logic being reinforced.