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Long-term funds "sweep up," heavy positions exposed
Wind data shows that as of March 20, 2025, 247 A-share listed companies have disclosed their annual reports for 2025. As these reports are gradually released, the movements of long-term funds such as social security funds and QFII are coming into focus.
Among the companies that have disclosed their top ten circulating shareholders at the end of 2025, 53 have social security funds among their top ten shareholders. In Q4 2025, social security funds newly became the top ten shareholders in 21 companies, increasing their holdings in 14 stocks.
Additionally, among the top ten shareholders of 41 companies, QFII appears as a major holder. In Q4 2025, QFII newly became the top ten shareholder in 21 companies, increasing holdings in 9 stocks.
Social Security Funds Newly Became
Top Ten Shareholders in 21 Companies
Wind data shows that as of March 20, 2025, 247 A-share listed companies have disclosed their 2025 annual reports. Among these, 53 companies have social security funds among their top ten circulating shareholders, with total holdings reaching 1.316 billion shares and a market value of 22.544 billion yuan (based on the closing price at the end of 2025).
In terms of market value rankings, social security funds hold significant positions in China Merchants Shekou, Zangge Mining, and China Shijie Stone, with holdings of 1.921 billion yuan, 1.646 billion yuan, and 1.462 billion yuan respectively. They also hold over 1.1 billion yuan in Shanjin International, China National Pharmaceutical Group, and Shantui.
Top Stocks by Social Security Fund Holdings
Data source: Wind
Among the 53 stocks heavily held by social security funds, in Q4 2025, 21 stocks saw the social security funds newly become the top ten circulating shareholders. Notably, holdings in Hongqiao Holdings, Kelun Pharmaceutical, Putailai, China National Materials Technology, and Tianhua New Energy each exceeded 300 million yuan.
Regarding increases in holdings, in Q4 2025, social security funds increased their positions in 14 stocks. The largest increase was in Shanjin International, with an addition of 19.9205 million shares; Shantui and Great Wisdom also saw increases of 12.1422 million and 11.7021 million shares respectively.
Top Stocks with Increased Shareholdings by Social Security Funds
Data source: Wind
Looking at industry sectors, among the 53 stocks heavily held by social security funds, the sectors with the highest market values are non-ferrous metals (52.37 billion yuan), electronics (27.35 billion yuan), and pharmaceuticals & biotech (23.48 billion yuan).
Social Security Funds’ Top Industry Holdings
Data source: Wind
QFII Newly Became
Top Ten Shareholders in 21 Companies
Among the companies that have disclosed their top ten circulating shareholders at the end of 2025, 41 have QFII among their top ten shareholders. QFII holds a total of 229 million shares, with a market value of 5.162 billion yuan (based on the closing price at the end of 2025).
In terms of market value rankings, QFII’s largest holdings are in Baofeng Energy, *ST Songfa, and Demingli, with holdings valued at 880 million yuan, 646 million yuan, and 367 million yuan respectively. QFII also holds over 300 million yuan in Shengtun Mining (rights protection) and Xiechuang Data.
Top Stocks by QFII Holdings
Data source: Wind
In the 41 stocks heavily held by QFII, in Q4 2025, 21 stocks saw QFII newly become the top ten circulating shareholders. Notably, holdings in Xinnuowei and Jinhaitong each exceeded 200 million yuan.
Regarding increases in holdings, in Q4 2025, QFII increased its positions in 9 stocks. The largest increase was in Zhejiang Liming, with an addition of 5.1443 million shares; Shahe and *ST Songfa also saw increases of 4.6927 million and 3.6386 million shares respectively.
Top Stocks with Increased Shareholdings by QFII
Data source: Wind
Looking at industry sectors, among the 41 stocks heavily held by QFII, the sectors with the highest market values are electronics (1.084 billion yuan), basic chemicals (917 million yuan), and pharmaceuticals & biotech (846 million yuan).
QFII’s Top Industry Holdings
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Editor: Yang Hongbu