Appeared on the list of the top 10 circulating-share shareholders of 400 listed companies—“buying up” hundreds of ETFs; long-term capital steps up efforts in a dual approach to increase equity holdings

With the continued disclosure of 2025 annual reports from A-share listed companies and public mutual funds, the holdings of long-term funds such as the Social Security Fund, QFII, enterprise annuities, and others have come to light. Judging by the allocation strategy, long-term funds not only buy leading stocks in industries such as advanced manufacturing, pharmaceuticals, and chemicals, but also “sweep up” a large number of broad-based index ETFs and growth-style thematic ETFs—deploying in both directions to allocate to equity assets.

By reviewing the annual reports of listed companies that have already been disclosed, as of April 7, the Social Security Fund, QFII, and enterprise annuities appeared on the list of the top ten tradable shareholders of 400 A-share listed companies. In terms of the long-term funds’ portfolio targets, they are mainly distributed across sectors including advanced manufacturing, pharmaceuticals, nonferrous metals, and chemicals.

Specifically, in the advanced manufacturing sector, this includes Zhejiang Liming, Sinocera? Holdings, Yunda? Corporation, Sany Heavy Industry, Star-Net? and others such as Hongfa Co., Ltd. Taking Zhejiang Liming, which is primarily engaged in the research, production, and sales of precision automotive components, as an example: as of the end of 2025, Goldman Sachs, Morgan Stanley, Merrill, and Social Security Fund 423 were newly added to Zhejiang Liming’s top ten tradable shareholders. In the fourth quarter of 2025, JPMorgan increased its position in Zhejiang Liming by 1.19M shares.

In the pharmaceutical and biologicals sector, long-term funds hold Guoyao Shares, Mindray Medical, Tigermed, Watson Biologics, Livzon Group, and others. Taking Livzon Group as an example: the company integrates pharmaceutical R&D, production, and sales. As of the end of 2025, Social Security Fund 1106 became a newly added top ten tradable shareholder, while the shares held by Social Security Fund 1102 remained unchanged.

The chemicals sector is also drawing high attention. Among the top ten tradable shareholders of industry leaders such as Satana? Chemical, Anhui Wei? High-tech? (Wuhu?) New? and others like Huafeng Chemical and Hualu Hengsheng, long-term funds’ presence appears frequently. Taking Anhui Wei? High-tech as an example: as of the end of 2025, Social Security Fund 17042 and Basic Pension Insurance Fund 1-2-0-5 were newly added as top ten tradable shareholders. In the fourth quarter of 2025, the National Social Security Fund 503 increased its holdings of Anhui Wei? High-tech by 7 million shares.

In addition, long-term funds also hold targets in the nonferrous metals sector such as Yunnan Copper, Jiangxi Copper, Yunlu Shares, and Jinmo Shares. It is worth noting that some newly listed stocks are also being held in a “clumped” manner by long-term funds.

Taking Yongjie New Materials as an example, the company’s主营 business is the R&D, production, and sales of aluminum sheets, strips, and foils. The company listed in March 2025. As of the end of 2025, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays Bank, UBS Group, the Enterprise Annuity Plan of China National Petroleum Corporation, the Enterprise Annuity Plan of CITIC Group Corporation, and the Enterprise Annuity Plan of China Petroleum & Chemical Corporation became newly added top ten tradable shareholders of Yongjie New Materials.

Besides holding shares of A-share listed companies, long-term funds also enter the market via ETFs. As of the end of 2025, among the top ten holders lists of hundreds of ETFs, long-term funds such as QFII and enterprise annuities appeared.

Overall, in the second half of 2025, foreign financial giants increased their positions in multiple broad-based index ETFs and technology growth style ETFs. According to Choice data, as of the end of 2025, UBS Group appeared on the list of the top ten holders of 277 ETFs. From the change in holdings, in the second half of 2025, UBS Group increased its holdings of Huatai-PineBridge CSI 2000 ETF, CSI 500 ETF, and others, and also newly became a top ten holder of multiple science and innovation themed ETFs, including the STAR Market 200 ETF, STAR Market Innovative Drugs ETF, STAR Market Artificial Intelligence ETF, and STAR Market Chip ETF, among others.

Barclays Bank is similar. As of the end of 2025, Barclays Bank appeared on the list of the top ten holders of 200 ETFs, becoming a newly added top ten holder of multiple STAR market themed ETFs. In addition, in the second half of 2025, Barclays Bank increased its holdings of GF CSI 2000 ETF, ICBC CSI 1000 Enhanced Strategy ETF, and others.

Besides foreign giants, more than 200 enterprise annuity plans appeared on the list of the top ten holders of ETFs. As of the end of 2025, the Enterprise Annuity Plan of Agricultural Bank of China appeared on the list of the top ten holders of 18 ETFs; the Enterprise Annuity Plans of Industrial and Commercial Bank of China, China Mobile Communications Group Co., Ltd., China National Petroleum Corporation, and others held more than 10 ETFs each.

In addition, dozens of pension products also appeared on the list of the top ten holders of ETFs. Among them, the Fuochuang Fuqiang equity-type pension product, the China Life Pension Anle Xinqi Hybrid pension product, and the Taikang Asset Fengxuan No.1 equity-type FOF pension product all held more than 10 ETFs. Taking the Fuochuang Fuqiang equity-type pension product as an example: as of the end of 2025, among its top ten holders it newly added Fuochuang STAR Market 200 ETF, Allianz? CSI? chip design ETF, and Fuochuang CSRC robot industry ETF, among others.