Who is the "sweeping king" of A-shares? The latest list of social security funds and QFII increasing holdings has been released

As A-shares listed companies gradually disclose their 2025 annual reports, the latest public movements of institutions such as social security funds and QFII (Qualified Foreign Institutional Investors) are gradually emerging.

According to data published by Wind, a reporter from 21st Century Business Herald noticed that in the fourth quarter of last year, social security funds increased their holdings in cyclical, high-end manufacturing, and consumer sectors, especially favoring stocks in environmental protection, wind power, pharmaceuticals, and aerospace military industries. QFII paid more attention to segments like electrical equipment and power grids, and storage chips.

At the individual stock level, health food company XinNuoWei and resource stock Nanjing Steel also attracted attention from different types of institutional investors.

Social Security Funds Increase Holdings in Cyclical and High-End Manufacturing

According to Wind, as of noon on March 18, among over 130 A-share companies that have disclosed their annual reports, social security funds appeared among the top ten circulating shareholders in 38 companies.

Among these 38 listed companies, many stocks from cyclical, high-end manufacturing, and consumer sectors saw increased holdings from social security funds.

Specifically, in the fourth quarter of last year, the stocks with the largest increases in holdings by social security funds (compared to the end of Q3 2025) included Shantui Co., Ltd., China Merchants Shekou, Nanshan Aluminum, and Nanjing Steel. Compared to the end of Q3 last year, the holdings of these stocks increased by approximately 22.72 million, 8.56 million, 4.34 million, and 4 million shares respectively.

Additionally, Cangge Mining and Anfu Technology also received over one million shares of increased holdings from social security funds, with increases of 1.5 million and 1.43 million shares respectively. Social security funds also increased holdings of over 880,000 shares of Shanghai Xinyang (rights issue) and nearly 120,000 shares of Shennan Circuit.

It is worth noting that many of these stocks are included in the Wind New Quality Productivity Index.

Furthermore, social security funds newly became among the top ten circulating shareholders of 11 stocks, including GaoNeng Environment, JiaZe New Energy, Kelun Pharmaceutical, Putailai, AVIC High-Tech, Tianwei Food, XinNuoWei, Sunlord Electronics, and JianSheng Group.

In terms of industry coverage, stocks newly heavily held by social security funds span wind power, environmental protection, pharmaceuticals, aerospace military, anode materials, food, passive components, property management services, power tools and parts, among others.

Many of these stocks with increased holdings also carry the label of New Quality Productivity.

For example, by the end of 2025, social security funds held nearly 27.3 million shares of GaoNeng Environment, making it the sixth-largest circulating shareholder; the company’s core business includes solid waste and hazardous waste resource utilization, household waste treatment, environmental restoration, and other fields such as hazardous waste harmless disposal, water treatment, air pollution control, and organic waste management.

Social security funds held about 19.45 million shares of JiaZe New Energy, ranking as its ninth-largest circulating shareholder. As a wind power industry player, JiaZe New Energy has five main business segments: renewable energy station development—construction—operation—sales, renewable energy station maintenance services, rooftop distributed photovoltaics, renewable energy industry funds, and renewable energy equipment manufacturing industrial parks.

On the reduction side, it appears that social security funds are adjusting their structure within the real estate and machinery industries.

Insurance Funds Favor Segmented Industry Chains

The social security funds’ increased holdings in Nanjing Steel were also newly accumulated by insurance institutions.

By the end of Q4 last year, China Ping An Life Insurance Co., Ltd. held over 37.02 million shares of Nanjing Steel, becoming its eighth-largest circulating shareholder.

Currently, Nanjing Steel has a total market value of about 35.6 billion yuan. Public information shows that Nanjing Steel mainly produces special steel plates and long products, focusing on R&D and promotion of high-strength, high-toughness, high-fatigue, high-wear, corrosion-resistant, and easy-welding steel materials.

Overall, as of noon on March 18, insurance institutions have appeared among the top ten circulating shareholders in 23 listed companies.

Besides Nanjing Steel, insurance funds have also newly accumulated holdings in Huaming Equipment, Lante Optical, and Beijie Te, which belong to power transmission and distribution equipment, lenses, and sewage and wastewater treatment industries.

QFII Initiates Heavy Positions in 12 Stocks

Additionally, 42 listed companies now have QFII among their top ten circulating shareholders.

In terms of increasing holdings, QFII prefers to explore opportunities in small-cap stocks.

For example, Shuhua Sports saw new QFII holdings in Q4 last year, with UBS Group, Goldman Sachs, Barclays, and Morgan Stanley International becoming its fourth, fifth, sixth, and seventh largest shareholders respectively.

Besides Shuhua Sports, QFII also increased holdings in 11 stocks including Baosheng Co., Yanjiang Co., XinNuoWei, Tianhong Co., and Demingli in Q4 last year.

Looking at the amount of increased holdings, QFII mainly added positions in stocks within electrical equipment, health foods, non-woven fabrics, and storage chips.

Specifically, Baosheng Co., a listed company under China Aerospace Corporation, is a major state-owned enterprise in the domestic wire and cable industry, with a market value of over 9 billion yuan. In Q4 last year, UBS Group and Morgan Stanley International became its sixth and eighth largest shareholders, holding approximately 6.6 million and 5.63 million shares respectively.

XinNuoWei’s caffeine products are widely used as food additives in functional beverages; the company is a global supplier for Pepsi, Coca-Cola, and Red Bull. Its total market value exceeds 45 billion yuan.

In Q4 last year, XinNuoWei was also newly held by social security funds and UBS Group. By the end of Q4, UBS held about 6.88 million shares, making it the eighth-largest circulating shareholder.

Yanjiang Co. was newly held by Morgan Stanley and CITIC Securities Asset Management (Hong Kong), which are QFII. The company specializes in producing surface materials for disposable hygiene products; main products include PE perforated films, 3D perforated non-wovens, hot-air non-wovens, and ADL drainage layers. Its products are exported to Europe, America, Africa, and the Middle East.

By the end of Q4 last year, these two QFII held approximately 2.53 million and 4.37 million shares of Yanjiang Co., ranking eighth and tenth among its top ten circulating shareholders.

Additionally, in Q4 last year, Dawa Co. not only received increased holdings from Barclays but also saw new positions from Morgan Stanley, J.P. Morgan Securities, UBS, and BNP Paribas among its top ten circulating shareholders. Dawa balances two major business segments: “New Energy + Automotive” and “Semiconductor Storage + Smart Terminals.”

Regarding stock performance, since the beginning of the year, Yanjiang Co., Shuhua Sports, and Dawa Co. have all experienced gains, with the highest increase exceeding 80%.

On the reduction side, it appears that in Q4 last year, QFII reduced holdings in many stocks within electrical equipment and hardware sectors.