With the concentrated release of first-quarter reports from A-share listed companies, the complete first-quarter holdings data for the National Social Security Fund (NSSF) has been officially disclosed. BYD Company Limited topped the list of manufacturing stocks held by the NSSF with a market value of 44.20 billion yuan.
First-quarter report data shows that the NSSF Portfolio 114 increased its holdings in BYD Company Limited by 2.9781 million shares, bringing its total shareholding to 41.9999 million shares by the end of the period. This positions BYD Company Limited as the largest manufacturing holding in the NSSF portfolio, a clear indication that the state's long-term investment fund places high value on the company's enduring worth.
The NSSF's core investment strategy focuses on capital preservation, appreciation, and hedging against inflation, characterized by a long-term, steady approach and stringent stock selection criteria. It comprehensively evaluates factors such as a company's sales volume, profitability, overseas expansion, technological R&D, cash flow, industry structure, and valuation. The fund maintains a balanced portfolio across sectors like banking, energy, and high-end manufacturing, selectively investing only in industry leaders with proven resilience across economic cycles.
BYD Company Limited adheres to a "long-termism" development philosophy, methodically building a fully self-researched industrial ecosystem. This forward-looking, foundational growth strategy aligns perfectly with the NSSF's long-haul investment mindset. In the first quarter of 2026, the company's revenue reached 150.2 billion yuan, ranking it among the top ten global automakers and number one in China. Its total vehicle sales exceeded 700,000 units, with overseas sales nearing 320,000 units, marking a 55% year-on-year increase. Its products are now available in 120 countries and regions worldwide, with overseas operations solidifying as a stable second growth engine. The company's gross margin for the period also improved sequentially to 18.8%, demonstrating resilient profitability amidst intense industry competition.
In terms of research and development, BYD Company Limited continues its substantial investment, with R&D expenditure hitting 11.3 billion yuan in the first quarter. This has led to the commercialization of its second-generation Blade Battery and flash-charging technology. In May, it further launched China's first 4nm automotive-grade intelligent driving chip, the Xuanji A3. Building upon its foundational safety features for smart parking, the company has enhanced its safety net for urban navigation assistance, thereby strengthening its core competencies in electrification and intelligence.
Unlike short-term capital chasing market trends, the NSSF's continued accumulation of shares sends a distinct signal: new energy manufacturing leaders that rely on fully self-developed supply chains, global growth, and continuous technological iteration possess the attributes of scarce strategic assets. Within the broader context of developing new quality productive forces, leading manufacturers with strong technological barriers, global potential, and robust operational foundations remain prime value targets for long-term capital.
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