During the regular reporting season for listed companies, the position adjustments of QFIIs, representing professional overseas investors, attract particular attention. Sovereign wealth funds, especially, have long been regarded as representatives of "long-term smart money," with their position adjustments often revealing insights into major capital's judgment on market styles and sector rotation.
Based on currently disclosed semi-annual report data, sovereign wealth funds have become more active in A-shares than before. Abu Dhabi Investment Authority remains dominant, with its holdings surging to 8.7 billion yuan, covering 20 A-shares. Meanwhile, Kuwait Investment Authority is also increasing its positions in manufacturing and resource assets. Although it holds only 8 individual stocks, its portfolio is compact with clear adjustment patterns.
Simultaneously, other sovereign wealth funds including Singapore's Government of Singapore Investment Corporation, Hong Kong Monetary Authority, and Macau Monetary Authority have also appeared, each with distinct allocation styles - some favoring defensive consumption, others continuing to favor technology growth.
"These sovereign funds actually buy and adjust gradually, unlikely to rush in like short-term hot money. It's precisely because of this that their position changes have greater reference value," said the head of research at a foreign investment institution. "The directions they are willing to increase positions in often indicate that performance and valuations are entering cost-effective ranges."
**Middle Eastern Sovereign Funds Strike with Precision, Abu Dhabi and Kuwait Take Different Adjustment Paths**
From the latest disclosed interim holdings data, Abu Dhabi Investment Authority held 20 A-share stocks in this period, with total holdings reaching 388.47 million shares and a total market value of 8.742 billion yuan, approaching the 9 billion yuan mark, making it the institution with the heaviest positions among all sovereign QFIIs.
Kuwait Investment Authority is relatively concentrated, holding only 8 stocks, but with cumulative holdings reaching 102 million shares and a market value of 1.98 billion yuan, demonstrating a more "pressure-intensive" deployment strategy.
In Abu Dhabi Investment Authority's holdings structure, Zijin Mining Group Company Limited (601899.SH) remains the top heavy holding. As of the end of the second quarter, it held 173 million shares, an increase of 10.34 million shares from the previous quarter, with corresponding market value reaching 3.383 billion yuan. This not only significantly leads all other individual stocks but also represents the most important weighted asset in Abu Dhabi Investment Authority's A-share portfolio.
Zijin Mining Group Company Limited has benefited from warming metal prices and overseas project implementations this year, with fundamental improvements driving continued stock price gains. The institution's increased holdings are viewed as medium to long-term positioning in resource-type leaders.
Second is Ninebot Limited-WD (689009.SH), holding 12.18 million shares, increasing by 2.12 million shares this period, with market value reaching 721 million yuan. This is a manufacturer of wearable and smart mobility products, combining technology and consumer attributes, aligning with sovereign funds' preference for stable growth and global business foundation stock selection logic.
Following closely is Shengyi Technology Co.,Ltd. (600183.SH), holding 21.75 million shares this period, increasing by 8.99 million shares quarter-over-quarter, with market value of 656 million yuan. Baofeng Energy and Beijing New Building Materials also hold significant positions of 37.56 million shares and 19.10 million shares respectively, with market values of 606 million yuan and 506 million yuan, both in the core tier of its A-share portfolio.
These targets are mainly distributed in chemical, new materials, and building materials industries, reflecting Abu Dhabi's preference for leading companies with cost advantages and performance stability in the manufacturing chain.
From an adjustment perspective, Abu Dhabi Investment Authority increased positions in all top five holdings this period, with Zijin Mining Group Company Limited showing the most significant increase of over 10 million shares. This indicates its further bullish stance on verified tracks during high prosperity cycles, rather than short-term defensive adjustments.
Additionally, Abu Dhabi Investment Authority newly entered the top ten tradable shareholders lists of 9 listed companies, with Jiangsu Changjiang Electronics Technology holding the most at 10.55 million shares with market value of 355 million yuan. Sunway Communication held 9.71 million shares with market value of 217 million yuan, and Jiangsu Yangnong Chemical's holdings also exceeded 100 million yuan.
Regarding reductions, Abu Dhabi Investment Authority reduced holdings in 4 stocks, with Guangdong Haid Group seeing the largest reduction of 6.92 million shares, Hengli Hydraulic reduced by 360,000 shares, and Oriental Yuhong and Tonghua Dongbao saw minor reductions of 76,100 and 73,200 shares respectively.
In contrast, Kuwait Investment Authority's allocation style leans more toward "small-to-medium market cap + growth." Its heaviest market value holding is Hengli Hydraulic, holding 6.13 million shares this period, increasing by 1.31 million shares from last quarter, with market value of 441 million yuan. It also significantly increased positions in Songyuan Safety (increasing by 1.04 million shares) and Jinchengxin Mining (increasing by 880,000 shares), corresponding to market values of 105 million yuan and 330 million yuan respectively, collectively demonstrating its betting logic on high-end manufacturing and resource industry chains.
Notably, Kuwait Investment Authority newly purchased Kunming Pharmaceutical Corporation this period, holding 5.66 million shares with market value of 80.98 million yuan, and also newly entered the top ten tradable shareholders of Giant Star Technology, holding 11.01 million shares with market value of 281 million yuan.
On the other hand, Kuwait Investment Authority significantly reduced positions in Xinjiang Tianshan Cement, reducing by 3.59 million shares, with remaining holdings of 32.68 million shares and market value of 211 million yuan. Analysts believe this might be phased profit-taking on cyclical stocks or risk control considerations due to declining industry prosperity cycles.
**GIC Heavily Weights Manufacturing Growth, Hong Kong and Macau Show Mixed New Entries and Reductions**
Besides Middle Eastern funds, sovereign wealth funds from other regions also collectively appeared in this period's interim reports, continuing to maintain active presence in the A-share market.
Specifically, Government of Singapore Investment Corporation (GIC), Hong Kong Monetary Authority, and Macau Monetary Authority collectively hold 13 A-share stocks, with total holdings reaching 143 million shares and corresponding market value of 2.84 billion yuan, showing growth from the previous quarter.
From specific holdings, GIC increased positions in high-end equipment stock Friendess Electronic Technology this period, adding 906,200 shares for total holdings of 4.28 million shares with market value of 564 million yuan, showing continued attention in intelligent equipment and power equipment directions. It reduced holdings in Huaming Power Equipment by 3.74 million shares, still holding 9.83 million shares with corresponding market value of 164 million yuan.
Macau Monetary Authority became one of the most active sovereign funds in the second quarter, holding 9 stocks covering resources, consumption, pharmaceuticals, new energy and other industries, with quite diversified positioning.
Macau Monetary Authority's largest holding as of the second quarter was Giant Star Technology, holding 16.73 million shares, significantly increasing by 4.76 million shares quarter-over-quarter, with market value reaching 427 million yuan, showing recognition of consumer manufacturing leaders.
Next is Jinchengxin Mining, increasing by 384,000 shares to 9.07 million shares this period, with market value of 421 million yuan. China Resources Sanjiu was also significantly increased by 4.57 million shares to 10.40 million shares, with market value of 325 million yuan, becoming a focus of its pharmaceutical allocation.
Meanwhile, after reducing Xinjiang Tianshan Cement by 5.10 million shares, Macau Monetary Authority still holds 32.34 million shares with market value of 209 million yuan. It maintained stable holdings in Yinlun Machinery and Tiancheng Controls at 7.41 million shares and 2.43 million shares respectively, with market values of 180 million yuan and 27.93 million yuan.
Notably, Kunming Pharmaceutical Corporation was a new entry for Macau Monetary Authority, holding 8.76 million shares with market value of 125 million yuan, adding new allocation dimensions to its pharmaceutical sector. Semir Garment, belonging to the consumption sector, also added this institution as a top ten tradable shareholder, holding 16.00 million shares.
Hong Kong Monetary Authority continues maintaining its consistent defensive style, holding 12.52 million shares in Chengde Lolo, despite reducing by 1.17 million shares, with market value still at 114 million yuan. It also reduced Weixing New Materials by 660,000 shares while still holding 9.82 million shares with market value of 102 million yuan. Both belong to defensive consumption or building materials categories.
From overall adjustment paths, the three regional sovereign funds collectively had multiple increase operations, with Macau direction particularly showing obvious strategies of both position increases and new entries, indicating responsive intentions to prosperity recovery in certain industries.
"Singapore leans toward technology, Macau toward manufacturing consumption, Hong Kong steadily guards defensive assets" - each has gradually formed unique style curves. A partner at a Shanghai quantitative institution stated: "Hong Kong and Macau funds' styles lean toward long-term stability, Singapore is more aggressive. Overall, sovereign funds' logic still leans toward medium-term prosperity judgment, relatively unaffected by short-term market volatilities."
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