China's "National Team" Unveils Latest Heavyweight Stock Holdings: Multiple Stocks Doubled Last Quarter, Key Additions Highlighted

Deep News11-10

Data shows that by the end of Q3 2025, China's "national team" of state-backed funds held significant positions in approximately 801 A-share stocks, with a combined market value of around 4.47 trillion yuan. Financial stocks remained a key focus, while several holdings saw their share prices double during the quarter.

**Financial Sector Dominates "National Team" Portfolio** According to private placement data, the "national team" (including Central Huijin, China Securities Finance, and social security funds) held major stakes in 801 listed companies by Q3-end, marking a 38.5 billion yuan increase from Q2's 4.44 trillion yuan total. About 84% of the portfolio's value was concentrated in financials, with banking stocks accounting for 73.66% (3.3 trillion yuan) and non-bank financials at 10.30% (460.7 billion yuan).

**Top Holdings** Thirty-three companies had "national team" holdings exceeding 100 billion yuan, including three trillion-yuan positions in state-owned banks: Agricultural Bank of China (601288.SH, 1.11 trillion yuan), Bank of China (601988.SH, 1.03 trillion yuan), and Industrial and Commercial Bank of China (601398.SH, 1.02 trillion yuan). Other major holdings included China International Capital Corporation (601995.SH), Ping An Insurance (601318.SH), and New China Life Insurance (601336.SH), each valued over 60 billion yuan.

**Notable Reductions** Some financial stocks faced减持, such as Shenwan Hongyuan Group (000166.SZ), where holdings dropped by 197 million shares. The stock closed at 5.53 yuan on November 10, up 4.33% year-to-date (YTD). Similarly, Citic Securities (600030.SH) saw a 166 million share reduction, closing at 29.3 yuan (up 1.33% YTD).

**Outperformers: Stocks That Doubled** Several holdings surged over 100% in Q3, led by Beijing Capital Development (600376.SH, +205.31%), Shenzhen Pacific Union Precision (688210.SH, +175.65%), and Shanghai Electric Power (600021.SH). Despite its rally, Beijing Capital Development reported a 3.1 billion yuan net loss for Q1-Q3 2025, extending a three-year loss streak.

**Major Additions** The "national team" aggressively increased stakes in five companies by over 100%: Anhui Guangxin Agrochemical (603599.SH, +277.97%), BYD (002594.SZ, +208.64%), Skshu Paint (603737.SH, +186.76%), Jiangsu Nhwa Pharmaceutical (002262.SZ, +155.27%), and Zhuzhou CRRC Times Electric (688187.SH, +139.78%). Skshu Paint stood out with an 81.22% profit growth, while Guangxin Agrochemical faced declining revenue and earnings.

**Market Performance** As of November 10, Skshu Paint rose 47% YTD, and Shenzhen Pacific Union Precision gained 177.26%. The latter completed a 50 million yuan buyback but saw its controlling shareholder减持 4.8 million shares in early September.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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