As the 2025 annual report season for A-shares progresses, the latest holdings of the Social Security Fund, often regarded as a market stabilizer, are gradually being disclosed.
According to data from Tonghuashun, as of March 25, 2026, among the 419 listed companies that have released their annual reports, the Social Security Fund (including basic pension fund investment portfolios) appears among the top ten circulating shareholders of 77 companies. The combined shareholding amounts to 193 million shares, with a total market value of 31.54 billion yuan.
The Social Security Fund is consistently seen as a sharpshooter in the A-share market. By the end of 2024, the national social security fund's size reached 3.32 trillion yuan. Since its establishment, the fund has achieved an average annual investment return of 7.39%, with cumulative investment returns surpassing 1.9 trillion yuan. Consequently, every move by the Social Security Fund is closely watched by the market.
Statistics from Tonghuashun indicate that the Social Security Fund has positions in 77 stocks. Regarding portfolio adjustments, in the fourth quarter of last year, the fund initiated new positions in 25 stocks, increased holdings in 22 stocks, reduced holdings in 15 stocks, and maintained unchanged shareholdings in 15 stocks.
Among the newly established positions, Chongqing Rural Commercial Bank received the largest share allocation. The National Social Security Fund 116 Portfolio acquired a total of 93.8323 million shares in the fourth quarter, with a year-end market value exceeding 600 million yuan, making it the tenth largest circulating shareholder of the bank.
In terms of shareholding ratio, among the new entries, the Social Security Fund holds a relatively high proportion in Shouhua Gas, accounting for 4.05% of its circulating shares. This is followed by Ruoyuchen, where the Basic Pension Fund 16032 and Social Security Fund 116 Portfolio collectively increased their holdings by 7.027 million shares in the fourth quarter, raising the holding ratio to 3.11%. Other companies with significant Social Security Fund shareholding ratios include Gaoneng Environment, Huitong Energy, and Kelun Pharmaceutical.
Regarding financial performance, among the stocks newly entered by the Social Security Fund, 21 companies saw year-on-year growth in net profit last year. Shouhua Gas recorded the highest increase, achieving a net profit of 169.3189 million yuan, a surge of 123.82% compared to the previous year. Other notable gainers were Putailai and Ruoyuchen, with net profit increases of 98.14% and 84.03%, respectively.
Looking at the absolute proportion of holdings among companies that have disclosed their 2025 annual reports, Shantui Construction Machinery Co., Ltd. stands out as a favorite, with five Social Security Fund portfolios invested in it. Together, they hold 97.3012 million shares, valued at approximately 1.165 billion yuan based on the stock price at the end of 2025.
These five Social Security Fund portfolios are the National Social Security Fund 406 Portfolio, Social Security Fund 17022 Portfolio, Social Security Fund 107 Portfolio, Social Security Fund 413 Portfolio, and Social Security Fund 117 Portfolio. At the end of 2025, they were ranked as the fourth, fifth, sixth, seventh, and ninth largest circulating shareholders of Shantui, respectively. Notably, the Social Security Fund 406 Portfolio newly entered the top ten shareholder list in the fourth quarter of 2025, acquiring 29.6228 million shares. Meanwhile, the Social Security Fund 17022, 413, and 117 Portfolios maintained their share counts unchanged from the previous quarter. However, amidst this overall trend of increasing holdings, there was a dissenting move: the National Social Security Fund 107 Portfolio reduced its holdings by 6.9022 million shares in the fourth quarter of 2025, decreasing its stake from 23.4 million shares to 16.4986 million shares.
Based on shareholding volume, companies such as China Merchants Shekou, Shandong Nanshan Aluminium Co., Ltd., Haoyou Development, and Nanjing Iron & Steel Co., Ltd. each have Social Security Fund holdings exceeding 100 million shares, with specific amounts of 222 million, 164 million, 122 million, and 108 million shares, respectively. Six stocks had a market value of Social Security Fund holdings surpassing 1 billion yuan by the end of the fourth quarter of 2025, including China Merchants Shekou, Zangge Mining, and China Jushi Co., Ltd.
The market value of Social Security Fund holdings in China Merchants Shekou reached 1.921 billion yuan at the end of 2025. Two Social Security Fund portfolios were listed as the fifth and sixth largest circulating shareholders. The National Social Security Fund 112 Portfolio increased its holdings in the fourth quarter and has maintained a significant position in the company since the third quarter of 2022. Recently, the company held an earnings briefing where it expressed that the future returns of the real estate industry and the company itself are expected to gradually stabilize, moving away from the rapid decline phase and entering a bottoming-out stage.
The Social Security Fund has held 15 stocks for more than two years. Among the companies that have published their 2025 annual reports, 25 stocks have been continuously held by the Social Security Fund for more than four consecutive quarters. Of these, 15 have been held for over two years, with three stocks, including China Jushi and Shandong Nanshan Aluminium Co., Ltd., being held continuously for more than five years.
China Jushi holds the record for the longest continuous holding period by the Social Security Fund, spanning 36 quarters since the first quarter of 2017. The latest portfolios involved are the National Social Security Fund 114 Portfolio and the National Social Security Fund 401 Portfolio, which are the fourth and seventh largest circulating shareholders, respectively. Their combined holding is 85.5196 million shares, representing 2.14% of the circulating shares. Other stocks with long holding periods include Shandong Nanshan Aluminium Co., Ltd., Chifeng Gold, and Wanwei High-Tech, which have been held continuously for 22, 20, and 19 quarters, respectively.
Among the 25 stocks held for more than four consecutive quarters, based on the shareholding volume at the end of the fourth quarter of last year, China Merchants Shekou, Shandong Nanshan Aluminium Co., Ltd., and Nanjing Iron & Steel Co., Ltd. have the largest holdings, with 222 million, 164 million, and 108 million shares, respectively. Stocks with higher Social Security Fund holding ratios include Shantui Construction Machinery Co., Ltd., Focus Technology, and China National Medicines Corporation, with ratios of 7.40%, 5.10%, and 4.12%, respectively.
Rong Hao, a wealth management partner at Paipaiwang, believes that the Social Security Fund's stock holdings exhibit the following characteristics: First, long-term holding. The fund maintains very long investment cycles, avoids frequent trading, and does not focus on short-term stock price performance. Second, pursuit of stable returns. It tends to invest in companies with stable operations, placing great importance on corporate governance and valuation. Third, diversified allocation. The fund holds a basket of stocks, ensuring diversification across industries, sectors, and individual stocks. Fourth, focus on leading enterprises. It typically selects listed companies with prominent positions and high recognition within their industries. Fifth, strategic investment. To support the sustainable development of social security, it prioritizes strategic investments in industries and enterprises related to social security causes.
Yang Delong, chief economist at Qianhai Kaiyuan, also commented: "National team players like the Social Security Fund and Central Huijin practice genuine value investing. They are not troubled by market sentiment fluctuations and can effectively buy low and sell high. When the market is sluggish and retail investors are观望 (observing), the national team increases its positions significantly. Conversely, during market volatility, the Social Security Fund may reduce holdings. In the A-share market, only by adhering to fundamental research and value investing can investors ultimately succeed. Speculating on concepts and themes often fails to yield good investment returns."
Regarding whether investors can simply copy the Social Security Fund's moves, Rong Hao believes that while the fund's major holdings and allocation trends offer some reference value, blindly imitating them is not advisable. Firstly, there is a time lag in the information; by the time investors become aware, the stocks may have already appreciated significantly. Furthermore, investors lack knowledge of the fund's cost basis and current holding details. Secondly, the Social Security Fund relies on a diversified portfolio to achieve returns. Even for institutions with deep research capabilities, there is always risk associated with individual companies. The investment characteristic of the Social Security Fund is the pursuit of long-term, stable returns, without demanding high yields. Therefore, it prefers companies with predictable future earnings growth or those offering high dividends, with industry leaders being particularly favored.
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