The 2025 annual reports of A-share listed companies are being disclosed sequentially, revealing the latest portfolio adjustments of the "National Team," represented by Central Huijin, China Securities Finance Co., Ltd. (CSF), and the National Social Security Fund (NSSF). Data up to April 2, 2026, shows that Central Huijin Investment Ltd. holds Industrial and Commercial Bank of China shares valued at approximately 983.4 billion yuan. The top eight holdings by market value for CSF all exceed 10 billion yuan. Meanwhile, various NSSF portfolios have newly entered several brokerage stocks and significantly reduced holdings in some non-ferrous metal companies.
What value do these "National Team" adjustments hold for retail investors? An industry expert outlined three key reference points. First, these moves can help gauge the market's position and phase; increased buying often signals a relatively safe investment zone, while a shift from market-stabilizing actions to portfolio rebalancing may indicate an upcoming period of structural differentiation. Second, the holdings provide risk warnings and a model for asset allocation. Reductions in overvalued sectors serve as cautionary signals. The long-term preference for high-dividend, strategically important leading companies also offers a blueprint for constructing a balanced personal portfolio. Third, they reinforce a long-term investment philosophy. The underlying principle of "seeking progress while maintaining stability, with value as the priority" is a crucial reference for investors learning to adopt a long-term view, avoid chasing trends, and capitalize on dips in quality assets. The emphasis should be on understanding the investment rationale rather than merely copying specific stock picks.
Central Huijin comprises Central Huijin Investment Ltd. and Huijin Asset Management Co., Ltd. By the end of 2025, Huijin Investment held positions in eight financial stocks (including one insurer), with a substantial total market value. Ranked by descending market value, these are Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, New China Life Insurance, China Construction Bank, China Securities, Shenwan Hongyuan Group, and China International Capital Corp. Ltd. (CICC). Share quantities remained unchanged throughout 2025. However, market value fluctuations occurred due to stock price movements: values increased for Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, New China Life Insurance, and China Construction Bank, while values decreased for brokerages like China Securities, Shenwan Hongyuan, and CICC.
Regarding Huijin Asset Management, by the end of 2025, it appeared in the top ten circulating shareholders of numerous stocks. Its top five holdings by market value were
Concerning the NSSF, by the end of 2025, multiple NSSF portfolios were listed among the top ten circulating shareholders of various companies. Based on disclosed data up to April 2, NSSF portfolios had increased holdings (including new entries) in 170 companies. The most significant increases by share volume were in Industrial Securities, Orient Securities, and Chongqing Rural Commercial Bank. Specifically, the National Social Security Fund 118 portfolio newly entered Industrial Securities with about 175 million shares, Orient Securities with about 131 million shares, and Founder Securities with about 91 million shares. The National Social Security Fund 116 portfolio newly entered Chongqing Rural Commercial Bank. The National Social Security Fund 103 portfolio increased its stake in
Regarding减持, NSSF portfolios reduced holdings in 57 companies. The most significant reductions by share volume were in
As for China Securities Finance (CSF), by the end of 2025, it was present in the top ten circulating shareholders of multiple stocks. Ranked by period-end market value, its top eight holdings all exceeded 15 billion yuan: Bank of China, China Life Insurance, China Shenhua Energy, Zijin Mining Group, China Merchants Bank, China Construction Bank, Industrial and Commercial Bank of China, and Midea Group. Specifically, CSF held about 524 million shares of China Merchants Bank, valued at approximately 22.1 billion yuan; about 691 million shares of Zijin Mining, valued at around 23.8 billion yuan; and about 2.325 billion shares of China Petroleum & Chemical Corporation (Sinopec), valued at approximately 14.4 billion yuan.
A capital market strategist commented that the "National Team's" holdings are not mere targets for imitation but serve as a prism revealing policy direction and long-term capital strategy. From a domestic perspective, the portfolio adjustments of these three entities represent an integrated signal combining policy intent, market stability, and industrial guidance. CSF's movements often mark critical points for systemic risk management, with its accumulation phases typically coinciding with valuation and market bottoms. Central Huijin's allocations demonstrate strategic resilience, favoring undervalued, high-dividend state-owned enterprise reformers, which helps define the long-term safety margin coordinates for the A-share market. The NSSF, as a manager of pension funds, reflects slow-changing trends like demographic shifts and consumption upgrades through its sector rotations; its increased allocations to pharmaceuticals, consumer goods, and advanced manufacturing are deliberate, representing an early realization of the 14th Five-Year Plan's industrial blueprint in the capital markets. Observers note that when these three forces align in increasing holdings, it often foreshadows structural market trends over the next 12 to 18 months. This convergence of policy, valuation, and profit bottoms represents a critical asset allocation window for retail investors.
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