Log in to the Sina Finance APP and search for [Information Disclosure] to view more rating levels. Hot topics, watchlists, data center, market center, capital flows, simulated trading client.
The third-quarter report disclosure period is nearing its end. The list of the top ten circulating shareholders of A-share listed companies is being revealed one after another, and the position-adjustment tracks of medium- and long-term funds such as the National Social Security Fund, the basic old-age pension fund, enterprise annuities, and public funds are gradually becoming clear. Wind data shows that, as of the reporter's deadline on October 27, the disclosure rate of A-share third-quarter reports was about 41.76%. Judging from the available third-quarter report data, the structural accumulation by medium- and long-term funds is prominent: the number of targets newly entered and increased by the Social Security Fund exceeded the number of reduced holdings; the basic old-age pension fund made contrarian arrangements in the electronics sector; enterprise annuities, which are in the transition period of long-cycle assessment rectification, maintained an extremely low turnover rate, and their holdings generally tended to be stable; public funds appeared in the top ten circulating shareholder lists of 1,590 individual stocks, among which 141 were increased and 22 were newly entered. More noteworthy is that, at present, benefiting from the continuous advancement of policy-side reform, channels for long-term capital to enter the market are rapidly breaking through the single secondary-market trading model and extending to diversified paths such as private placements, strategic placements, public REITs, and pension products. Experts interviewed by the Securities Daily said that as the long-cycle assessment mechanism continues to improve and channels for medium- and long-term funds to enter the market are further broadened, patient capital is expected to better play a role in stabilizing the market, serving the real economy, and developing new quality productive forces.
Accumulation Reflects Medium- and Long-Term Value Judgments
The list of the top ten circulating shareholders is one of the most direct windows for observing the behavior of long-term capital. First, look at the Social Security Fund. Data shows that the Social Security Fund appeared in the top ten circulating shareholder lists of 221 companies, with total holdings of about 3.337 billion shares and a period-end holding market value of about 70.944 billion yuan, among which 54 were newly entered, 70 were increased, 51 were reduced, and 46 remained unchanged. At the industry and individual stock levels, the main line of the Social Security Fund's position adjustment is clear: increases were concentrated in resource stocks such as Zijin Mining Group Co., Ltd. and Shanjin International Gold Co., Ltd. In addition, the Social Security Fund's concentration in manufacturing reached 75.1%, while non-bank financials and real estate were almost absent. It can be seen that the Social Security Fund's position adjustment shows a structural feature of "switching from high-level white horses to resources and manufacturing with sufficient adjustment." The signal from the basic old-age pension fund lies in "rapid scale growth and structural migration." In the visible sample, 34 new entries had a total market value of about 4.77 billion yuan, clearly tilting toward semiconductor targets such as Shannon Chip Creation Technology Co., Ltd. and Xiechuang Data Technology Co., Ltd. In terms of enterprise annuities, enterprise annuities appeared in the top ten circulating shareholder lists of 21 individual stocks, among which 5 were increased and 7 were newly entered, concentrated in industries such as non-ferrous metals. Tian Lihui, a professor of finance at Nankai University, told the Securities Daily that the Social Security Fund's increase in resource stocks and hard-tech stocks and reduction of some high-level white horse stocks reflects a structural adjustment of "defensive base position + growth position"; the low turnover rate of enterprise annuities mainly reflects behavioral constraints during the transition period of long-cycle assessment rectification. "Observed from the disclosed third-quarter report samples, the divergence in position adjustments by long-term capital such as the Social Security Fund and enterprise annuities is essentially a normal structural choice brought about by differences in liability attributes, risk preferences, and assessment rules among different long-term funds," Chen Li, chief economist of Chuancai Securities, analyzed to the Securities Daily. At present, long-term capital has already balanced high-dividend assets and new quality productive forces tracks, pursuing a balance between returns and risks.
Market Entry Channels Extend Toward Diversification
In recent years, top-level policies have continued to clear bottlenecks. On the one hand, they have lengthened the assessment cycle to stabilize investment behavior; on the other hand, they have opened up investment categories and promoted medium- and long-term fund allocation channels to expand from single secondary-market stock trading to diversified scenarios such as private placements, strategic placements, public REITs, and cross-asset allocation through pension products. The Guiding Opinions on Promoting the Entry of Medium- and Long-Term Funds into the Market issued in September 2024 vigorously guided medium- and long-term funds to enter the market, cleared bottlenecks for funds such as social security, insurance, and wealth management to enter the market, and worked to boost the capital market. The Implementation Plan for Promoting the Work of Medium- and Long-Term Funds Entering the Market issued in January 2025 focused on guiding commercial insurance funds, the National Social Security Fund, the basic old-age pension fund, enterprise (occupational) annuity funds, public funds, and other medium- and long-term funds to further increase their efforts to enter the market. Subsequently, multiple departments worked to optimize systems and mechanisms and improve the long-cycle assessment mechanism, creating a better environment for "long money and long investment." The Action Plan for Promoting the High-Quality Development of Public Funds released in May 2025 clearly stated that a long-cycle assessment mechanism should be fully implemented for fund investment returns, among which the assessment weight for medium- and long-term returns of more than three years should be no less than 80%; the Notice on Guiding Insurance Funds to Make Long-Term Stable Investments and Further Strengthening Long-Cycle Assessment of State-Owned Commercial Insurance Companies released in July of the same year adjusted the corresponding indicator assessment method to a combination of "current-year indicators + 3-year cycle indicators + 5-year cycle indicators." In addition, regulators further optimized supporting access rules. In April this year, the CSRC issued the Decision on Amending the Applicable Opinions on Certain Provisions of Articles 9, 10, 11, 13, 40, 57, and 60 of the Administrative Measures for the Registration of Securities Issuance by Listed Companies - No. 18 Applicable Opinions on Securities and Futures Laws, expanding the types of strategic investors. It was clarified that institutional investors such as the National Social Security Fund, the basic old-age pension fund, enterprise (occupational) annuity funds, commercial insurance funds (insurance companies using insurance funds to invest on their own or entrusting affiliated insurance asset management institutions, or investing as a single investor through equity investment plans issued by affiliated insurance asset management institutions), public funds, and bank wealth management may serve as strategic investors and make strategic investments in listed companies using patient capital as a strategic resource. The market entry channels themselves are also continuously diversifying, with multiple paths such as strategic placements, targeted additional issuances, REITs, and pension products advancing together. For example, at the strategic placement level, in the 2026 IPO of Changxin Technology Group Co., Ltd., multiple product portfolios under the Social Security Fund and the basic old-age pension fund participated in strategic placement; in the IPO placement list of Shanghai Suiyuan Technology Co., Ltd., Social Security Fund and basic old-age pension fund portfolios were also allocated simultaneously, becoming representative cases of medium- and long-term capital in the hard-tech track. Tian Lihui said that expanding investment channels from one-way secondary-market trading to diversified categories such as strategic placements, private placements, and public REITs can enable long-term funds to match assets with different durations. They can accompany sci-tech innovation enterprises in the primary market and obtain stable cash flow through infrastructure REITs, truly achieving precise matching between fund duration and asset duration.
Continuously Cultivating a Good Market Ecosystem
Channel expansion is not an isolated action. To make long-term capital truly "willing to invest and invest for the long term," supporting mechanisms such as assessment, information disclosure, dividends and buybacks, and risk hedging also need to work in the same direction to jointly build a capital market ecosystem suitable for long-term funds. At the recent 2026 Financial Street Forum Annual Meeting, Wu Qing, Chairman of the China Securities Regulatory Commission, said that further efforts should be made to improve the long-cycle assessment mechanism suitable for long-term investment, expand the sources, channels, and ways of entering the market for medium- and long-term funds, continue to deepen public fund reform, and strengthen the forces stabilizing the market. This tone also points the direction for subsequent supporting system building. In Chen Li's view, the implementation of the long-cycle assessment mechanism and the continuous broadening of market entry channels have laid a solid foundation for cultivating a patient capital ecosystem that is "willing to invest and invest for the long term." However, channel expansion is only the first step. To continuously retain long-term capital, coordinated institutional support is still needed. The core focus of institutional building lies in straightening out the matching relationship among funds, assets, and assessment. In Tian Lihui's view, the key to giving full play to the stabilizing role of long-term capital is to achieve matching among assessment cycles, fund durations, and asset durations, and to rely on diversified investment tools such as REITs, exchange-traded funds, and strategic placements to build a complete institutional closed loop of "able to enter, able to stay, and able to invest for the long term." "In the future, supporting rules for long-cycle assessment can be continuously refined, the weight of short-term return rankings can be further weakened, the cross-cycle performance evaluation system can be improved, and institutions' practical concerns about 'long investment but short assessment' can be resolved to adapt to the duration characteristics of funds such as pensions and annuities," Chen Li suggested. It is also necessary to unify information disclosure standards for different investment categories such as private placements, strategic placements, and REITs, improve cross-channel supporting rules and full-chain monitoring and early-warning mechanisms, and accurately track the operation dynamics of long-term capital; continuously enrich the supply of risk hedging tools and improve the derivatives system to provide tool support for long-term capital to hedge periodic drawdowns and reduce worries about long-term holdings. Channels are the entrance for attracting long-term capital into the market, and mechanisms are the foundation for retaining long-term capital and long-term investment. As long-cycle assessment moves from institutional documents to practical guidelines, diversified investment channels continue to be unblocked, and basic systems such as dividends and buybacks and information disclosure continue to improve, the incremental space for medium- and long-term funds to allocate to A-shares is expected to continue to open up. Sina's large cooperative platform for futures account opening is safe, fast, and guaranteed.
Comments