The Latest Major Holdings of the Social Security Fund Revealed, with 6 Stocks Holding Market Values Exceeding 1 Billion Yuan

Securities Times Reporter Liu Junling

According to Securities Times Data Treasure statistics, as of the close on March 25, among listed companies that have disclosed their 2025 annual reports and buyback announcements, a total of 69 stocks have social security funds among their top ten circulating shareholders.

As of the end of Q4 2025, social security funds held a total of 1.661 billion shares of these stocks, with a market value exceeding 27.4 billion yuan.

Six stocks have holdings exceeding 1 billion yuan

Based on shareholding data, China Merchants Shekou, Nanshan Aluminum, CNOOC Development, Nanjing Steel, and others each hold over 100 million shares, specifically 222 million, 164 million, 122 million, and 108 million shares respectively. By the end of Q4 2025, six stocks had market values exceeding 1 billion yuan, including China Merchants Shekou, Zangge Mining, China Stone, and others.

China Merchants Shekou’s social security holdings valued at 1.921 billion yuan at the end of 2025. Two social security funds ranked fifth and sixth among the top circulating shareholders. The National Social Security Fund 112 Portfolio increased its holdings in Q4. This fund has been heavily invested in China Merchants Shekou since Q3 2022. The company recently held an earnings presentation, stating that industry prospects and company returns are gradually stabilizing, moving out of a rapid decline phase and into a bottoming stage.

Zangge Mining’s social security holdings were valued at 1.646 billion yuan. The National Social Security Fund 103 Portfolio held 19.5 million shares and increased holdings by 1.5 million shares in Q4, maintaining a heavy position for four consecutive quarters. During the earnings call, the company revealed updates on new projects, including the Mami Cuo Salt Lake project, which plans to be built in two phases with an annual lithium carbonate capacity of 100,000 tons, with the first phase planned for 50,000 tons. The first phase is expected to be fully operational by Q3 2026, entering a capacity release period.

From the market performance perspective, stocks heavily held by social security funds have performed well since the beginning of the year, with an average increase of 8.42%, outperforming the CSI 300 index by over 10 percentage points. Leading stocks include Yaxiang Integration, High Energy Environment, Baofeng Energy, and Shouhua Gas, with gains of 109.4%, 88.21%, 54.61%, and 54.51%, respectively.

24 stocks saw new heavy positions from social security funds

Considering only the top ten circulating shareholders, 24 stocks had new social security fund positions in Q4 2025. Among these, Hongqiao Holdings, Kelun Pharmaceutical, Putailai, China National Materials, and Tianhua New Energy each had market values exceeding 300 million yuan at year-end.

Hongqiao Holdings’ top ten circulating shareholders list shows two pension funds newly holding the stock, with a combined market value of 434 million yuan. The company achieved a net profit attributable to shareholders of 17.864 billion yuan in 2025, a 3.69% increase, and plans to distribute cash dividends of 3.258 billion yuan.

Kelun Pharmaceutical saw multiple institutional increases in Q4 2025, including the new position from the National Social Security Fund 416 Portfolio, with holdings worth 409 million yuan. Meanwhile, Stock Connect and two equity funds also increased their holdings. The company has recently announced progress on new drugs, including two approvals for product registration and two clinical trial approvals from the National Medical Products Administration since March.

Social security funds favor growth sectors, with the most new heavy positions in pharmaceuticals, electronics, and electrical equipment, with four, three, and three stocks respectively.

70% of social security heavy holdings report positive earnings

Looking at 2025 performance, 41 stocks reported year-over-year growth in net profit attributable to shareholders, three turned profitable from losses, and four are expected to reduce losses, with a positive earnings report rate of 70%.

Xiangcai Securities had the highest year-over-year increase, with net profit attributable to shareholders reaching 464 million yuan in 2025, up 325.15%. The company stated that its subsidiary Xiangcai Securities Wealth Management achieved leapfrog development, with record-high revenue, including brokerage and investment advisory income, as well as good performance in margin financing and product sales.

Dajin Heavy Industry achieved a net profit of 1.103 billion yuan in 2025, a new high since listing, up 132.82%, with heavy holdings from equity funds, insurance funds, Stock Connect, and securities firms at the end of Q4.

In recent years, offshore wind equipment exports have surged. Dajin Heavy Industry recently stated during an institutional survey that by the end of 2025, its total overseas order backlog exceeded 10 billion yuan, mainly concentrated in the next two years’ delivery, covering offshore wind projects in the North Sea and Baltic Sea regions.