The latest top holdings of the social security fund have been revealed, with 6 stocks each holding a market value exceeding 1 billion yuan.

Securities Times reporter Liu Junling

According to statistics from Securities Times·Data Treasure, as of the market close on March 25, among the listed companies that have disclosed their 2025 annual reports and repurchase announcements, 69 stocks have seen the presence of social security funds (including basic pensions) among their top ten circulating shareholders.

As of the end of the fourth quarter of 2025, social security funds collectively held 1.661 billion shares of the aforementioned stocks, with a total market value exceeding 27.4 billion yuan.

6 stocks held over 1 billion yuan

According to shareholding statistics, the social security fund’s holdings in China Merchants Shekou, Nanshan Aluminum, CNOOC Development, and Nanjing Steel Group each exceeded 100 million shares, at 222 million shares, 164 million shares, 122 million shares, and 108 million shares respectively; there are 6 stocks with a market value exceeding 1 billion yuan at the end of the fourth quarter of 2025, including China Merchants Shekou, Zangge Mining, China Jushi, and others.

The social security fund’s holdings in China Merchants Shekou reached a market value of 1.921 billion yuan at the end of 2025, with two social security funds ranking as the fifth and sixth largest circulating shareholders. The National Social Security Fund 112 portfolio increased its holdings in this stock during the fourth quarter. This social security fund has been continuously heavily invested in China Merchants Shekou since the third quarter of 2022. The company recently held an earnings briefing, and regarding the industry outlook, it stated that the returns in the real estate sector and for the company will gradually stabilize, slowly moving out of the rapid decline trend and entering a bottoming phase.

Zangge Mining’s social security fund holdings have a market value of 1.646 billion yuan, with the National Social Security Fund 103 portfolio holding 19.5 million shares and increasing its holdings by 1.5 million shares in the fourth quarter, maintaining a heavy position in this stock for four consecutive quarters. The company revealed the production status of new projects during its earnings briefing, with the Mami Cuo Salt Lake project planned to be constructed in two phases, aiming for an annual production capacity of 100,000 tons of lithium carbonate, with the first phase planning for an annual output of 50,000 tons of lithium carbonate. Looking ahead, the first phase of the Mami Cuo Salt Lake project is expected to be fully operational by the third quarter of 2026, entering a capacity release period.

From a market 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 more than 10 percentage points. Yaxiang Integration, High Energy Environment, Baofeng Energy, and Shouhua Gas have seen cumulative increases leading the way, reaching 109.4%, 88.21%, 54.61%, and 54.51% respectively.

24 stocks have newly entered heavy positions by social security funds

Considering only the top ten circulating shareholders, there are 24 stocks that were newly added to the heavy positions of social security funds in the fourth quarter of 2025, including Hongqiao Holdings, Kelun Pharmaceutical, Putailai, China National Materials, and Tianhua New Energy, all of which had a market value of holdings exceeding 300 million yuan at the end of 2025.

The top ten circulating shareholder list for Hongqiao Holdings shows that two basic pension funds have also newly entered heavy positions in this stock, with a total holding market value of 434 million yuan. The company achieved a net profit attributable to shareholders of 17.864 billion yuan in 2025, a year-on-year increase of 3.69%, and plans to distribute a cash dividend of 3.258 billion yuan.

In the fourth quarter of 2025, Kelun Pharmaceutical saw multiple institutions increase their holdings, including the National Social Security Fund 416 portfolio which newly entered with a holding market value of 409 million yuan. At the same time, the Stock Connect, along with two equity funds, also increased their holdings in the company’s stock. The company has recently made frequent progress with new drugs, having released two announcements regarding product registration approvals and two announcements regarding new drug clinical trial applications approved by the National Medical Products Administration since March.

Social security funds show greater preference for growth sectors, with the largest number of newly added heavy stocks in the pharmaceutical, electronics, and power equipment industries, with 4, 3, and 3 stocks respectively.

Seventy percent of heavy positions by social security funds report positive performance

From the 2025 performance perspective, 41 stocks have achieved year-on-year growth in net profit attributable to shareholders, 3 stocks have turned losses into profits, and 4 stocks are expected to reduce losses, with an overall positive reporting ratio of seventy percent.

Xiangcai Co., Ltd. reported the highest year-on-year growth in net profit attributable to shareholders, achieving a net profit of 464 million yuan in 2025, a year-on-year increase of 325.15%. The company stated that in 2025, its subsidiary Xiangcai Securities’ wealth management line achieved leapfrog development, with revenue scale achieving excellent results, where both commission revenue and investment advisory service revenue reached historically good levels, and financing and securities lending interest revenue and product sales revenue also performed well in recent years.

Dajin Heavy Industry achieved a net profit attributable to shareholders of 1.103 billion yuan in 2025, reaching a new high since its listing, with a year-on-year increase of 132.82%. At the end of the fourth quarter, the company also received heavy investments from equity funds, insurance funds, Stock Connect, brokerages, and social security funds.

In recent years, the export momentum of wind power equipment has been strong. Dajin Heavy Industry recently stated during an institutional research inquiry that as of the end of 2025, the company had accumulated overseas orders totaling over 10 billion yuan, mainly concentrated in deliveries over the next two years, covering multiple offshore wind power project clusters in the North Sea and the Baltic Sea.

(Editor: Wen Jing)

Keywords:

                                                            Social Security Fund