Latest disclosure of major holdings: institutions believe that market adjustments in A-shares are opportunities.

On March 30, the A-share market opened lower but then turned higher, and the Shanghai Composite Index moved from decline to gain. Across the entire A-share market, more than 2,800 stocks rose, with over 70 hitting the daily price limit. Sectors such as aluminum industry, industrial metals, and semiconductor equipment were active, while the power sector saw a clear pullback. The total trading value across the A-share market was 1.93 trillion yuan, slightly higher than the previous trading day.

As listed companies gradually disclose their 2025 annual reports, the latest heavily held positions of long-term funds represented by the Social Security Fund and QFII have been revealed. Among the listed companies that have released the top 10 tradable shareholders list at the end of 2025, 156 companies showed the presence of the Social Security Fund, and 123 companies showed the presence of QFII.

Analysts believe that the entry of medium- and long-term capital has achieved strong results, and the market ecosystem for long-term investing is being gradually improved. After the market adjustment, China’s stock market is showing key bottoming characteristics; the market adjustment itself is an opportunity. They suggest actively making arrangements.

A-share market opened lower but then turned higher

On March 30, the Asia-Pacific stock markets fell across the board, with the Nikkei 225 Index and the Korea Composite Index both down by nearly 3%.

The A-share market opened lower but then turned higher; the Shenzhen Component Index and the ChiNext Index both fell by more than 1% at the open. As of the market close that day, the Shanghai Composite Index rose 0.24%, while the Shenzhen Component Index and the ChiNext Index, the STAR Market Composite Index, and the Beijing 50 Index fell by 0.25%, 0.68%, 0.18%, and 0.84% respectively; the Shanghai Composite Index was at 3923.29 points.

The Shanghai 50 Index and the CSI 300 Index, which are concentrated in large-cap stocks, fell by 0.14% and 0.24%, respectively. Meanwhile, the CSI 1000 Index, the CSI 2000 Index, and the Wind Micro-Cap Index, which are concentrated in small and micro-cap stocks, rose by 0.28%, 0.37%, and 1.22%, respectively, and small and micro-cap stocks performed actively.

On an individual-stock basis, throughout the entire A-share market, 2,868 stocks rose, 76 stocks hit the daily price limit, 2,464 stocks fell, and 16 stocks hit the daily floor limit. Trading value expanded modestly; on the day, the total trading value of the A-share market was 1.93 trillion yuan, up by 63.8 billion yuan from the previous trading day.

From the trading screen, sectors such as the aluminum industry, industrial metals, and semiconductor equipment were active, and the power sector—having been continuously active recently—showed a clear correction. Among Shenwan Level-One industries, non-ferrous metals, building materials, and the communication industry led in gains, rising 1.84%, 1.67%, and 1.31% respectively. Utilities, home appliances, and power equipment industries led in declines, falling 2.97%, 1.49%, and 1.25% respectively.

In the non-ferrous metals sector, multiple stocks including Keyuan Shares, Minfa Aluminum, Yiqiu Resources, Changlu Shares, Nanshan Aluminum, and Tianshan Aluminum hit the daily price limit, while Yunlv Shares rose more than 9%. Most of the large-gain stocks in the non-ferrous metals sector were aluminum-industry stocks. On the news front, Tianshan Aluminum released a performance outlook for the first quarter of 2026, forecasting that net profit in Q1 would be 2.2 billion yuan, up 107.92% year over year. In addition, Xinhua News Agency reported that on March 29, Iran’s Islamic Revolutionary Guard Corps issued a statement saying that the Revolutionary Guards “effectively” used missiles and drones to strike aluminum plants in the UAE and Bahrain associated with the United States.

Latest heavily held stocks by the Social Security Fund and QFII have been revealed

Listed companies’ annual reports are gradually being released. According to Wind data, as of March 29, 744 listed companies had disclosed their 2025 annual reports, revealing the latest heavily held stocks of long-term funds represented by the Social Security Fund and QFII.

According to Wind data, among listed companies that have released the top 10 tradable shareholders list at the end of 2025, 156 listed companies had the Social Security Fund. In Q4 2025, the Social Security Fund newly became a top 10 tradable shareholder for 43 listed companies, increasing its shareholding numbers in 51 individual stocks. Among the top 10 tradable shareholders of 123 listed companies, there were appearances of QFII; in Q4 2025, QFII newly became a top 10 tradable shareholder for 78 listed companies, increasing its shareholding numbers in 20 individual stocks.

Specifically, among the 156 Social Security Fund heavily held stocks, the Social Security Fund held a total of 24.653 billion shares, with a market value of 238.957 billion yuan (calculated using the closing prices at the end of 2025). Based on the ranking by market value of Social Security Fund holdings, its top holdings by market value are Industrial and Commercial Bank of China, China Life (PICC P&C?) and Bank of Communications, at 97.790 billion yuan, 51.043 billion yuan, and 22.512 billion yuan respectively. In addition, the Social Security Fund’s market value of holdings in BYD, Yunlv Shares, and Transsion Holding all exceed 2.3 billion yuan.

In Q4 2025, the Social Security Fund newly became a top 10 tradable shareholder for 43 stocks. Among the top 10 tradable shareholders of Oriental Securities and Industrial Bank? Securities, the Social Security Fund’s market value of holdings was also above 1.2 billion yuan.

From the industry sector perspective of holdings, among the 156 Social Security Fund heavily held stocks, the Social Security Fund’s holdings by market value were highest in the banking, non-bank financials, and non-ferrous metals industries, at 120.908 billion yuan, 55.712 billion yuan, and 12.444 billion yuan respectively.

Among the 123 QFII heavily held stocks, QFII held a total of 577 million shares, with a market value of 10.949 billion yuan (calculated using the closing prices at the end of 2025). Based on the ranking of QFII holdings by market value, QFII’s top holdings by market value are BaoFeng Energy, Sanhuan Group, and *ST Songfa, at 880 million yuan, 664 million yuan, and 646 million yuan respectively. In addition, QFII’s holdings in Beixin Building Materials exceed 400 million yuan.

In Q4 2025, QFII newly became a top 10 tradable shareholder for 78 stocks. Among the top 10 tradable shareholders of Siare Microelectronics, Keda Li, XinnoWei, Yunda Shares, and Jinhaitong, QFII’s market value of holdings all exceeded 200 million yuan.

From the industry sector perspective of holdings, among the 123 QFII heavily held stocks, QFII’s holdings by market value were highest in the electronics, power equipment, and pharmaceutical and biological products industries, at 2.370 billion yuan, 1.341 billion yuan, and 1.203 billion yuan respectively.

The market may be mainly about digesting through volatility

“After the market adjustment, China’s stock market is showing the important characteristics of a bottom.” Fang Yi, Chief Strategy Analyst at Guotai Junan, said that the market adjustment is actually an opportunity and that investors should actively position themselves.

Chen Jiande, General Manager of Tienlong Fund, said that overall, the impact of geopolitical developments on A-shares will gradually weaken. In the medium and long term, the core factors affecting A-shares are China’s domestic economic fundamentals, risk appetite, and the level of interest rates. At present, these factors have not undergone fundamental changes, and A-shares in the medium and long term still follow a trend of slow structural upward movement.

“The evolution of the Iran-U.S. conflict still involves significant uncertainty, and the suppressive effect on global risk assets is unlikely to fade in the short term. Before the conflict trajectory becomes clear, together with the marginal tightening of global liquidity driven by rising inflation expectations, global equity markets are likely to continue with a high-volatility pattern, and the A-share market may mainly digest through volatility. However, under external uncertainty, the advantage of domestic certainty becomes more prominent, effectively supporting the resilience of the A-share market.” Yang Chao, Chief Strategy Analyst at China Galaxy Securities, said, “‘the 15th Five-Year Plan’ (Fifteen-Five) period’s reform measures are steadily implemented at the start of the planning period. Policy support will help the capital market develop steadily and healthily. The improvement in the supply of medium- and long-term funds has certainty. At the same time, the certainty of domestic manufacturing advantages is highlighted. With a complete industrial chain system and continuously upgraded competitive advantages, it builds an endogenous foundation to respond to external volatility. As annual reports and Q1 reports are集中 disclosed, sectors with high earnings certainty and sustained improvements in business momentum will become the core direction where capital focuses.”

For market allocation, Fang Yi said that China has globally competitive capital goods and equipment companies that benefit from energy shocks and the transition; he recommends sectors such as power equipment and new energy, energy metals, and construction machinery. The AI space is broad; in 2026, China will increase technology investment, which is expected to promote faster growth of localization. He recommends sectors such as semiconductors, communication equipment, and mechanical equipment.