Middle Eastern funds accelerate buying A-shares! QFII's latest holdings revealed, 17 stocks receive major allocations

Source: Securities Times Net Author: Zhang Juanjuan

Around 120 companies’ top ten tradable shareholders have shown up with QFII.

QFII (Qualified Foreign Institutional Investors)’ holdings are gradually coming to light as annual reports are released. According to Wind data, as of the close on March 27, more than 700 companies had disclosed their 2025 annual reports, and among 118 companies, QFII appeared in the list of the top ten tradable shareholders. Based on the closing price at period-end, at the end of the fourth quarter of 2025, the total market value of QFII holdings for these 118 companies exceeded 10.6 billion yuan, up nearly 63% quarter-on-quarter.

By industry, these 118 companies are concentrated in sectors such as pharmaceutical and biologicals, mechanical equipment, electronics, and electrical equipment. Among them, there are 14 companies in the pharmaceutical and biologicals sector, 13 each in the mechanical equipment and electronics sectors.

As of the end of the fourth quarter of 2025, the industries with the highest QFII holding share counts include basic chemical, pharmaceutical and biologicals, and electrical equipment, all not less than 50 million shares. The quarter-on-quarter increases in share counts in industries such as defense and military industry, petroleum and petrochemicals, light industry manufacturing, and electrical equipment were all above 100%.

From changes in market value of holdings, as of the end of the fourth quarter of 2025, the market value of QFII holdings in electronics, pharmaceutical and biologicals, basic chemical, and electrical equipment all exceeded 1 billion yuan. The quarter-on-quarter increases in the market value of holdings in 9 industries were all above 100%, including agriculture, forestry, animal husbandry and fishery, food and beverage, automobiles, petroleum and petrochemicals, and defense and military industry.

As of the end of the fourth quarter of 2025, in the electronics sector, 13 companies had QFII-held market values exceeding 2.4 billion yuan; the market value of holdings was temporarily ranked first among industries. The quarter-on-quarter increase in holdings’ market value was over 20%. The electronics sector index’s full-year gain in 2025 was nearly 48%, ranking No. 3 among Shenwan primary industries.

Shanxi Securities said that against the backdrop of accelerating domestic substitution and improving industry fundamentals, all sub-sectors within the electronics industry are expected to break through faster: storage moving into a super cycle, semiconductor industry fundamentals improving, domestic computing power driving substitution with faster rollout, AI driving dual upgrades in PCB materials and architecture, and optics and AI potentially helping AR glasses become a new interaction terminal.

Abu Dhabi Investment Authority ranks first among QFII institutions by number of shares held

In terms of QFII institutions’ shareholdings, as of the end of the fourth quarter of 2025, there are 4 institutions with holdings exceeding 50 million shares: Abu Dhabi Investment Authority, UBS Group AG, Morgan Stanley International Limited, and The Goldman Sachs Group, Inc.

Among them, the market value of holdings of UBS Group AG, Abu Dhabi Investment Authority, and Morgan Stanley International Limited all exceeded 1 billion yuan.

UBS Group AG held a total of 0.71 hundred million shares, with a total market value of 1.995 billion yuan.

Abu Dhabi Investment Authority held the top position by number of shares, at 0.93 hundred million shares, with a total market value of 1.772 billion yuan. This institution holds tradable shares in Keda Li, Fuling Zhacai, Baofeng Energy, Tiejian Heavy Industry, and Beixin Building Materials. Among them, Baofeng Energy, Beixin Building Materials, and Keda Li each have holdings with a market value exceeding 250 million yuan.

It needs to be added that among the two Middle East QFII institutions that are currently listed in the top ten tradable shareholders list of listed companies, both have shown an increase in holdings. As of the end of the fourth quarter of 2025, Abu Dhabi Investment Authority’s number of shares increased quarter-on-quarter by more than 8%, and its market value of holdings increased by more than 34%; Kuwait Investment Authority’s number of shares increased quarter-on-quarter by more than 55%, and its market value of holdings increased by more than 40%.

17 companies have QFII ownership ratios above 2%

Among QFII’s past holdings, big consumer and big finance have long been favored. However, in recent years, affected by shifts in market style, these sectors have underperformed relatively. QFII’s investment style has shown a tilt toward emerging industries. From the perspective of individual companies, as of the end of the third quarter of 2025, the average market value of the above 118 companies was below 12 billion yuan, the average share price was about 24 yuan, and nearly 50% of the companies had share prices below 15 yuan.

In terms of ownership ratio, 17 companies have QFII ownership ratios above 2%. Heta Technology and *ST Songfa both have QFII ownership ratios above 6%. Six companies including Jinfang Energy, Zhejiang Liming, Jinhai Tong, and Sitaike all have QFII ownership ratios above 3%.

Heta Technology’s QFII ownership ratio at the end of the fourth quarter of 2025 was 6.96%, up more than 5 percentage points quarter-on-quarter. Among them, QFII institutions such as UBS Group AG and Société Générale (France) newly entered as the top ten tradable shareholders of the company. In terms of performance, the company’s net profit has been declining continuously since 2023. However, benefited from catalysts such as order releases and the rollout of fundraising projects, the company’s cumulative gain for full-year 2025 exceeded 83%, with a gain of more than 23% in the fourth quarter of 2025.

Jinhai Tong’s QFII ownership ratio was 3.49%. In 2025, the company achieved net profit of 177 million yuan, the highest since 2018, with a year-on-year increase in net profit of nearly 125%. China Post Securities said the company continues to deepen product innovation and technology iteration upgrades, furthering its global market layout, and expects its net profit to continue growing in the future.

Sitaike’s QFII ownership ratio is also above 3%. UBS Group AG, Morgan Stanley (Morgan Stanley, “M.S.”) and JPMorgan Chase (JPMorgan, “JPM”) all newly entered as the company’s top ten tradable shareholders. The company’s 2025 net profit increased by 44.56% year-on-year. The company is involved in popular themes such as lithography machines, commercial aerospace, and AI glasses.

From market performance, for the above 17 companies, the average gain in 2025 was close to 52%, and since 2026 (as of March 27) the average gain has been close to 17%.

Yanjian Shares’ gain in 2025 exceeded 188%, and its cumulative gain since the beginning of the year has exceeded 67%. The company plans to purchase 98.54% of the equity of Ningbo Yongqiang Technology Co., Ltd. (“Yongqiang Technology”). The latter focuses on high-end electronic information interconnect materials for integrated circuits.

Jinhai Tong’s gain in 2025 exceeded 95%, and its cumulative gain since 2026 has exceeded 84%. The company’s customers include semiconductor packaging and testing enterprises, test outsourcing foundries, IDM enterprises, and chip design companies, among others.

It needs to be added that among these 17 companies, 7 have been subject to consistent institutional forecasts that their net profit growth rates in 2026 and 2027 are expected to continue to exceed 20%, including Dawei Shares, Bomico, Yanjian Shares, and Jinhai Tong.

Nearly 80% of companies add to positions from QFII on a quarter-on-quarter basis

In terms of changes in holdings, as of the end of the fourth quarter of 2025, based on the shareholding ratio, the proportion of companies that QFII increased holdings quarter-on-quarter (including newly held positions) was close to 80%.

Compared with the end of the third quarter of 2025, there are 19 companies whose QFII shareholding ratios increased quarter-on-quarter, and 7 companies whose increase exceeded 1 percentage point, including Heta Technology, Zhejiang Liming, Shahae Shares, and others. Among them, Heta Technology’s QFII increased holdings quarter-on-quarter by more than 5 percentage points.

Zhejiang Liming had a QFII holding ratio of 3.75% as of the end of the fourth quarter of 2025, up 3.5 percentage points quarter-on-quarter. Among them, M.S. increased its holdings, and M. New entrants such as “M.S.” also newly became the company’s sixth-largest tradable shareholder. In 2025, the company’s net profit was 0.31 billion yuan, down nearly 42% year-on-year. However, its 34.27% sales gross margin set a new high since 2022. The company is a national high-tech enterprise and currently a leading domestic specialized manufacturer of automotive parts such as valve lock clips, valve spring seats, valve bridges, and piston cooling nozzles. It is also worth noting that the Social Security Fund newly became the company’s eighth-largest tradable shareholder.

Among the 74 companies newly held by QFII, as of the end of the fourth quarter of 2025, the proportion of newly held QFII positions that ranks higher includes Jinhai Tong, Sitaike, Yuan Zu Shares, Yanjian Shares, and others—all exceeding 2%.