Latest long-term capital holdings revealed: institutions believe that market adjustments in A-shares are opportunities

Topic: China’s Asset Allocation Window Has Appeared—Adjustment Is an Opportunity

When it comes to stock trading, rely on Jin Qilin analysts’ research reports—authoritative, professional, timely, and comprehensive. Help you uncover potential thematic opportunities!

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

As listed companies gradually release their 2025 annual reports, the latest top holdings of long-term funds represented by social security funds and QFII have been revealed. Among the listed companies that have already disclosed their list of the top ten circulating shareholders at the end of 2025, 156 companies have shown the presence of social security funds, and 123 companies have shown the presence of QFII.

Analysts believe that the effectiveness of long-term funds entering the market is significant, and the market ecosystem for long-term investment is gradually improving. After the market adjustment, China’s stock market is showing important bottoming characteristics; market adjustments are actually opportunities. It is recommended to actively position.

A-share Market Opens Lower and Then Rises

On March 30, stocks across the Asia-Pacific region fell across the board. Both the Nikkei 225 and the Korean Composite Index fell by nearly 3%.

The A-share market opened lower and then moved higher. Both the Shenzhen Component Index and the ChiNext Index opened down by more than 1%. By the close of the day, the Shanghai Composite Index rose by 0.24%, while the Shenzhen Component Index, ChiNext Index, STAR Market Composite Index, and CSI 50 Index each fell by 0.25%, 0.68%, 0.18%, and 0.84% respectively. The Shanghai Composite Index closed at 3923.29 points.

The SSE 50 and CSI 300 indices, which are concentrated in large-cap stocks, fell by 0.14% and 0.24%, respectively. Meanwhile, the CSI 1000, CSI 2000, and Wind micro-cap indices, which are concentrated in small- and micro-cap stocks, rose by 0.28%, 0.37%, and 1.22% respectively, with small- and micro-cap stocks showing active performance.

For individual stocks, in the entire A-share market there were 2,868 advancing stocks, 76 stocks hit the daily limit, 2,464 stocks declined, and 16 stocks hit the daily limit down. Trading activity saw a slight expansion in turnover. The A-share market’s total trading value for the day was 1.93 trillion yuan, an increase of 63.8 billion yuan compared with the previous trading day.

Looking at the market performance by the board, sectors such as the aluminum industry, industrial metals, and semiconductor equipment performed actively. The power sector, which has been active recently, saw a pronounced adjustment. Among the Shenwan primary-level industries, non-ferrous metals, building materials, and the communications industry led gains, rising by 1.84%, 1.67%, and 1.31% respectively. Utilities, household appliances, and power equipment industries led the declines, falling by 2.97%, 1.49%, and 1.25% respectively.

In the non-ferrous metals sector, multiple stocks such as Keyuan Co., Ltd., Minfa Aluminum, Yiqiu Resources, Changlu Co., Ltd., Nanshan Aluminum, and Tianshan Aluminum all hit the daily limit, while Yunnan Aluminum rose by more than 9%. In the non-ferrous metals sector, most of the stocks that surged were aluminum-industry stocks. According to the news, Tianshan Aluminum released a performance forecast for Q1 2026, expecting to achieve net profit of 2.2 billion yuan in the first quarter, a year-on-year increase of 107.92%. In addition, according to Xinhua News Agency, on March 29, Iran’s Islamic Revolutionary Guard Corps issued a statement saying that the Guard used missiles and drones to “effectively” strike aluminum plants in the United Arab Emirates and Bahrain linked to the United States.

Latest Top Holdings of Social Security Funds and QFII Have Been Exposed

Annual reports of listed companies are gradually being disclosed. According to Wind data, as of March 29, 744 listed companies have disclosed their 2025 annual reports, and the latest top holdings of long-term funds represented by social security funds and QFII have been revealed.

According to Wind data, among listed companies that have disclosed their list of the top ten circulating shareholders at the end of 2025, 156 companies show the presence of social security funds. In Q4 2025, social security funds newly became top ten circulating shareholders in 43 listed companies, increasing their shareholdings in 51 stocks. Among the top ten circulating shareholders of 123 listed companies, there is QFII. In Q4 2025, QFII newly became top ten circulating shareholders in 78 listed companies, increasing their shareholdings in 20 stocks.

Specifically, among the 156 social security fund top-holding stocks, the total number of shares held by social security funds was 24.653 billion shares, and the market value of their holdings was 238.957 billion yuan (calculated using the closing price at the end of 2025). In terms of the market value ranking of social security fund holdings, social security funds’ holdings in Industrial and Commercial Bank of China, China Reinsurance Group, and Bank of Communications rank among the top, at 97.790 billion yuan, 51.043 billion yuan, and 22.512 billion yuan respectively. In addition, social security funds’ holding market values in BYD, Yunnan Aluminum, and Transsion Holding are all above 2.3 billion yuan.

In Q4 2025, social security funds newly became top ten circulating shareholders of 43 stocks. Among the top ten circulating shareholders of Oriental Securities and Essence Securities, the market value of social security fund holdings exceeded 1.2 billion yuan in each case.

From the perspective of sector and industry holdings, among the 156 social security fund top-holding stocks, the market value of social security funds’ holdings in the banking, non-bank financials, and non-ferrous metals industries ranks among the top, at 120.908 billion yuan, 55.712 billion yuan, and 12.444 billion yuan respectively.

Among the 123 QFII top-holding stocks, QFII’s total number of shares held was 577 million shares, and the market value of its holdings was 10.949 billion yuan (calculated using the closing price at the end of 2025). In terms of the market value ranking of QFII holdings, QFII’s holdings in Baofeng Energy, Sanhuan Group, and *ST Songfa rank among the top, at 880 million yuan, 664 million yuan, and 646 million yuan respectively. In addition, QFII’s holding market value in Beixin Building Materials exceeded 400 million yuan.

In Q4 2025, QFII newly became top ten circulating shareholders of 78 stocks. Among the top ten circulating shareholders of Steady Micro, Keda Li, Synnova, Yunda Shares, and Jinhaitong, the market value of QFII holdings exceeded 200 million yuan in each case.

From the perspective of sector and industry holdings, among the 123 QFII top-holding stocks, QFII’s holding market values in the electronics, power equipment, and pharmaceuticals & biologics industries rank among the top, at 2.370 billion yuan, 1.341 billion yuan, and 1.203 billion yuan respectively.

The market may focus mainly on digesting through fluctuations

“After the market adjustment, China’s stock market is showing important bottoming characteristics.” Fang Yi, Chief Strategy Analyst at Gaitong Securities, said that market adjustments are actually opportunities and it is recommended to actively position.

Chen Jiande, General Manager of Tianlang Fund, said that overall, the impact of the geopolitical situation on A-shares will gradually weaken. In the medium-to-long term, the core factors affecting A-shares are China’s domestic economic fundamentals, risk appetite, and interest-rate levels. At present, these factors have not undergone fundamental changes, and A-shares still remain in a trend of gradual structural upward movement over the medium to long term.

“Even though the evolution of the conflict between the U.S. and Iran still involves considerable uncertainty, the suppressive impact on global risk assets is unlikely to fade in the short term. Before the conflict’s trajectory becomes clear, with global liquidity marginally tightening driven by rising inflation expectations layered on top, global equity markets will most likely continue to operate with high volatility. China’s A-share market’s performance may mainly focus on digesting through fluctuations. However, under external uncertainty, domestic certainty advantages are highlighted, effectively supporting the resilience of the A-share market.” Yang Chao, Chief Strategy Analyst at China Galaxy Securities, said, “‘The Fourteenth Five-Year Plan for Economic and Social Development’ reform initiatives are steadily taking root in the opening year of the ‘15th Five-Year Plan,’ and policy support is safeguarding the capital market for stable and healthy development. At the same time, improvement in the supply of medium-to-long-term funds has certainty. Additionally, the certainty of domestic manufacturing industry advantages stands out. Relying on a complete industrial chain system and ongoing upgrade competitive advantages, it has built an internal foundation for coping with external volatility. As annual report and Q1 report performance are concentratedly disclosed, sectors with high earnings certainty and continuously improving business sentiment will become the core direction that capital will focus on.”

For market allocation, Fang Yi said that Chinese companies in capital goods and equipment with global competitiveness and cost advantages benefit from energy shocks and transitions. It 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 drive accelerated growth in localization. It recommends sectors such as semiconductors, communications equipment, and mechanical equipment.

A large amount of information and precise interpretation—available in the Sina Finance APP