Social Security Fund Holdings Ledger is here! The top ten companies by market value are revealed.

【Related Reading】Social Security Fund Holdings Expose 31.5 Billion: 5 Social Security Funds Hold Zhan Tui Shares, China National Stone, Nanshan Aluminum, and Others Have Been Held for Over 5 Years

As the 2025 annual report season for A-shares progresses, the latest holdings of the “market stabilizer” Social Security Funds are gradually coming to light.

Data from Tonghuashun shows that as of March 25, 2026, among 419 listed companies that have disclosed annual reports, Social Security Funds (including the Basic Pension Insurance Fund Investment Portfolio) appear among the top ten circulating shareholders in 77 companies, holding a total of 193 million shares with a market value of 31.54 billion yuan.

Social Security Funds Appear in the Top Ten Shareholders of 77 Stocks

Social Security Funds have always been considered the “sharp shooters” of the A-share market. By the end of 2024, the nationwide Social Security Fund had a scale of 3.32 trillion yuan. Since its establishment, the annual average investment return has reached 7.39%, with total investment gains exceeding 1.9 trillion yuan. Therefore, every move by the Social Security Funds attracts market attention.

According to Tonghuashun data, the Social Security Funds appeared in 77 stocks. Regarding portfolio adjustments, in the fourth quarter of last year, they newly entered 25 stocks, increased holdings in 22 stocks, and reduced holdings in 15 stocks. The holdings in 15 stocks remained unchanged.

Among the newly acquired stocks, the largest holding of Chongqing Rural Commercial Bank was the most significant, with the four Social Security Fund portfolios collectively buying 93.83 million shares in the fourth quarter, with a market value exceeding 600 million yuan by the end of last year, ranking as the tenth largest circulating shareholder of Chongqing Rural Commercial Bank.

In terms of holding ratios, among the newly added stocks, Shouhua Gas has a relatively high proportion held by the Social Security Funds, accounting for 4.05% of the circulating shares. Next is Ruo Yu Chen, with the Basic Pension Insurance Fund 16032 and Social Security Fund 116 portfolios, which together increased holdings by 7.02 million shares in the fourth quarter, reaching a holding ratio of 3.11%. Other stocks with high proportions held by the Social Security Funds include Geng Neng Environment, Huitong Energy, and Kelun Pharmaceutical.

In terms of performance, among the newly added stocks, 21 companies saw year-over-year growth in net profit last year. The highest growth was in Shouhua Gas, which achieved a net profit of 169.32 million yuan last year, a 123.82% increase year-over-year. Other stocks with significant net profit growth include Putailai and Ruo Yu Chen, with increases of 98.14% and 84.03%, respectively.

Looking at absolute holding proportions among companies that have disclosed their 2025 annual reports, Shan Tui Shares is a “favorite” of the Social Security Funds, with five funds stationed there, holding a total of 97.3 million shares. Based on the 2025 year-end stock price, the market value of these holdings is approximately 1.165 billion yuan.

These five Social Security Fund portfolios are the National Social Security Fund 406, Social Security Fund 17022, Social Security Fund 107, Social Security Fund 413, and Social Security Fund 117. They ranked as the fourth, fifth, sixth, seventh, and ninth largest circulating shareholders of Shan Tui Shares at the end of 2025. Notably, the 406 portfolio was newly among the top ten shareholders in Q4 2025, holding 29.62 million shares at that time. The holdings of the 17022, 413, and 117 portfolios remained unchanged from the previous quarter. It is worth noting that during this wave of overall increased positions, some voices expressed different opinions. The National Social Security Fund 107 portfolio reduced its holdings by 6.9 million shares in Q4 2025, decreasing from 23.4 million to 16.5 million shares.

Based on shareholdings, the Social Security Funds hold over 100 million shares each in China Merchants Shekou, Nanshan Aluminum, CNOOC Development, and Nanjing Steel, with holdings of 222 million, 164 million, 122 million, and 108 million shares respectively. By the end of Q4 2025, six stocks had a market value exceeding 1 billion yuan, including China Merchants Shekou, Zangge Mining, and China National Stone.

At the end of 2025, the market value of Social Security Fund holdings in China Merchants Shekou reached 1.921 billion yuan. Two funds ranked as the fifth and sixth largest circulating shareholders. The National Social Security Fund 112 portfolio increased its holdings in Q4, and has been heavily invested in China Merchants Shekou since Q3 2022. Recently, the company held an earnings briefing, stating that the industry outlook and company returns are expected to gradually stabilize and recover from a rapid decline, entering a bottoming phase.

Social Security Funds Hold Positions in 15 Stocks for Over Two Years

Among the companies that have disclosed their 2025 annual reports, 25 stocks have been continuously held by Social Security Funds for more than four quarters. Of these, 15 stocks have been held for over two years, including China National Stone and Nanshan Aluminum, which have been held for over five years.

The longest-held stock by the Social Security Funds is China National Stone, which has been held for 36 quarters since Q1 2017. The latest portfolios, National Social Security Fund 114 and 401, rank as the fourth and seventh largest circulating shareholders, holding a combined 85.52 million shares, accounting for 2.14% of the circulating shares. Other stocks with long-term holdings include Nanshan Aluminum, Chifeng Gold, and Wanyou Gaoxin, held for 22, 20, and 19 quarters respectively.

Among the 25 stocks held continuously for over four quarters, as of the end of Q4 2025, holdings in stocks like China Merchants Shekou, Nanshan Aluminum, and Nanjing Steel remain prominent, with holdings of 222 million, 164 million, and 108 million shares. Stocks with high proportions held by the Social Security Funds include Shan Tui Shares, Focus Technology, and China National Pharmaceutical, with proportions of 7.40%, 5.10%, and 4.12%.

Rong Hao, Partner at PAI Wealth Management, believes that the characteristics of Social Security Fund holdings include: 1) Long-term holding—these funds tend to hold stocks for extended periods, rarely trading frequently or focusing on short-term price movements; 2) Pursuit of stable returns—they prefer well-managed, stable companies, emphasizing corporate governance and valuation; 3) Diversified allocation—they hold a broad portfolio across industries, sectors, and individual stocks; 4) Leading enterprises—they tend to invest in industry leaders with strong market positions; 5) Strategic investment—they prioritize supporting social security development by investing in related industries and companies.

Yang Delong, Chief Economist at Qianhai Open Source, also stated: “Social Security Funds, Huitong, and other national teams are true value investors. They are not affected by market sentiment fluctuations and can buy low and sell high. When the market is sluggish, retail investors tend to wait and see, while the national teams increase their positions. When volatility occurs, they may reduce holdings. Only by focusing on fundamentals and value investing can investors ultimately succeed. Speculating on concepts or themes often yields poor returns.”

Regarding whether investors can “copy” the strategies of Social Security Funds, Rong Hao believes that their major holdings and allocation trends are useful references. However, blindly copying is not advisable because: first, there is a lag in information—by the time investors learn about holdings, the stocks may have already appreciated significantly, and they do not know the funds’ cost basis or current positions; second, Social Security Funds build diversified portfolios relying on overall asset allocation to generate returns, and even sophisticated institutions can face risks when investing in individual stocks. Their investment approach emphasizes long-term, stable gains, with a preference for companies with high growth certainty or high dividend characteristics, especially industry leaders.

(Author: Ye Maisui, Edited by: Fang Haiping, Xiao Jiao)