Who is the "Sweep King" of A-shares? The latest list of social security and QFII increased holdings is out

Why Are Social Security Funds Favoring the New Quality Productivity Sector?

21st Century Business Herald Reporter Yi Yanjun

As A-share listed companies gradually disclose their 2025 annual reports, the latest public movements of institutions such as social security funds and QFII (Qualified Foreign Institutional Investors) are beginning to surface.

According to data published by Wind, the 21st Century Business Herald reporter noted that in the fourth quarter of last year, social security funds increased their holdings in cyclical, high-end manufacturing, and consumer sectors, especially favoring stocks in environmental protection, wind power, pharmaceuticals, and aerospace military industries. Meanwhile, QFII focused more on segments like electrical equipment and grid storage chips.

At the individual stock level, health food company XinNuoWei and resource stocks like Nanjing Steel also attracted attention from various institutional investors.

According to Wind, as of the midday of March 18, among over 130 A-share companies that have disclosed annual reports, social security funds appeared on the top ten circulating shareholder lists of 38 companies.

Among these 38 listed companies, multiple stocks from cyclical, high-end manufacturing, and consumer sectors saw increased holdings from social security funds.

Specifically, in the fourth quarter of last year, the stocks with the largest increases in holdings by social security funds (compared to the end of Q3 2025) included Shantui Co., Ltd., China Merchants Shekou, Nanshan Aluminum, and Nanjing Steel. Compared to the end of Q3 last year, the holdings of these stocks increased by approximately 22.72 million shares, 8.56 million shares, 4.34 million shares, and 4 million shares, respectively.

Additionally, Cangge Mining and Anfu Technology also received over one million shares in increased holdings from social security funds, with increases of 1.5 million and 1.43 million shares, respectively. Social security funds also increased holdings of over 880,000 shares of Shanghai Xinyang and nearly 120,000 shares of Shennan Circuit.

It is worth noting that many of these stocks are included in the Wind New Quality Productivity Composite Index.

Furthermore, social security funds have newly become one of the top ten circulating shareholders of 11 stocks, including GaoNeng Environment, JiaZe New Energy, Kelun Pharmaceutical, Putailai, AVIC High-Tech, Tianwei Food, XinNuoWei, Sunlord Electronics, and JianSheng Group.

Data on new holdings of social security funds in Q4 2025 (source: Wind, as of midday March 18)

From an industry perspective, stocks newly held by social security funds cover sectors such as wind power, environmental protection, pharmaceuticals, aerospace military, anode materials, food, passive components, property management services, power tools, and their components.

Many of these stocks with increased holdings also carry the label of new quality productivity.

For example, by the end of 2025, social security funds held nearly 27.3 million shares of GaoNeng Environment, making it their sixth-largest circulating shareholder. The company’s core business includes solid waste and hazardous waste resource utilization, household waste treatment, and environmental restoration, covering multiple fields such as hazardous waste disposal, water treatment, air pollution control, and organic waste management.

Social security funds also held about 19.45 million shares of JiaZe New Energy, ranking as its ninth-largest circulating shareholder. As a player in the wind power industry, JiaZe New Energy has five main business segments: renewable energy station development—construction—operation—sales, renewable energy station maintenance services, rooftop distributed photovoltaics, renewable energy industry funds, and renewable energy equipment manufacturing parks.

In terms of reduction, it appears that social security funds are restructuring within the real estate and machinery industries.

Nanjing Steel, which saw increased holdings from social security funds, was also newly heavily held by insurance institutions.

By the end of last year’s fourth quarter, China Ping An Life Insurance Co., Ltd. held over 37.02 million shares of Nanjing Steel, becoming its eighth-largest circulating shareholder.

Currently, Nanjing Steel has a market capitalization of about 35.6 billion yuan. Public information shows that Nanjing Steel mainly produces special steel plates and long products, focusing on R&D and promotion of high-strength, high-toughness, high-fatigue, high-wear-resistant, corrosion-resistant, and easily weldable steel materials.

Overall, as of midday March 18, insurance institutions appeared on the top ten circulating shareholder lists of 23 listed companies.

Besides Nanjing Steel, insurance funds have also newly accumulated holdings in Huaming Equipment, Lante Optical, and Beijie Te, which belong to the power transmission and distribution equipment, lens, and sewage and wastewater treatment industries.

Additionally, 42 listed companies now have QFII among their top ten circulating shareholders.

In terms of increased holdings, QFII prefers to explore opportunities in small-cap stocks.

For example, Shuhua Sports saw new QFII holdings from UBS Group, Goldman Sachs, Barclays, and Morgan Stanley in Q4 last year, becoming its fourth to seventh largest shareholders.

Besides Shuhua Sports, QFII also increased holdings in Baosheng Shares, Yanjiang Shares, XinNuoWei, Tianhong Shares, and Demingli, among others, totaling 11 stocks in Q4.

Data on new QFII holdings in Q4 2025 (source: Wind, as of midday March 18)

Looking at the amount of increased holdings, QFII mainly added positions in electrical equipment, health foods, non-woven fabrics, and storage chips.

Specifically, Baosheng Shares, a listed company under China Aerospace Corporation, is a major state-owned enterprise in the domestic wire and cable industry, with a market value of over 9 billion yuan. In Q4 last year, UBS Group and Morgan Stanley became its sixth and eighth largest shareholders, holding approximately 6.6 million and 5.63 million shares, respectively.

XinNuoWei’s caffeine products are widely used as food additives in functional beverages. The company is a global supplier for major international beverage companies like Pepsi, Coca-Cola, and Red Bull. Its total market value exceeds 45 billion yuan.

In Q4 last year, XinNuoWei was newly held by both social security funds and UBS Group. As of the end of Q4, UBS held about 6.88 million shares, making it the eighth-largest circulating shareholder.

Yanjiang Shares was newly held by Morgan Stanley and CITIC Securities Asset Management (Hong Kong). The company specializes in producing surface materials for disposable hygiene products; main products include PE perforated films, 3D perforated non-wovens, hot-air non-wovens, and ADL drainage layers. Its products are exported to Europe, America, Africa, and the Middle East.

By the end of last year’s Q4, these two QFII held approximately 2.53 million and 4.37 million shares of Yanjiang Shares, ranking eighth and tenth among its top ten circulating shareholders.

Additionally, in Q4 last year, Dawei Co., Ltd. saw increased holdings from Barclays, Morgan Stanley, J.P. Morgan Securities, UBS, and BNP Paribas, becoming one of its top ten shareholders. Dawei operates in two major sectors: “New Energy + Automotive” and “Semiconductor Storage + Smart Terminals.”

In terms of stock performance, since the beginning of the year, Yanjiang Shares, Shuhua Sports, and Dawei have all risen, with maximum increases exceeding 80%.

On the reduction side, in Q4 last year, QFII decreased holdings in many stocks within the electrical equipment and hardware sectors.