Social Security Fund's Portfolio Adjustment Path Becomes Clear in Q4 Last Year, Heavy Positions in 54 Stocks, New Holdings in 22 Targets

The National Social Security Fund is regarded as a “ballast” of long-term capital in the capital market. Recently, as listed companies continue to disclose their annual reports, the changes in their holdings for the fourth quarter of 2025 are gradually emerging.

As of the time of this report by Securities Daily, the social security fund appeared in the top ten circulating shareholders of 54 A-shares in the fourth quarter of last year, with a total shareholding of 1.32 billion shares and a market value of 22.652 billion yuan. Based on the known trading patterns, in the fourth quarter, the social security fund newly invested in 22 stocks, increased holdings in 14 stocks, reduced holdings in 8 stocks, and maintained holdings in 10 stocks. These rebalancing actions continue the long-term value investment logic and highlight a strategic layout in emerging sectors.

From the disclosed data, among the 22 newly invested stocks, there are companies like China National Materials Technology, Sunlord Electronics, Hongqiao Holdings, and Kelun Pharmaceutical. The new targets are mainly concentrated in hardware equipment, biomedicine, and chemical industries. Additionally, among the 14 stocks increased in holdings, significant increases include China Merchants Shekou, Focus Technology, and Zangge Mining.

Regarding stock concentration, the holdings of the social security fund show a “focus on leading companies with diversified holdings.” China Merchants Shekou, with a market value of 1.921 billion yuan, is the largest holding, jointly held by the National Social Security Fund 112 and 413 portfolios. Zangge Mining and China Jushi rank second and third, with holdings valued at 1.646 billion yuan and 1.462 billion yuan, respectively. Notably, Shantui Co., Ltd. has become the most favored stock among the social security fund portfolios, with five portfolios including 406 and 17022 jointly holding, totaling a market value of 1.165 billion yuan, reflecting strong institutional consensus on leading machinery companies.

Looking at specific operations in the fourth quarter, the social security fund’s rebalancing actions reveal three main directions: increasing allocations during growth cycles,布局 in emerging sectors, and optimizing the portfolio structure. In terms of new investments, the fund added 22 stocks in the fourth quarter, covering hardware, biomedicine, and chemical industries, with many related to the computing power industry chain and new energy sectors. For example, Sunlord Electronics, a core supplier of electronic components in the hardware sector, was newly added; Kelun Pharmaceutical, with its innovative drug R&D advantages, had a holding market value exceeding 400 million yuan; Anhui Wenv High-tech, due to its new materials business layout, entered the list of major holdings.

“Stocks newly invested in and increased holdings generally feature stable performance and reasonable valuations,” said Chen Yuheng, senior investment advisor at Shaanxi Jufeng Investment Information Co., Ltd. in an interview with Securities Daily. From the perspective of new investments, the social security fund focuses on long-term opportunities in growth sectors like the computing power industry chain and also on valuation recovery opportunities in cyclical leading companies. For increased holdings, the focus is mainly on high-quality companies with strong earnings certainty and stable dividends, reflecting a long-term capital allocation strategy.

Correspondingly, in the fourth quarter, the social security fund reduced holdings in 8 stocks, mainly those with uncertain fundamentals or overvalued. For example, Shantui Co., Ltd. was reduced by 6.9022 million shares, with the holding value dropping to 1.165 billion yuan; China Merchants Property Development was reduced by 1.3039 million shares. Additionally, some consumer electronics and medical device stocks were moderately reduced, mainly to optimize the portfolio structure.

There are also 10 stocks whose holdings remained unchanged in the fourth quarter, including Shanjin International and China Jushi. These stocks generally have stable performance growth and prominent industry positions. The social security fund’s long-term holding indicates confidence in high-quality assets.

Yang Delong, chief economist at Qianhai Open Source Fund, believes that as a representative of long-term capital, the holdings trend of the social security fund is of significant reference value. Its balanced allocation between cyclical sectors and growth tracks reflects an optimistic outlook on economic fundamentals and a precise grasp of industrial upgrading trends, providing clear guidance for ordinary investors.