Appear among the top 10 circulating shareholders of 400 listed companies—“buying up” hundreds of ETFs as long-term funds step up equity assets on two fronts.

Source: Shanghai Securities News Author: Zhao Mingchao

As A-share listed companies and public mutual funds continue to disclose their 2025 annual reports, the holdings of long-term capital such as the Social Security Fund, QFII, and corporate pension funds have come into view. Judging from the layout, long-term capital not only buys leading shares in high-end manufacturing, pharmaceuticals, and chemical industries, but also “scoops up” a large number of broad-market index ETFs and growth-style thematic ETFs, deploying resources in two directions to allocate to equity assets.

A review of the annual reports that have been disclosed shows that as of April 7, the Social Security Fund, QFII, and corporate pension funds appeared on the top ten tradable shareholders lists of 400 A-share listed companies. In terms of the securities held by long-term capital, they are mainly distributed across sectors including high-end manufacturing, pharmaceuticals, nonferrous metals, and chemicals.

Specifically, in the high-end manufacturing sector, this includes Zhejiang Liming, AVIC Zhongchao? Holdings, Yunda? Shares, Sany Heavy Industry, FiberHome? and Hongfa Shares, among others. Taking Zhejiang Liming, which specializes in automotive precision components, as an example: as of the end of 2025, Goldman Sachs, Morgan Stanley, Merrill, and Social Security Fund 423 Portfolio became newly added top ten tradable shareholders of Zhejiang Liming. In the fourth quarter of 2025, JPMorgan added 1.1911 million shares of Zhejiang Liming.

In the biopharmaceutical sector, long-term capital holds GuoYao Shares, Mindray Medical, Tiger Pharma, Watsons Bio, Zhuzhu? Group, and others. Taking Zhizhu? Group as an example, the company integrates pharmaceutical R&D, production, and sales. As of the end of 2025, Social Security Fund 1106 Portfolio became a newly added top ten tradable shareholder. The holdings of Social Security Fund 1102 Portfolio remain unchanged.

The chemicals sector is also attracting similarly high attention. Among the top ten tradable shareholders of industry leaders such as Wuxi? Wei Chemical, Anhui Wei? High-Tech, Huafeng Chemical, and Hualu Hengsheng, the presence of long-term capital appears frequently. Taking Anhui Wei? High-Tech as an example: as of the end of 2025, Social Security Fund 17042 Portfolio and Basic Pension Insurance Fund 1,205 Portfolio were newly added as top ten tradable shareholders. In the fourth quarter of 2025, the National Social Security Fund 503 Portfolio increased its holdings of Anhui Wei? High-Tech by 7 million shares.

In addition, long-term capital also holds nonferrous metals-related targets such as Yunnan Copper, Jiangxi Copper, Yunnan Aluminum Shares, and Gold Moly Shares. It is worth noting that some newly listed shares are also held in a “group” by long-term capital.

Taking Yongjie New Materials as an example, the company’s main business is the R&D, production, and sales of aluminum sheets, strips, and foils. The company listed in March 2025. As of the end of 2025, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays Bank, UBS Group, the corporate pension plan of China National Petroleum and Gas Group Co., Ltd., the corporate pension plan of China CITIC Group Co., Ltd., and the corporate pension plan of China Petroleum & Chemical Group Co., Ltd. became newly added top ten tradable shareholders of Yongjie New Materials.

Apart from holding shares of A-share listed companies, long-term capital also enters the market via ETFs. As of the end of 2025, among the lists of top ten holders for hundreds of ETFs, long-term capital such as QFII and corporate pension funds appeared.

Overall, in the second half of 2025, global capital giants increased their holdings of multiple broad-market index ETFs and technology growth-style ETFs. According to Choice statistics, as of the end of 2025, UBS Group appeared in the top ten holders lists of 277 ETFs. Judging from changes in holdings, in the second half of 2025, UBS Group increased its holdings of Huatai-PineBridge CSI 2000 ETF, Guotai CSI 500 ETF, and others. It also newly became a top ten holder of multiple science-and-technology thematic ETFs, including the STAR Market 200 ETF, STAR Market Innovative Drugs ETF, STAR Market Artificial Intelligence ETF, STAR Market Chips ETF, and others.

Barclays Bank is similar. As of the end of 2025, Barclays Bank appeared in the top ten holders lists of 200 ETFs, becoming a newly added top ten holder of multiple STAR Market-themed ETFs. In addition, in the second half of 2025, Barclays Bank increased its holdings of GF CSI 2000 ETF and ICBC CSI 1000 Enhanced Strategy ETF, among others.

Besides global capital giants, more than 200 corporate pension plans also appeared in the top ten holders lists of ETFs. As of the end of 2025, the corporate pension plan of Agricultural Bank of China Co., Ltd. appeared as a top ten holder in 18 ETFs. The corporate pension plan of Industrial and Commercial Bank of China Co., Ltd., the corporate pension plan of China Mobile Communications Group Co., Ltd., the corporate pension plan of China National Petroleum and Natural Gas Corporation, and others held ETFs in quantities exceeding 10.

In addition, dozens of pension products also appeared in the top ten holders lists of ETFs. Among them, the Richang? Fortunes? Equity Pension product of Foch? Qi? Stock?; the National Life Pension Enjoyment Xinqi Hybrid Pension product; and the Taikang Asset Fengxuan No. 1 Equity FOF Pension product each held more than 10 ETFs. Taking the Foch? Fortunes? Equity Pension product as an example: as of the end of 2025, it newly became a top ten holder of the Fu? Science and Innovation Board 200 ETF, the U? An Chip Design ETF, the Fu? CSI National Robotics Industry ETF, and others.