2025 Annual Report Reveals QFII Movements: Total Holdings of 2.29 Billion A-Shares

As A-share listed companies prepare to release their 2025 annual reports in detail, the latest holdings and rebalancing strategies of QFII (Qualified Foreign Institutional Investors) are also coming to light.

As of the time of this report, Wind Information data shows that 41 A-share listed companies have QFII among their top ten circulating shareholders, with a total QFII holding of 229 million shares. Based on the closing price at the end of 2025, these shares are valued at approximately 5.162 billion yuan.

From the disclosed shareholdings, five stocks have QFII holdings exceeding 10 million shares. By the end of 2025, Baofeng Energy has the largest QFII holdings at 44.81 million shares; Tiejian Heavy Industry, Shengtun Mining, Kun Pharmaceutical Group, and Baosheng Co., Ltd. hold 23.50 million, 21.12 million, 13.74 million, and 12.23 million shares respectively.

Regarding the trend of holdings changes, compared to the end of Q3 2025, nine stocks saw increased QFII holdings in Q4 2025, including Zhejiang Liming, Shahe Shares, and Dawei Shares. Additionally, the number of stocks newly held by QFII in Q4 2025 reached 21.

In terms of market value of holdings, as of the end of 2025, 16 stocks had QFII holdings valued at over 100 million yuan. For example, Baofeng Energy’s QFII holdings are valued at the highest, reaching 880 million yuan; Demingli and Shengtun Mining have holdings valued at 367 million yuan and 320 million yuan respectively. According to Shenwan industry classification, these stocks belong to basic chemicals, non-ferrous metals, electronics, and other sectors.

The holdings of well-known international asset management institutions are also closely watched. UBS Group ranks first among QFII institutions with a holding market value of 1.1 billion yuan, appearing among the top ten circulating shareholders in 15 stocks, including XinNuoWei, Baosheng Co., Ltd., and Ultrasonic Electronic. JPMorgan Securities and Morgan Stanley International hold market values of 163 million yuan and 289 million yuan respectively, appearing among the top ten shareholders in 7 and 10 stocks.

These data not only reflect QFII’s industry allocation and stock holding characteristics but also demonstrate foreign institutional investors’ firm confidence in high-quality assets of China’s capital markets.

According to research by Lianbog Fund, China’s AI Token consumption is expected to maintain over 100% growth in the coming years, indicating significant profit potential in AI infrastructure and applications. Additionally, the rebound in travel data during China’s New Year holiday confirms the trend of consumption recovery. All these factors are likely to support sustained strong profit growth in China’s stock market and bolster market upward momentum.

“From a valuation perspective, China’s equity market has rebounded from last year’s lows, but compared to overseas markets, the forward P/E ratio discount remains significant; considering that domestic interest rates are likely to stay accommodative and corporate profits are expected to recover, we remain optimistic about the structural valuation recovery opportunities in China’s equity market,” said a representative from Lianbog Fund in an interview with Securities Daily.

Morgan Stanley’s equity investment team believes that looking ahead, AI remains the most core direction in the tech sector, currently driven mainly by performance catalysts. Although the AI sector is affected by increased volatility in US tech stocks, it has strong earnings certainty, with domestic platform token call volumes increasing tenfold, reinforcing the logic of demand for computing power.