Middle Eastern funds accelerate buying A-shares! QFII's latest holdings revealed, 17 stocks receive major allocations

Source: Securities Times Network Author: Zhang Juanjuan

About 120 companies have QFII figures among their top ten circulating shareholders.

The holdings of QFII (Qualified Foreign Institutional Investors) are gradually coming to light with the disclosure of annual reports. According to Wind data, as of the close on March 27, over 700 companies have disclosed their annual reports for 2025, among which QFII figures appeared in the top ten circulating shareholders list of 118 companies. Based on the closing price at the end of the period, at the end of the fourth quarter of 2025, the total market value of shares held by QFII in these 118 companies exceeded 10.6 billion yuan, an increase of nearly 63% compared to the previous period.

From an industry perspective, these 118 companies are concentrated in industries such as pharmaceuticals and biotechnology, machinery and equipment, electronics, and power equipment, with 14 companies in the pharmaceuticals and biotechnology sector, and 13 in both machinery and equipment and electronics sectors.

As of the end of the fourth quarter of 2025, the industries with the highest number of QFII holdings include basic chemicals, pharmaceuticals and biotechnology, and power equipment, all exceeding 50 million shares. The number of shares held in industries such as defense and military, oil and petrochemicals, light manufacturing, and power equipment increased by more than 100% compared to the previous period.

In terms of changes in market value of holdings, as of the end of the fourth quarter of 2025, the market value of QFII holdings in electronics, pharmaceuticals and biotechnology, basic chemicals, and power equipment all exceeded 1 billion yuan, with nine industries experiencing a more than 100% increase in market value of holdings, including agriculture, forestry, animal husbandry and fishing, food and beverages, automobiles, oil and petrochemicals, and defense and military.

As of the end of the fourth quarter of 2025, 13 companies in the electronics industry had a combined market value of QFII holdings exceeding 2.4 billion yuan, ranking first in the industry by market value of holdings, with a more than 20% increase compared to the previous period. The index for the electronics industry saw an annual increase of nearly 48% in 2025, ranking third among the Shenwan primary industries.

Shanxi Securities stated that against the backdrop of accelerated domestic substitution and improved industry prosperity, all sub-sectors of the electronics industry are expected to break through: storage is entering a super cycle, the semiconductor industry is seeing increased prosperity, domestic computing power is driving accelerated substitution, AI innovation is driving dual upgrades of PCB materials and architectures, and optics and AI are expected to promote AR glasses as a new interactive terminal.

Abu Dhabi Investment Authority holds the largest number of shares among QFII institutions.

In terms of QFII holdings, as of the end of the fourth quarter of 2025, there are four institutions holding more than 50 million shares, namely the Abu Dhabi Investment Authority, UBS Group AG, Morgan Stanley International Limited, and The Goldman Sachs Group, Inc.

Among them, UBS Group AG, Abu Dhabi Investment Authority, and Morgan Stanley International Limited all have a market value of holdings exceeding 1 billion yuan.

UBS Group AG holds a total of 71 million shares, with a total market value of 1.995 billion yuan.

Abu Dhabi Investment Authority ranks first, holding 93 million shares with a total market value of 1.772 billion yuan. This institution holds circulating shares of Keda Li, Fuling Mustard, Baofeng Energy, CRRC Heavy Industry, and Beixin Building Materials, among which Baofeng Energy, Beixin Building Materials, and Keda Li all have a market value of holdings exceeding 250 million yuan.

It should be noted that among the two Middle Eastern QFII institutions currently appearing in the top ten circulating shareholders of listed companies, both show an increasing trend in holdings. As of the end of the fourth quarter of 2025, Abu Dhabi Investment Authority’s holdings increased by more than 8% compared to the previous period, with a market value increase of over 34%; Kuwait Investment Authority’s holdings increased by more than 55%, with a market value increase of over 40%.

Seventeen companies have a QFII holding ratio exceeding 2%.

In past QFII holdings, large consumption and large finance have been favored. However, in recent years, due to changes in market style, these sectors have shown relatively sluggish performance, and QFII’s investment style tends to favor emerging industries. From the perspective of individual companies, as of the end of the third quarter of 2025, the average market value of the aforementioned 118 companies was below 12 billion yuan, with an average stock price of about 24 yuan, and nearly half of the companies having stock prices below 15 yuan.

In terms of holding ratios, 17 companies have a QFII holding ratio exceeding 2%. Hetai Electrical Machinery and *ST Songfa both have QFII holding ratios exceeding 6%, while Jinfang Energy, Zhejiang Liming, Jinhaitong, and Sitike all have QFII holding ratios exceeding 3%.

As of the end of the fourth quarter of 2025, Hetai Electrical Machinery had a QFII holding of 6.96%, an increase of over 5 percentage points compared to the previous period. Among them, UBS Group AG, Société Générale, and other QFII institutions have newly become the top ten circulating shareholders of the company. In terms of performance, the company’s net profit has been declining since 2023, but benefiting from order releases and the implementation of fundraising projects, the company’s cumulative increase in 2025 exceeded 83%, with a quarterly increase of over 23%.

Jinhaitong has a QFII holding ratio of 3.49%. The company achieved a net profit of 177 million yuan in 2025, setting a new high since 2018, with a year-on-year net profit increase of nearly 125%. China Post Securities stated that the company continues to focus on product innovation and technological upgrades, deepening its global market layout, and expects net profit to continue to grow in the future.

Sitike also has a QFII holding ratio exceeding 3%, with UBS, Morgan Stanley, and JPMorgan all newly entering the company’s top ten circulating shareholders. The company’s net profit in 2025 increased by 44.56% year-on-year. The company is involved in popular concepts such as lithography machines, commercial aerospace, and AI glasses.

From a market performance perspective, among the aforementioned 17 companies, the average increase in 2025 is nearly 52%, and since 2026 (as of March 27) the average increase is nearly 17%.

Yanjing Co., Ltd. saw an increase of over 188% in 2025, with a cumulative increase of over 67% this year. The company plans to purchase 98.54% equity in Ningbo Yongqiang Technology Co., Ltd. (“Yongqiang Technology”), which focuses on high-end electronic interconnection materials for integrated circuits.

Jinhaitong saw an increase of over 95% in 2025, with a cumulative increase of over 84% since 2026. The company’s clients include semiconductor packaging and testing companies, testing foundries, IDM enterprises, and chip design companies.

It should be noted that among these 17 companies, 7 are consistently predicted by institutions to have net profit growth exceeding 20% in 2026 and 2027, including Daiwei Co., Ltd., Bomaco, Yanjing Co., Ltd., and Jinhaitong.

Nearly 80% of companies have seen QFII increase their holdings.

In terms of changes in holdings, as of the end of the fourth quarter of 2025, nearly 80% of companies have seen an increase in QFII holdings (including newly acquired holdings) based on the proportion of shares held.

Compared to the end of the third quarter of 2025, 19 companies saw an increase in QFII holding ratio, with 7 companies increasing by more than 1 percentage point, including Hetai Electrical Machinery, Zhejiang Liming, and Shahe Co., Ltd. Among them, Hetai Electrical Machinery saw an increase in QFII holdings of over 5 percentage points.

Zhejiang Liming had a QFII holding of 3.75% at the end of the fourth quarter of 2025, an increase of 3.5 percentage points, with JPMorgan increasing its shareholdings, becoming the sixth largest circulating shareholder of the company. The company achieved a net profit of 31 million yuan in 2025, a nearly 42% year-on-year decline, but its sales gross margin of 34.27% reached a new high since 2022. The company is currently a leading national high-tech enterprise producing automotive components such as valve lock clamps, valve spring seats, valve bridges, and piston cooling nozzles. It is worth mentioning that the social security fund has also newly become the eighth largest circulating shareholder of Zhejiang Liming.

Among the 74 companies newly held by QFII, as of the end of the fourth quarter of 2025, Jinhaitong, Sitike, Yuanzhuo Co., Ltd., Yanjing Co., Ltd., and other 7 companies have QFII new holdings exceeding 2%.