The latest QFII holding data has been released, how will Middle Eastern funds act? European and American trends have also been released.

As the annual reports of listed companies for 2025 are gradually disclosed, the latest holding paths of QFII and other foreign institutions in A-shares are becoming clearer. As of March 22nd, a total of 41 listed companies have appeared in the QFII heavy holdings list, corresponding to 77 holding records, involving 16 foreign institutions. From the disclosure results, many foreign institutions in this round of QFII holdings are entering the top ten flow shareholders list of listed companies for the first time during the annual report disclosure window. Some sovereign wealth funds, international investment banks, and large asset management institutions are still making structural adjustments to their existing positions, concurrently increasing, decreasing, and entering new positions. In terms of institutional distribution, UBS Group, Barclays Bank, Morgan Stanley, Goldman Sachs, and JPMorgan Chase are still among the most active types of funds. Sovereign wealth funds such as the Abu Dhabi Investment Authority, Kuwait Investment Authority, and Monetary Authority of Macao continue to appear in the shareholder lists of pharmaceutical, energy, and equipment manufacturing companies. Institutions such as Goldman Sachs, Morgan Stanley, JPMorgan Chase, BNP Paribas, and Merrill Lynch International frequently invest in semiconductor, hardware equipment, electrical equipment, and automotive parts directions. In terms of industry distribution, QFII holdings in this round are mainly concentrated in the pharmaceutical and biotechnology, semiconductor, hardware equipment, machinery, electrical equipment, and chemical sectors. Manufacturing remains the most important focus of foreign public holdings. Many industry insiders believe that, based on the current disclosed situation, foreign funds have not simply returned to the traditional large-cap blue-chip logic but are more focused on targeted allocations around the manufacturing, pharmaceutical, and technology chains. Differentiation in foreign capital's add and reduce holding paths First, looking at the direction of additions, the Abu Dhabi Investment Authority continued to increase holdings in Ningxia Baofeng Energy Group, holding 44.81 million shares by the end of last year, an increase of 400,000 shares from the previous period, with a year-end holding market value of 880 million yuan. Goldman Sachs International increased its holdings in Shahe Industrial by 1.137 million shares, increased its holdings in Guangdong Songfa Ceramics by 459,000 shares, The Goldman Sachs Group increased its holdings in Chengtun Mining Group by 1.3263 million shares, and JPMorgan Chase increased its holdings in Zhejiang Liming Intelligent Manufacturing by 1.1911 million shares. There are also cases of increased holdings, with the Kuwait Investment Authority holding 5.9068 million shares, an increase of 857,800 shares, in KPC Pharmaceuticals, Inc. Reducing holdings is also present. The Abu Dhabi Investment Authority slightly reduced its holdings in China Railway Construction Heavy Industry Corporation Limited, Goldman Sachs International reduced its holdings in Sharetronic Data Technology by 1.6275 million shares, and the Monetary Authority of Macao reduced its holdings in KPC Pharmaceuticals, Inc. by 3.268 million shares. In stocks such as Hengdian Entertainment, Zhejiang Xidamen New Material, Guangdong Songfa Ceramics, and Nanjing Sanchao Advanced Materials, institutions such as UBS Group and Morgan Stanley are also seen to have varying degrees of reduction. Overall, foreign capital is reshuffling some stocks while maintaining key positions in disclosed holdings. More actions are to newly acquire holdings. Among them, UBS Group newly acquired shares in 12 companies, including Shenzhen Techwinsemi Technology, CSPC Innovation Pharmaceutical, Guangdong Goworld, Baosheng Science And Technology Innovation, Shang Hai Huitong Energy, Tianshui Zhongxing Bio-technology, Shenzhen Dawei Innovation Technology; Morgan Stanley newly acquired shares in JHT Design Co., Ltd., Baosheng Science And Technology Innovation, Xiamen Yanjan New Material, XiaMen Sinictek Intelligent Technology, Zhejiang Liming Intelligent Manufacturing, Shenzhen Dawei Innovation Technology, Shuhua Sports, Jiusheng Electric; JPMorgan Chase also newly acquired shares in Tianshui Zhongxing Bio-technology, Shenzhen Dawei Innovation Technology, XiaMen Sinictek Intelligent Technology, Nanjing Quanxin Cable Technology, Shahe Industrial, Risuntek Inc. The Goldman Sachs Group also newly entered the top ten flow shareholders list of Feilong Auto Components, BOMESC Offshore Engineering, Rainbow Digital Commercial, and many other companies. (The following figure is the list of QFII heavy holdings as of March 22nd) If we further dissect the institutions, the focus points of different types of funds are also quite distinct. Among sovereign wealth funds, the Abu Dhabi Investment Authority remains one of the most watched institutions, not only continuing to heavily invest in Ningxia Baofeng Energy Group but also appearing in the top ten flow shareholders list of China Railway Construction Heavy Industry Corporation Limited; the Kuwait Investment Authority and the Monetary Authority of Macao both hold shares in KPC Pharmaceuticals, Inc.; UBS Global Asset Management (Singapore) holds Dong-E-E-Jiao; Temasek Fullerton Investment holds China Resources Sanjiu Medical & Pharmaceutical. These funds are currently more publicly focused on pharmaceuticals, energy, and equipment manufacturing directions. International investment banks and foreign brokerages are more active in the sub-manufacturing and technology chains. Goldman Sachs has a broad coverage, with Goldman Sachs International appearing in the top ten flow shareholders lists of companies such as Shahe Industrial, Sharetronic Data Technology, Guangdong Songfa Ceramics, Zhejiang Liming Intelligent Manufacturing, NanJing Sanchao Advanced Materials, while The Goldman Sachs Group is positioned in Chengtun Mining Group, Feilong Auto Components, BOMESC Offshore Engineering, Shuhua Sports, Nanjing Quanxin Cable Technology, and other stocks. This time, Morgan Stanley has appeared in 10 companies, JPMorgan Chase in 7 companies, Barclays Bank in 12 companies, involving multiple directions such as semiconductors, electronic devices, electrical equipment, automotive parts, and consumer manufacturing. UBS Group has a wider coverage, appearing in the top ten flow shareholders list of 15 companies and being one of the most active foreign institutions in the disclosed holdings. Another notable phenomenon is that multiple foreign institutions have overlapping holdings in the same stock. According to the calibre of listed companies, Shenzhen Dawei Innovation Technology is held by 5 foreign institutions simultaneously, making it the stock with the highest overlap among the foreign institutions at the moment; Guangdong Songfa Ceramics, Zhejiang Liming Intelligent Manufacturing, Shahe Industrial, and Shuhua Sports are all held by 4 foreign institutions; XiaMen Sinictek Intelligent Technology, Nanjing Quanxin Cable Technology, Hengdian Entertainment, and NanJing Sanchao Advanced Materials are jointly held by 3 institutions. JHT Design Co., Ltd., KPC Pharmaceuticals, Inc., BOMESC Offshore Engineering, Xiamen Yanjan New Material, Baosheng Science And Technology Innovation, Tianshui Zhongxing Bio-technology, and other stocks also have more than two foreign institutions simultaneously entering the top ten flow shareholders list. From the disclosed results, these stocks are more concentrated in semiconductor, equipment manufacturing, automotive parts, and pharmaceuticals, making the characteristics of foreign capital's concentration on specific industries more clearer. Pharmaceutical and tech manufacturing become the main targets for QFII In terms of industry distribution, the focus of QFII's disclosed holdings in this round is relatively concentrated. First and foremost, manufacturing remains the main focus. In the 41 listed companies, manufacturing companies account for the majority, spanning various sub-sectors such as semiconductors, hardware equipment, electrical equipment, machinery, automotive parts, and chemicals. In contrast to the stereotypical impression of the market favoring foreign capital towards consumer blue-chips and financial leaders in the past, this round of disclosures shows more foreign capital's intensive layout in the specific manufacturing chains. Among them, the direction of semiconductors and hardware equipment is particularly prominent, including stocks like Shenzhen Techwinsemi Technology, JHT Design Co., Ltd., Shenzhen Dawei Innovation Technology, among others. For instance, Shenzhen Techwinsemi Technology was newly acquired by UBS Group, with a holding market value of 367 million yuan; JHT Design Co., Ltd. is simultaneously held by Merrill Lynch International and Morgan Stanley; and Shenzhen Dawei Innovation Technology is jointly held by Barclays, UBS, JPMorgan Chase, BNP Paribas, and Morgan Stanley, making it one of the stocks with the highest foreign overlap in this batch of companies. In the hardware equipment sector, Sharetronic Data Technology, Guangdong Goworld, XiaMen Sinictek Intelligent Technology, Risuntek Inc have also emerged, indicating that foreign capital's attention to the electronic chain has not diminished but has shifted to concentrate more on equipment, components, and specific manufacturing links. Machinery, electrical equipment, and automotive parts also garner significant interest. Guangdong Songfa Ceramics is shared by 4 foreign institutions, with China Railway Construction Heavy Industry Corporation Limited and NanJing Sanchao Advanced Materials also on the list; electrical equipment includes stocks such as Huaming Power Equipment, Baosheng Science And Technology Innovation, Nanjing Quanxin Cable Technology, Jiusheng Electric; in the automotive parts sector, Zhejiang Liming Intelligent Manufacturing is jointly held by Goldman Sachs International, JPMorgan Chase, Morgan Stanley, and Merrill Lynch International, while Feilong Auto Components is newly held by The Goldman Sachs Group. Pharmaceutical and biotechnology is another clear trend. The pharmaceutical companies that entered the list this time include CSPC Innovation Pharmaceutical, China Resources Sanjiu Medical & Pharmaceutical, KPC Pharmaceuticals, Inc., Dong-E-E-Jiao, Anhui Huangshan Capsule, Newland Pharmaceutical, among others. UBS Group newly acquired 6.8769 million shares in CSPC Innovation Pharmaceutical, with a holding market value of 2.48 billion yuan; Temasek Fullerton Investments holds 7.7253 million shares in China Resources Sanjiu Medical & Pharmaceutical, with a small reduction, but the holding market value still reaching 2.20 billion yuan; UBS Global Asset Management (Singapore) holds Dong-E-E-Jiao; the Kuwait Investment Authority and the Monetary Authority of Macao also appear in the top ten flow shareholders list of KPC Pharmaceuticals, Inc. Overall, foreign capital in the pharmaceutical sector is not concentrated on a single direction but spans across traditional Chinese medicine, pharmaceutical manufacturing, and some growth-oriented pharmaceutical targets. Beyond these two main trends, there are sporadic distributions in sectors such as chemicals, real estate, and consumer goods. Ningxia Baofeng Energy Group and Chengtun Mining Group maintain a presence in the chemical and non-ferrous metal chains in this list; Shahe Industrial, Shang Hai Huitong Energy, Zhejiang Xidamen New Material, Rainbow Digital Commercial, Hengdian Entertainment are distributed in the real estate, commercial, and consumer chains. This article is reprinted from "Cailianshe", author: Wu Yuqi; GMTEight editor: Feng Qiuyi.