Social Security Fund's repositioning path gradually emerged in the fourth quarter of last year, with 22 new positions in the portfolio.

The National Social Security Fund is regarded as the "ballast stone" of the capital market for long-term funds. Recently, as listed companies continue to disclose their annual reports, the data on changes in holdings for the fourth quarter of 2025 are gradually emerging. As of the time of this report, the Social Security Fund appeared in the top ten circulating shareholders of 54 A-share listed companies in the fourth quarter of last year, with a total holding of 1.32 billion shares and a total holding market value of 22.652 billion yuan. From the current known operation trajectory, the Social Security Fund entered 22 new stocks, increased holdings in 14 stocks, reduced holdings in 8 stocks, and maintained holdings in 10 stocks in the fourth quarter. The adjustment actions not only continue the logic of long-term value investment but also highlight the layout strategy for emerging tracks. From the disclosed data, among the 22 new stocks that the Social Security Fund entered, including Zhongcai Technology, Shunluo Electronics, Hongqiao Holdings, Keren Pharmaceutical, etc., the new stocks are mainly concentrated in hardware equipment, pharmaceutical biotechnology, chemical industry, and other fields. In addition, among the 14 stocks that the Social Security Fund increased holdings in, the stocks with significant increases in positions include China Merchants Shekou, Focus Technology, and Zangge Mining.