Social Security Fund holdings ledger is here: appearing among the top ten shareholders in 77 stocks

As the annual report season for A-shares progresses into 2025, the latest holdings of the social security fund, regarded as the “ballast” of the market, are gradually coming to light.

According to data from Tonghuashun, as of March 25, 2026, among the 419 listed companies that have disclosed their annual reports, the social security fund (including the basic pension insurance fund investment portfolio) appears in the top ten circulating shareholders of 77 companies, holding a total of 193 million shares, with a market value of 31.54 billion yuan.

Social Security Fund Appears Among Top Ten Shareholders of 77 Stocks

The social security fund has always been the “sharp shooter” of the A-share market. By the end of 2024, the scale of the national social security fund reached 3.32 trillion yuan. Since its establishment, the annual average investment return rate of the social security fund has reached 7.39%, with the cumulative investment return exceeding 1.9 trillion yuan. Therefore, every move of the social security fund is closely monitored by the market.

Data from Tonghuashun shows that the social security fund is present in 77 stocks. In terms of portfolio adjustments, in the fourth quarter of last year, the social security fund entered 25 new stocks, increased holdings in 22 stocks, and reduced holdings in 15 stocks, while the number of shares held remained unchanged in 15 stocks.

Among the newly established stocks held by the social security fund, the number of shares held in Chongqing Rural Commercial Bank is the highest. The national social security fund 116 portfolio bought a total of 93.8323 million shares in the fourth quarter, with a market value exceeding 600 million yuan by the end of last year, ranking as the tenth largest circulating shareholder of Chongqing Rural Commercial Bank.

In terms of holding ratios, among the newly entered stocks, the social security fund holds a relatively high proportion in Shouhua Gas, accounting for 4.05% of circulating shares. Next is Ruoyu Chen, where the basic pension insurance fund 16032 and the social security fund 116 portfolio jointly increased their holdings by 7.027 million shares in the fourth quarter, with a holding ratio reaching 3.11%. Additionally, the social security fund holds a significant proportion in companies like Gao Neng Environment, Huitong Energy, and Kelun Pharmaceutical.

From the performance perspective, among the newly entered stocks held by the social security fund, 21 companies reported a year-on-year increase in net profit last year. The highest increase in net profit was from Shouhua Gas, which achieved a net profit of 169.3189 million yuan last year, with a year-on-year growth rate of 123.82%. Other companies with notable year-on-year growth in net profit include Putailai and Ruoyu Chen, with increases of 98.14% and 84.03%, respectively.

In terms of absolute holding ratios, among the companies that have disclosed their 2025 annual reports, Shantui Co., Ltd. is the “favorite” of the social security fund, with five social security fund portfolios stationed there, holding a total of 97.3012 million shares. Based on the stock price at the end of 2025, the market value of these holdings reaches as high as 1.165 billion yuan.

The five social security fund portfolios are the national social security fund 406 portfolio, the social security fund 17022 portfolio, the social security fund 107 portfolio, the social security fund 413 portfolio, and the social security fund 117 portfolio. They ranked as the fourth, fifth, sixth, seventh, and ninth largest circulating shareholders of Shantui Co., Ltd. by the end of 2025. Notably, the social security fund 406 portfolio entered the list of the top ten shareholders in the fourth quarter of 2025, holding 29.6228 million shares at that time. Meanwhile, the holdings of the social security fund 17022 portfolio, 413 portfolio, and 117 portfolio remained unchanged from the previous quarter. It is noteworthy that amidst this wave of overall increased positions, there have also been differing voices. The national social security fund 107 portfolio reduced its holdings by 6.9022 million shares in the fourth quarter of 2025, decreasing its holdings from 23.4 million shares to 16.4986 million shares.

According to the holding statistics, the social security fund’s holdings in China Merchants Shekou, Nanshan Aluminum, CNOOC Development, and Nanjing Steel are all over 100 million shares, specifically 222 million shares, 164 million shares, 122 million shares, and 108 million shares, respectively. By the end of the fourth quarter of 2025, there are six stocks with a market value exceeding 1 billion yuan held by the social security fund, including China Merchants Shekou, Cangge Mining, and China Jushi.

The market value of the social security fund’s holdings in China Merchants Shekou reached 1.921 billion yuan by the end of 2025, with two social security funds ranking as the fifth and sixth largest circulating shareholders. The national social security fund 112 portfolio increased its holdings in this stock in the fourth quarter, having continuously held a significant position in China Merchants Shekou since the third quarter of 2022. The company recently held an earnings briefing, stating that the future returns of the real estate industry and the company will gradually stabilize, moving out of the rapid decline phase into a bottoming stage.

Social Security Fund Holds 15 Stocks for Over Two Years

Among the companies that have released their 2025 annual reports, 25 stocks have been continuously held by the social security fund for more than four quarters. Among them, 15 stocks have been held for over two years, with three stocks including China Jushi and Nanshan Aluminum being continuously held for over five years.

The stock with the longest holding period by the social security fund is China Jushi, which has been held for a cumulative total of 36 quarters since the first quarter of 2017. The latest national social security fund 114 portfolio and national social security fund 401 portfolio rank as the fourth and seventh largest circulating shareholders of the company, holding a total of 85.5196 million shares, accounting for 2.14% of circulating shares. Other stocks with long holding periods by the social security fund include Nanshan Aluminum, Chifeng Gold, and Anhui Wuwei High-tech, which have been held for 22, 20, and 19 quarters, respectively.

Among the 25 stocks with continuous holdings by the social security fund for over four quarters, based on the holdings at the end of last year’s fourth quarter, China Merchants Shekou, Nanshan Aluminum, and Nanjing Steel have the highest number of shares held, with the social security fund holding 222 million shares, 164 million shares, and 108 million shares, respectively. The stocks with the highest holding ratios include Shantui Co., Ltd., Focus Technology, and China National Pharmaceutical, with holding ratios of 7.40%, 5.10%, and 4.12%, respectively.

Rong Hao, a partner at Pai Pai Wang Wealth Management, believes that the holdings of the social security fund have the following characteristics: first, long-term holding. The holding period of the social security fund is very long, and it does not engage in frequent trading or focus on short-term price performance; second, they pursue steady returns. The social security fund often chooses to invest in companies with stable operations and places great importance on corporate governance and valuation factors; third, they practice diversified allocation. The social security fund holds a portfolio of stocks that is relatively diversified across industries, sectors, and individual stocks; fourth, they prefer leading companies. The social security fund typically selects well-known listed companies with a significant industry position; fifth, they engage in strategic investments. The social security fund prioritizes strategic investments in industries and enterprises related to the sustainable development of social security.

Yang Delong, chief economist at Qianhai Kaiyuan, also stated: “The social security fund and state-owned teams like Huijin are true value investors, unaffected by market sentiment fluctuations, and can truly achieve high selling and low buying. During periods of market downturn, retail investors tend to wait and see, while the state-owned teams aggressively increase their positions; conversely, when the market experiences fluctuations, the social security fund and others reduce their holdings. In the A-share market, only by adhering to fundamental research and value investing can investors ultimately achieve success. Approaches like speculation on concepts and themes often yield poor investment returns.”

Regarding whether investors can “copy the homework” of the social security fund, Rong Hao believes that the heavy holdings and allocation trends of the social security fund have certain reference value for investors. However, blindly copying the heavy stocks of the social security fund is not advisable. Firstly, the information may have a lag, and by the time investors learn about it, there may already be a certain increase in price, and investors do not know the cost of the social security fund’s holdings and the current holding situation; secondly, the social security fund constructs a portfolio of stocks that relies on the investment combination to generate returns, and even with in-depth research, there is still a risk of hitting a landmine in individual companies. The investment characteristic of the social security fund is to pursue long-term steady returns, with not high demands on returns; therefore, the social security fund tends to choose companies with high certainty of future performance growth or high dividend characteristics, with industry leaders being particularly favored by the social security fund.