After exiting the top ten shareholder list of Kweichow Moutai, the position adjustment path of "long-term capital" has been revealed. The National Social Security Fund has newly invested in 12 stocks, making layouts in the hard technology track covering Moore Threads.
As listed companies' semi-annual reports are released one after another, the Q2 position data of long-term funds such as social security funds and insurance capital has come to light. Central Huijin Asset Management Co., Ltd. (hereinafter referred to as "Huijin Company") and China Securities Finance Co., Ltd. (hereinafter referred to as "CSF"), which are regarded as the "national team" by the market, have withdrawn from the top ten shareholders of Kweichow Moutai.
Wind data shows that as of August 14, social security funds have appeared in the top ten circulating shareholders of 33 A-share listed companies, with a total market value (note: calculated at the end of Q2, the same below) exceeding 110 billion yuan, 12 of which are new positions added in Q2, covering industries such as chemical, food and beverage, and semiconductors. On the whole, the positions of social security funds have maintained their consistent steady style, preferring targets with strong performance certainty and outstanding valuation cost-effectiveness.
In addition to withdrawing from the top ten shareholders of Kweichow Moutai, Huijin Company and CSF also withdrew from the top ten shareholders of A-share listed companies including Ping An Bank and Dahua Technology in Q2.
In terms of insurance capital, 41 companies have received heavy positions in Q2, with a total market value of shareholdings exceeding 260 billion yuan. Judging from the change in the number of shares held, cyclical industries such as non-ferrous metals and chemicals, as well as high dividend sectors, are still the "favorites" of insurance capital.
Wu Zewei, a special researcher of Su Commercial Bank, told the Times Weekly reporter that as important long-term funds in the A-share market, social security funds and insurance capital play the dual roles of the market ballast stone and investment vane. Their continuous inflow is profoundly reshaping the operation ecology of the capital market, promoting the return of investment logic to fundamentals, weakening the trend of theme speculation, and guiding more market participants to focus on the long-term value of enterprises.
Huijin and CSF Withdraw from Top Ten Shareholders of Moutai, Social Security Funds Add 12 New Positions
On the evening of August 14, the semi-annual report disclosed by Kweichow Moutai shows that Huijin Company and CSF are no longer among the top ten shareholders of Kweichow Moutai. At the end of Q1, Huijin held 10.3971 million shares of Kweichow Moutai, accounting for 0.83% of the total share capital, making it the fifth largest shareholder; CSF held 4.0375 million shares of Kweichow Moutai, accounting for 0.32% of the total share capital, making it the tenth largest shareholder.
Huijin Company is a subsidiary of Central Huijin Investment Co., Ltd. (hereinafter referred to as "Central Huijin"), which was established in November 2015 amid the abnormal stock market fluctuations; Central Huijin was established in 2003 to exercise the rights of the capital contributor to key financial enterprises such as state-owned commercial banks on behalf of the state in accordance with the law; CSF is a national securities financial institution approved by the China Securities Regulatory Commission in October 2011.
For Huijin, CSF and social security funds, the market is used to calling them the "national team".
The Times Weekly reporter noted that according to the semi-annual reports disclosed as of August 14, in addition to Kweichow Moutai, Huijin Company and CSF also jointly withdrew from the top ten shareholders of Sichuan Investment Energy in Q2. In addition, Huijin Company withdrew from the top ten shareholders of listed companies such as Zhejiang Digital Culture, Puyang Refractories, Star-net Ruijie, ST Dirui, and Lujiazui, while CSF withdrew from the top ten shareholders of listed companies such as Ping An Bank and Dahua Technology.
As of press time, Wind statistics show that social security funds have appeared in the top ten shareholders of a total of 33 listed companies, with a total position market value of 11.192 billion yuan.
Among these 33 listed companies, the social security fund holds the highest market value of shares in Pengding Holdings. The National Social Security Fund Portfolio 416 and Portfolio 103 hold a total of 28.6652 million shares of the company, with a total market value of more than 3 billion yuan. However, compared with Q1, the number of shares held by the social security fund portfolios decreased by 19.9464 million shares. Wind data shows that in the first half of this year, the share price of Pengding Holdings rose by more than 110%. Although it has corrected somewhat after July, the year-to-date increase is still as high as 92%.
In addition to Pengding Holdings, other companies whose shares held by social security funds were reduced by more than 10 million shares in Q2 include Sinocera Materials, Huafeng Chemical, and Bairun Shares, covering industries such as non-ferrous metals, food and beverage, and chemicals.
In terms of the number of increased shareholdings, Jianghe Group is the listed company that has received the most additional positions from social security funds among the above 33 companies. As of the end of Q2, the National Social Security Fund Portfolio 16011 and Portfolio 16012 hold a total of 56.0543 million shares of Jianghe Group, an increase of 22.9949 million shares month-on-month, with a market value of shares held exceeding 450 million yuan.
From the perspective of new shareholdings, social security funds added 12 new individual stocks in Q2, among which 4 stocks have a market value of more than 200 million yuan, namely Huicheng Shares, Shengtun Mining, Hengyi Petrochemical, and Sinochem International. Among them, the National Social Security Fund Portfolio 16032 and Portfolio 17022 became the fifth and sixth largest shareholders of Sinochem International in Q2, holding a total of 31.6478 million shares, the largest number of shares held.
It is worth mentioning that some unprofitable enterprises listed on the Sci-Tech Innovation Board have also been favored by social security funds. At the end of Q2, the National Social Security Fund Portfolio 412 became the tenth largest circulating shareholder of Moore Threads, holding a total of 160,200 shares, with a market value of 114 million yuan. Moore Threads is mainly engaged in the R&D, design and sales of GPUs and related products. It is one of the few leading chip companies in China with full-function independent GPU R&D capabilities. Its attributable net profit loss in the first half of 2026 was 12 million yuan, which narrowed compared with the same period last year.
Insurance Capital Favors Cyclical Stocks and High Dividend Sectors, Dual Layout of Value and Growth Will Continue
Insurance capital is also an extremely important long-term fund in the A-share market. According to the data disclosed so far, 41 listed companies have received heavy positions from insurance capital in Q2, with a total market value of shares held exceeding 260 billion yuan. Among them, the one with the highest market value is Hikvision. At the end of Q2, China Life Insurance - Traditional - Ordinary Insurance Products held 170 million shares of Hikvision, an increase of 250,600 shares month-on-month, with a total market value of 5.8 billion yuan.
Judging from the changes in shareholdings in Q2, cyclical stocks such as non-ferrous metals and chemicals have seen a large increase in positions, and the position changes of three stocks including Shenhuo Shares, Huafeng Chemical, and Western Mining all exceeded 30 million shares. Among them, insurance capital held a total of 63.5401 million shares of Shenhuo Shares at the end of Q2, and products under Taikang Life and China Life became the seventh and ninth largest shareholders of the company in Q2.
In addition, while increasing their positions in resource cyclical stocks, insurance capital still favors high dividend sectors. At the end of Q2, China Life Insurance - Traditional - Ordinary Insurance Products became the sixth largest shareholder of China Mobile, holding a total of 28.4742 million shares, with a market value of more than 2.4 billion yuan.
On August 13, while releasing its first-half performance report, China Mobile also announced its 2026 interim profit distribution plan, which will distribute a total of 54.426 billion yuan in interim dividends. At the same time, China Mobile said that the company will fully protect the rights and interests of shareholders, and the 2026 dividend payout ratio will rise steadily. Calculated based on China Mobile's latest stock price on August 14, its dividend yield reached 4.90%.
Wu Zewei believes that the source of social security funds has stronger cross-cycle characteristics, with a longer assessment cycle and relatively higher risk tolerance. Therefore, it adopts a diversified layout idea to tap fundamental recovery opportunities in multiple industries, taking into account the directions of consumption recovery, cycle improvement and technological growth, and capturing structural opportunities brought by industrial transformation through diversified shareholdings. Restricted by rigid compensation on the liability side, insurance capital has prominent requirements for matching the duration of assets and liabilities. It not only layouts traditional high-dividend sectors, but also increases positions in leading targets in the non-ferrous metal industry with solid internal cash flow and outstanding dividend capacity, taking into account both dividend income and cyclical flexibility.
At present, the A-share market has shown signs of stabilization after the deep adjustment since July. The latest research report of China Galaxy Securities believes that the A-share market in August is shifting from "expectation game" to "reality verification". Market trading activity and financing data reflect that market sentiment has picked up. After the previous chip digestion and valuation adjustment, the overall market repair foundation continues to be consolidated.
"The three major verification windows in August form a progressive logic: the semi-annual performance verification provides the fundamental anchor, which determines the market pricing anchor and structural direction; the policy implementation verification provides macro support, which affects the repair space and rhythm; the external risk verification provides external conditions for the valuation repair rhythm. In the short term, structural market is expected to remain the main line." said China Galaxy Securities.
Wu Zewei analyzed to the Times Weekly reporter that looking ahead, long-term funds will continue the dual allocation logic of "value base position combined with growth layout", and the sector selection will be carried out around the liability matching requirements and the main line of industrial upgrading. High-dividend assets are still an important part of the portfolio's base position, which can provide stable cash flow for the investment portfolio and hedge the pressure brought by market fluctuations. Industries related to new quality productivity will continue to attract capital attention. The sub-tracks related to hard technology, high-end manufacturing, and independent controllability, with the advancement of industrial iteration, will gradually open up the medium and long-term growth space, and will see phased layout by long-term funds.
This article is from the WeChat official account "Times Weekly" (ID: timeweekly), author: Huang Yukun, editor: Xi Ang, published with authorization from 36Kr.