As listed companies' semi-annual reports are successively disclosed, the second-quarter holdings of long-term funds such as the National Social Security Fund (NSSF) and insurance capital are coming to light. Central Huijin Asset Management Co., Ltd. ("Huijin") and China Securities Finance Co., Ltd. ("CSF"), regarded by the market as the "national team," have exited the list of top ten shareholders of Kweichow Moutai.
Wind data shows that as of August 14, NSSF appeared among the top ten circulating shareholders of 33 A-share listed companies, with a total market value (note: as of the end of Q2) exceeding 11 billion yuan. Among these, 12 were newly entered stocks in the second quarter, spanning industries such as chemicals, food & beverage, and semiconductors. Overall, the NSSF's holdings continue its consistent steady style, preferring stocks with strong earnings certainty and outstanding valuation appeal.
In addition to exiting the top ten shareholders of Kweichow Moutai, Huijin and CSF also exited the top ten shareholder lists of A-share companies like Ping An Bank and Dahua Technology in the second quarter.
Regarding insurance capital, 41 companies received significant holdings in Q2, with a total holding market value exceeding 26 billion yuan. Judging by changes in shareholding quantity, cyclical sectors such as non-ferrous metals and chemicals, as well as high-dividend sectors, remain favorites of insurance capital.
Wu Zewei, a special researcher at Jiangsu Merchant Bank, told Time Weekly that the NSSF and insurance capital, as crucial long-term funds in the A-share market, play the dual roles of market stabilizer and investment bellwether. Their continuous inflow is profoundly reshaping the operational ecology of the capital market, steering investment logic back towards fundamentals, weakening speculative trends, and guiding more market participants to focus on the long-term value of enterprises.
Huijin, CSF Exit Moutai's Top Ten; NSSF Enters 12 New Stocks
The semi-annual report disclosed by Kweichow Moutai on the evening of August 14 showed that Huijin and CSF are no longer among its top ten shareholders. At the end of the first quarter, Huijin held 10.3971 million shares of Moutai, accounting for 0.83% of the total share capital, making it the fifth-largest shareholder; CSF held 4.0375 million shares, accounting for 0.32%, ranking as the tenth-largest shareholder.
Huijin is a subsidiary of Central Huijin Investment Ltd., established in November 2015 during the abnormal stock market volatility. Central Huijin was founded in 2003 and exercises, on behalf of the state, the rights of an investor in key financial enterprises such as state-owned commercial banks. CSF is a nationwide securities financial institution established in October 2011 with approval from the China Securities Regulatory Commission.
The market habitually refers to Huijin, CSF, and the NSSF as the "national team."
Time Weekly noted that, based on semi-annual reports disclosed up to August 14, besides Kweichow Moutai, Huijin and CSF jointly exited the top ten shareholders of Sichuan Chuantou Energy in Q2. Furthermore, Huijin also exited the top ten shareholder lists of Zhejiang Daily & Culture, Puyang Refractories, Star-net Ruijie, ST Dirui, and Lujiazui. CSF exited the top ten shareholder lists of companies including Ping An Bank and Dahua Technology.
As of press time, Wind statistics show that NSSF appeared among the top ten shareholders of 33 listed companies, with a total portfolio market value of 11.192 billion yuan.
Among these 33 companies, Avary Holding had the highest NSSF holding value. The National Social Security Fund Portfolio 416 and Portfolio 103 together held 28.6652 million shares of the company, with a total value exceeding 3 billion yuan. However, compared with Q1, the NSSF portfolios reduced their holdings by 19.9464 million shares. Wind data shows that in the first half of this year, Avary Holding's stock price rose over 110%. Although it retreated after July, its year-to-date increase remains as high as 92%.
Apart from Avary Holding, companies where NSSF reduced holdings by more than 10 million shares in Q2 include Sinocera Functional Material, Huafon Chemical, and Shanghai Bairun Investment, covering industries like non-ferrous metals, food & beverage, and chemicals.
In terms of increased holdings, Jianghe Group received the largest addition from NSSF among the 33 companies. By the end of Q2, National Social Security Fund Portfolio 16011 and Portfolio 16012 together held 56.0543 million shares of Jianghe Group, an increase of 22.9949 million shares quarter-on-quarter, with a holding value exceeding 450 million yuan.
Regarding new holdings, NSSF entered 12 new stocks in Q2. Four stocks have holding values above 200 million yuan: Huicheng Semiconductor, Shengtun Mining Group, Hengyi Petrochemical, and Sinochem International. Notably, National Social Security Fund Portfolio 16032 and Portfolio 17022 newly entered as the fifth and sixth largest shareholders of Sinochem International in Q2, holding a total of 31.6478 million shares, the highest quantity among new entries.
It is worth mentioning that some unprofitable companies listed on the STAR Market also gained favor from NSSF. By the end of Q2, National Social Security Fund Portfolio 412 became the tenth largest circulating shareholder of Moore Threads, holding 160,200 shares with a market value reaching 114 million yuan. Moore Threads is primarily engaged in the R&D, design, and sales of GPUs and related products. It is one of the few leading domestic chip companies with full-featured GPU self-development capabilities. Its H1 2026 net profit attributable to shareholders was a loss of 12 million yuan, narrowing compared to the same period last year.
Insurance Capital Favors Cyclical Stocks and High-Dividend Sectors; Dual Strategy of Value and Growth to Continue
Insurance capital is also an extremely important long-term fund in the A-share market. Based on data disclosed so far, 41 listed companies received significant holdings from insurance capital in Q2, with a holding market value exceeding 26 billion yuan. Among them, Hikvision has the highest value. At the end of Q2, China Life Insurance Company Ltd. - Traditional - General Insurance Product held 170 million shares of Hikvision, an increase of 250,600 shares quarter-on-quarter, with a total value of 5.8 billion yuan.
Judging from Q2 holding changes, cyclical stocks like non-ferrous metals and chemicals saw significant increases in holdings. Changes in holdings for Henan Shenhuo Coal & Power, Huafon Chemical, and Western Region Gold were all above 30 million shares. Among them, insurance capital held a total of 63.5401 million shares of Henan Shenhuo Coal & Power by the end of Q2, with Taikang Life Insurance and a China Life product newly entering as the company's seventh and ninth largest shareholders.
Furthermore, while increasing holdings in resource cyclical stocks, insurance capital still shows strong favor for high-dividend sectors. By the end of Q2, China Life Insurance Company Ltd. - Traditional - General Insurance Product newly entered as the sixth largest shareholder of China Mobile, holding 28.4742 million shares with a market value exceeding 2.4 billion yuan.
On August 13, while releasing its H1 performance report, China Mobile also announced its 2026 interim profit distribution plan, planning to distribute a total interim dividend of 54.426 billion yuan. Meanwhile, China Mobile stated that it fully protects shareholder rights and interests, and its 2026 dividend payout ratio will steadily increase. Based on China Mobile's latest stock price on August 14, its dividend yield reaches 4.90%.
Wu Zewei believes that the funding sources of the NSSF have stronger cross-cycle characteristics, longer assessment periods, and relatively higher risk tolerance. Therefore, it adopts a diversified allocation approach, exploring fundamental recovery opportunities across multiple industries, balancing consumption recovery, cyclical improvement, and tech growth directions, capturing structural opportunities brought by industrial transformation through diversified holdings. Insurance capital, constrained by rigid liability-side payouts and prominent asset-liability duration matching requirements, allocates to both traditional high-dividend sectors and leading companies within the non-ferrous metals industry with solid cash flow and strong dividend capabilities, balancing dividend income and cyclical elasticity.
Currently, after experiencing a deep adjustment since July, the A-share market has shown signs of stabilization. The latest research report from Galaxy Securities believes that in August, the A-share market is shifting from "expectation gaming" to "reality verification." Market trading activity and financing data indicate some recovery in market sentiment. After digesting previous chips and undergoing valuation adjustments, the foundation for overall market repair continues to solidify.
"Three verification windows in August form a progressive logic: interim report performance verification provides the fundamental anchor, determining the market pricing anchor and structural direction; policy implementation verification provides macro support, affecting the repair space and pace; external risk verification provides external conditions for the pace of valuation repair. In the short term, structural market trends are expected to remain the main theme," said Galaxy Securities.
Wu Zewei analyzed for Time Weekly that looking ahead, long-term funds will continue the dual-line allocation logic of "value base with growth layout," with sector selection revolving around liability matching requirements and industrial upgrade themes. High-dividend assets will remain an important component of the portfolio base, providing stable cash flow for the investment portfolio and hedging against pressure from market volatility. Industries related to new quality productive forces will continue to attract capital attention. Hard tech, high-end manufacturing, and autonomous controllability-related sub-sectors, along with the advancement of industrial iteration, will gradually open up medium- to long-term growth space, attracting batch investments from long-term funds.
This article is from the WeChat public account "Time Weekly" (ID: timeweekly), author: Huang Yukun, editor: Xi Ang
