2025 Annual Report Reveals QFII Movements: Total Holdings of 2.29 Billion A-Shares

Our reporter, Fang Lingchen

As the 2025 annual reports of A-share listed companies are densely disclosed, the latest holdings and rebalancing paths of QFII (Qualified Foreign Institutional Investors) are also emerging.

As of the time of this report, Wind Information data shows that 41 A-share listed companies have QFII among their top ten circulating shareholders, with a total QFII shareholding of 229 million shares. Based on the closing price at the end of 2025, this stock value totals 5.162 billion yuan.

From the disclosed shareholding quantities, five stocks have QFII holdings exceeding 10 million shares. By the end of 2025, Baofeng Energy has the largest QFII holdings at 44.81 million shares; Tiejian Heavy Industry, Shengtun Mining, Kunming Pharmaceutical Group, and Baosheng Shares hold 23.50 million, 21.13 million, 13.74 million, and 12.23 million shares respectively.

Regarding the trend of disclosed position changes, compared to the end of Q3 2025, nine stocks saw increased QFII holdings in Q4 2025, including Zhejiang Liming, Shahe Shares, and Dawei Shares. Meanwhile, the number of new heavy positions taken by QFII in Q4 2025 reached 21 stocks compared to Q3.

In terms of market value of holdings, by the end of 2025, 16 stocks had QFII holdings exceeding 100 million yuan. For example, Baofeng Energy’s QFII holding market value was the highest, reaching 880 million yuan, with Abu Dhabi Investment Authority holding 880 million yuan worth of shares; Demingli and Shengtun Mining had market values of 367 million yuan and 320 million yuan respectively. According to Shenwan industry classification, these stocks belong to basic chemicals, non-ferrous metals, electronics, and other sectors.

The holdings movements of well-known international asset management institutions are also closely watched. UBS Group ranks first among QFII institutions with a holding market value of 1.1 billion yuan, appearing among the top ten circulating shareholders in 15 stocks, including XinNuoWei, Baosheng Shares, and Ultrasonic Electronics. JPMorgan Securities and Morgan Stanley International hold market values of 163 million yuan and 289 million yuan respectively, appearing among the top ten circulating shareholders in 7 and 10 stocks.

These data not only reflect QFII’s industry layout and stock holding characteristics but also demonstrate foreign institutions’ firm confidence in high-quality assets in China’s capital markets.

According to research by Lianbo Fund, China’s AIToken consumption is expected to maintain over 100% growth in the coming years, indicating that AI infrastructure and applications still have huge profit growth potential. Additionally, the rebound in travel data during China’s New Year holiday also confirms the trend of consumption recovery. All these factors are expected to support the Chinese stock market’s sustained strong profit growth and provide backing for market gains.

“From a valuation perspective, China’s equity market has rebounded from last year’s lows, but compared to overseas markets, the rolling P/E discount remains significantly low; considering that domestic interest rates may stay accommodative and corporate profits are expected to recover, we remain optimistic about the structural valuation repair opportunities in China’s equity market,” a related person from Lianbo Fund told Securities Daily.

Morgan Stanley’s equity investment team believes that looking ahead, AI remains the most core direction in the tech sector, currently mainly driven by performance catalysts. Although the AI sector is affected by increased volatility in US tech stocks, it has strong earnings certainty, with domestic platform token call volumes increasing tenfold, reinforcing the logic of demand for computing power.