In the fourth quarter of 2025, the Social Security Fund purchased 11 new shares.
As the 2025 annual reports of A-share listed companies are successively disclosed, the social security fund, as a "ballast" fund with both safety and long-term nature in the capital market, has gradually revealed its shareholding trends in the fourth quarter of 2025.
Securities Times·Databao only based on the statistics of the top ten tradable shares of listed companies, as of March 19, there were 28 top ten tradable shareholders with social security funds (including "basic pensions", the same below), holding a total of 880 million shares, and the market value of the shares as of the end of the fourth quarter of 2025 exceeded 13.2 billion yuan.
4 shares held more than 1 billion yuan
According to shareholding statistics, the social security funds of China Merchants Shekou, Nanshan Aluminum, and Nanjing Iron and Steel Co., Ltd. held more than 100 million shares, 222 million shares, 164 million shares, and 108 million shares respectively. At the end of the year, there were 4 stocks with a market value of more than 1 billion yuan, namely China Merchants Shekou, Zangge Mining, Shanjin International, and Shantui Shares.
The market value of China Merchants Shekou's social security fund holdings at the end of 2025 reached 1.921 billion yuan. The two social security funds ranked the fifth and sixth largest tradable shareholders respectively, and one of them increased its position in the fourth quarter by 11.2 million shares. Judging from the number of consecutive holding periods, the Social Security Fund has held the stock for 14 consecutive quarters starting from the third quarter of 2022. The company will achieve operating income of approximately 154.727 billion yuan in 2025, a year-on-year decrease of 13.53%; net profit attributable to the parent company will be approximately 1.024 billion yuan, a year-on-year decrease of 74.65%.
The market value of Zangge Mining’s social security fund holdings is 1.646 billion yuan. The National Social Security Fund 103 portfolio holds 19.5 million shares and increased its holdings by 1.5 million shares in the fourth quarter. The company will achieve operating income of 3.577 billion yuan in 2025, a year-on-year increase of 10.03%; net profit attributable to the parent company will be 3.852 billion yuan, a year-on-year increase of 49.32%; it plans to distribute a cash dividend of 15 yuan (tax included) to all shareholders for every 10 shares.
Shanjin International’s social security fund holdings have a market value of 1.253 billion yuan. National Social Security Fund Portfolio 112 and Portfolio 106 are the fourth and ninth largest circulating shareholders respectively, holding a total of 51.5058 million shares. Starting from the second quarter of 2024, the Social Security Fund has held this stock for 7 consecutive quarters. Benefiting from the surge in international gold prices, Shanjin International will achieve total operating income of 17.099 billion yuan in 2025, a year-on-year increase of 25.86%; net profit attributable to the parent company will be 2.972 billion yuan, a year-on-year increase of 36.75%.
Shantui Shares' social security fund holdings have a market value of 1.165 billion yuan, and there are 5 social security funds among the top ten circulating shareholders, totaling 97.3012 million shares. The company will achieve net profit attributable to shareholders of 1.211 billion yuan in 2025, a year-on-year increase of 9.86%, and plans to distribute cash of 1 yuan (including tax) to all shareholders for every 10 shares.
11 new stocks were added in the fourth quarter
Considering only the top ten tradable shareholders, 11 stocks were newly added by the Social Security Fund in the fourth quarter of 2025. Among them, 7 new stocks, including Kelun Pharmaceutical, Putilai, Xinnuowei, AVIC Hi-Tech, and High Energy Environment, all had a stock market value of more than 100 million yuan at the end of the year.
Kelun Pharmaceutical received a new holding of 13.9445 million shares from the National Social Security Fund 416 Portfolio, with a shareholding value of 409 million yuan. The company has not yet disclosed its annual report. When it released the repurchase report in January, it disclosed the top ten shareholders at the end of the year. The company planned to repurchase shares worth 50 million yuan to 100 million yuan.
Putilai obtained a new holding of 13.6693 million shares from the National Social Security Fund 502 Portfolio, with a market value of 374 million yuan. The company will achieve net profit attributable to parent companies of 2.359 billion yuan in 2025, a year-on-year increase of 98.14%. Recently, Putilai announced that it plans to invest in the construction of a lithium-ion battery anode material construction project in Malaysia with an annual output of 50,000 tons, with a total planned investment of US$297 million.
Performance of holdings generally increased
From the performance point of view, the overall performance of the social security fund holdings is relatively good. 18 stocks will achieve year-on-year growth in net profit attributable to the parent company in 2025, and only 7 stocks will have a decline in performance. *ST Songfa, Daikin Heavy Industries, Putilai, Baofeng Energy, Shennan Circuit, High Energy Environment, Shanghai Xinyang (rights protection) and other annual report net profit increases have exceeded 70%.
*ST Songfa’s net profit attributable to its parent company ranks first in growth. The company will achieve a net profit attributable to its parent company of 2.655 billion yuan in 2025, a year-on-year increase of 1083.05%; it has obtained a total of 2 social security fund positions, with a stock market value of 303 million yuan.
*ST Songfa's performance increased significantly, mainly due to the completion of asset injection by Hengli Heavy Industry, and the company's successful transformation into the shipbuilding industry. At present, the company has applied to the exchange to cancel the delisting risk warning. Benefiting from the completion of asset restructuring, *ST Songfa's cumulative increase will exceed 110% in 2025, and its increase will exceed 45% since 2026.
Daikin Heavy Industries will achieve a net profit attributable to the parent company of 1.103 billion yuan in 2025, a record high and a year-on-year increase of 132.82%. At the end of the fourth quarter of 2025, two basic pension funds appeared on the list of the top ten tradable stocks, with a total stock market value of 535 million yuan.
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Judging from the market situation, most of the stocks held by social security funds have risen this year (as of March 19). Among them, Yaxiang Integrated and High Energy Environment have increased by more than 80% during the year, Baofeng Energy has increased by more than 60%, and *ST Songfa, Daikin Heavy Industries, Jiaze New Energy, Jiansheng Group, Shanghai Xinyang, Shanjin International, etc. have all increased by more than 20%.
