Produced by: Sina Finance Listed Company Research Institute Author: Tianli The recommendation level of CSCO (Chinese Society of Clinical Oncology) guidelines is a bridge between high-level medical evidence and complex clinical decision-making. It's more than just a simple hierarchy
On March 20, the People's Bank of China authorized the National Interbank Funding Center to announce the new loan market quoted interest rate (LPR), which remained unchanged from the previous period. The 1-year LPR was 3.0% and the 5-year and above LPR was 3.5%. At present, the LPR quotation has remained unchanged for 10 consecutive months.
From the perspective of economic fundamentals, my country's economic performance has been generally stable since the beginning of the year, and foreign trade import and export data have performed better than expected. In January this year, the central bank issued a package of monetary and financial policy measures, including lowering interest rates on various structural monetary policy tools by 0.25 percentage points. Market institutions generally believe that there is little urgency in adjusting policy interest rates and LPR quotations in the short term, and there is a high probability that they will continue to remain stable.
From the perspective of interest rates, current social financing costs remain low. In February this year, the weighted average interest rate of new corporate loans was about 3.1%, about 20 basis points lower than the same period last year; the weighted average interest rate of new personal housing loans was about 3.1%, about 10 basis points lower than the same period last year.
Recently, the Party Committee of the People's Bank of China held an enlarged meeting and made it clear that it will guide and regulate interest rate levels based on changes in the economic and financial situation and macroeconomic operations. "The central bank will strengthen the implementation and supervision of interest rate policies, standardize financing intermediate fees, and ultimately achieve the goal of promoting the low operation of comprehensive social financing costs." Dong Ximiao, chief economist of China Merchants Union, told the Securities Times reporter that if the economic operation faces new downward pressure or changes in the external environment, comprehensive interest rate cuts and reserve requirement ratios may still be implemented, but RRR cuts should precede interest rate cuts. It is expected that the LPR will not decrease significantly during the year, perhaps 5 to 10 basis points.
Shenzhen Commercial Daily reporter Zhang Yan
May 12th is the 113th International Nurses Day. This year’s theme is “Developing the Nurse Team and Optimizing Nursing Services”.
The latest data released by the Municipal Health Commission on May 11 shows that as of the end of 2023, there were 54,649 practicing nurses in the city, including 3,272 men and 51,377 women, responsible for 126.75 million outpatient and emergency care and 2.26 million hospitalizations in the city.
In Shenzhen, nurses not only only know how to give injections and medicines, but specialist nurses can also go to outpatient clinics and write prescriptions.
In recent years, there have been more and more “new generation” nurses with master’s or doctoral degrees and innovative patents. The academic qualifications and professional titles of nurses in Shenzhen are both higher than the provincial average.
Currently, there are 7 people with doctorate degrees, 322 people with master's degrees, and 17,514 people with bachelor's degrees in the city's nursing team. 32.65% have a bachelor's degree or above, which is 4 percentage points higher than the provincial average. At the same time, there are 365 chief nurses, 2,268 deputy chief nurses, and 15,715 supervisor nurses. The proportion of intermediate and above professional titles reaches 33.57%, which is 13 percentage points higher than the provincial average.
Nurses can better serve as academicians. Shenzhen has four Fellows of the American Academy of Nursing ("FAAN"), one of the most prestigious honors in the global nursing community. They are Fu Xia, director of the Nursing Department of the Eighth Affiliated Hospital of Sun Yat-sen University (hereinafter referred to as "CUHK Eighth Hospital"), Cai Wenzhi, deputy director of Shenzhen Hospital of Southern Medical University, Xie Xiaohua, director of the Nursing Department of Shenzhen Second People's Hospital, and Wu Huiping, former director of the Nursing Department of Shenzhen People's Hospital.
Why them?
It is understood that the American Academy of Nursing was founded in 1973 to attract global talents to guide the development of nursing disciplines, participate in the formulation and implementation of health care policies, and use nursing knowledge to promote human health. As of 2023, there are more than 3,000 academicians of the American Academy of Nursing from more than 40 countries and regions around the world, including about 89 from mainland China.
Among the four academicians in Shenzhen, Fu Xia and Cai Wenzhi were elected in 2022, while Xie Xiaohua and Wu Huiping were elected in 2023.
What kind of nurse can become an academician? A few days ago, the reporter had an exclusive interview with Fu Xia. She said: "Every October, the selection of new academicians of the American Academy of Nursing officially begins. Candidates must be recommended by two current academicians. The academician selection committee will then review the evidence of their significant contributions to the development of nursing and human health. Generally, the list of newly elected academicians and international academicians of the previous year will be announced in June of the following year."
In general, each elected candidate must make outstanding contributions in his/her professional field.
Fu Xia has made outstanding achievements in the field of hemodialysis. She has served as the chairperson of the Hemodialysis Nursing Committee of the Guangdong Nursing Association for three consecutive terms. Since 2013, she has served as the deputy chairperson of the Blood Purification Committee of the Chinese Nursing Association. She has written or participated in many expert consensuses, standards and specifications.
Cai Wenzhi mainly studies incontinence care, rehabilitation, midwifery rehabilitation, advanced midwifery practice and nursing equipment research and development, and occupational safety and health of medical personnel. The development and promotion of her urinary incontinence rehabilitation nursing technology won the first prize of the Scientific Achievement Award of the Chinese Society of Rehabilitation Medicine. It has created a model unit for the National Health Commission’s midwifery undergraduate program in China and created an independent undergraduate midwifery education major for the Ministry of Education.
Xie Xiaohua has devoted himself to clinical research on stroke risk assessment and intervention measures, and emergency and critical care nursing procedures for many years. He has edited and published more than 10 professional books, presided over more than 20 scientific research projects, and won multiple national, provincial, and municipal science and technology worker awards. He also led the Nursing Department of the Municipal Second People's Hospital to be selected into the top 100 Chinese hospital science and technology rankings.
Wu Huiping is a nursing worker with super-high invention skills and has more than ten invention patents. He has successively invented a disposable throat sprayer with a long cannula; a "hand-relieving tool" for ICU patients to solve incontinence - a fecal drainage catheter with a pressure measuring balloon, and won the second prize of the National Science and Technology Progress Award. She leads the nursing team of the Municipal People's Hospital to actively develop small inventions that benefit patients, with 30 to 40 small inventions being produced every year.
As soon as I was out of confinement, I sat in the doctoral classroom
Fu Xia is the youngest of the four academicians, 46 years old this year.
She is a Ph.D. But when she enrolled in Tianjin Medical University as an undergraduate, she thought that nurses did not need a high degree of education, and a technical secondary school was enough.
When she failed the college entrance examination and was transferred to the nursing major, she was very disappointed at first. However, her alma mater was the first institution in the country to resume five-year undergraduate nursing education. The good atmosphere of the school and the guidance of her tutors gave her a firm sense of mission for nursing work.
After graduation, she came to work at the Institute of Geriatrics of Guangdong Provincial People's Hospital and became an ICU nurse.
In this place closest to death, she saw the helplessness of many elderly patients. As a highly educated nurse, her heart was full of helplessness. She didn't know what she could bring to the patients. Therefore, she came up with the idea of continuing to study to find answers. In 2004, she obtained a master's degree in nursing from Sun Yat-sen University.
The road to training has only a starting point and no end. She came up with the idea of taking the exam. But the doctorate will be out of work for half a year, where will the gap come from? After thinking about it, she decided to use the half-year maternity leave to study for a doctorate.
The pregnancy was one month later than expected, so the due date was late August, so she had to go to class before the baby was born. Her husband, who felt sorry for her, discussed with her whether she could study for a Ph.D. after the baby was born. At 36 weeks into her pregnancy, she gave birth by caesarean section. 28 days later, she entered the doctoral class of nephrology at Southern Medical University.
"I was lucky enough to catch the 'last train' that offered me a master's degree in nursing and a doctorate in clinical medicine." During her Ph.D. studies, she would always write papers early in the morning and show up at work at 8 a.m. the next day. "The best way to live is to work hard on the ground and do everything well."
The nursing team of the Provincial Medical Hemodialysis Center led by Fu Xia is not only among the best in the province in terms of professional capabilities, but she also drafted the provincial nursing standards related to hemodialysis. “Everyone thinks of me when they talk about hemodialysis nursing.” She is not satisfied, but hopes to move to a higher management platform, improve the leadership and morale of the entire nursing team, and enable every nurse to fall in love with their profession from the bottom of their hearts.
At this time, the Eighth College of CUHK extended an olive branch to her.
Led a nursing team with the largest number of PhDs in the city
The journey from Guangzhou to Shenzhen is only over a hundred kilometers, but it is a completely new environment.
In the new position, Fu Xia works harder. She not only has to attend daily morning meetings, weekly (department) head nurse meetings, and monthly hospital-wide head nurse meetings... She also ensures that each of the more than 60 head nurses and standing team leaders in the nursing department has the opportunity to communicate face-to-face with her at least three times a month.
Fu Xia has also opened appointments to more than 1,100 nurses in the hospital. If anyone encounters a problem or the morale of any department is low, she will arrange time to personally come to the door to "deliver chicken soup", "give chicken blood" and "special nutritional powder"...
Every Wednesday and Thursday morning is her fixed outpatient time; in the evening after get off work, she has to review the day's work, review meeting minutes, write papers, prepare lessons, and do PPT...
"I ask myself to go all out and devote myself to it every day, so that I will not be let down every 24 hours." After more than two years in Shenzhen, her colleagues gave her the title of "Shenzhen Paper King".
Not only did she take exams herself, she also led the nurses to take exams for academic qualifications, scientific research, and service.
Encouraging nurses to learn lifelong has become the "main theme" of her conference meetings. The Eighth College of CUHK has a benefit that provides annual performance rewards of 10,000 to 15,000 yuan to employees studying for master's and doctoral degrees. "You have the opportunity to study, and there are people who will help you pay for it. Why don't you go?" Fu Xia, a fast-talking person, said that as long as a nurse is willing to apply for a graduate degree, she will provide all-round guidance.
In the first year she came to the Eighth Hospital of CUHK, two nurses were admitted to the master's degree program, and one in the second year. In the third year, Jiang Dan, a nurse in the hemodialysis room, obtained a doctoral diploma. The hospital also introduced Dr. Li Caixia from the Nethersole School of Nursing of the Chinese University of Hong Kong through the Sun Yat-sen University "High-Level Talent Plan". She is the first nursing "postdoctoral" in the Shenzhen Medical System and the CUHK System.
Currently, Fu Xia leads a nursing team with the largest number of doctors in the city, including her, a total of three. In January, the hospital was also successfully approved for a master's degree program in nursing, becoming the first medical institution in Shenzhen to have a master's degree program in nursing.
In her first year in Shenzhen, Fu Xia applied to become an academician of the American Academy of Nursing and was successfully elected. However, due to force majeure, she was not able to attend the American Academy of Nursing Annual Meeting in 2023. She benefited a lot from this participation.
"In the communication session before the opening ceremony of the annual meeting, the participating representatives were divided into several groups of 10 people each to discuss different themes." She said that she participated in the genetic nursing group, which shocked her greatly. "We are still in the stage of advocating intervention, and they have developed to the stage of genetic nursing." She cherishes the opportunity to communicate with global nursing elites.
In September, she will go to the UK to participate in the Advanced Nursing Practice Network Workshop for Nursing Practitioners organized by the International Council of Nurses (ICN) and give a poster exchange.
She hopes to learn from the strengths of others, and she also hopes to show the appearance and level of Shenzhen’s nursing team and nursing work through herself.
"In 2011, nursing differentiated from clinical medicine and became a first-level discipline that includes scientific knowledge such as nature, humanities, society, and medicine." Fu Xia said that nurses are not "waiters" nor "odd workers."
At 8 p.m. on May 12, she will give a lecture on the main steps of the North District of Shenzhen Central Bookstore, leading the public into nursing and getting to know the "gods" and "goddess" who protect residents' health.
Since the beginning of this year, the enthusiasm of public equity institutions to participate in private placement (hereinafter referred to as "private placement") projects in the A-share market has continued to rise. According to the latest statistics from the Public Offering Network, as of March 18, the products of 17 public offering institutions have participated in the private placement of 26 A-share listed companies during the year, with a total allocation amount of 11.493 billion yuan. Calculated based on the closing price on March 18, the total floating profit of public equity institutions participating in the private placement projects was approximately 2.184 billion yuan, and the overall floating profit ratio (floating profit amount / allocated amount) was 19.00%, demonstrating strong investment income capabilities.
Talking about why private placement projects in the A-share market attract public institutions, Li Chunyu, FOF fund manager of Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd., told a reporter from Securities Daily that public funds actively participate in private placements. First, they benefit from the continuous optimization of the policy environment, which improves the transparency and asset quality of the private placement market and enhances its attractiveness as a long-term allocation asset. Second, current private placement projects are mostly concentrated in high-prosperity areas that are in line with national strategies, providing public institutions with opportunities to lay out core tracks at reasonable costs. Third, in the context of increasing market volatility, the "price safety cushion" effect brought by fixed-increase projects also helps smooth net worth fluctuations.
Judging from the current performance of individual stocks, as of March 18, more than 90% of the private placement projects participated by public equity institutions were in a floating profit state. Among them, Kexiang shares in the electronics industry performed the most outstandingly. The proportion of public institutions participating in fixed placement and floating profits was as high as 170.73%. Nord Fund and Cinda Australia and Asia Fund received allocation amounts of 57.4957 million yuan and 17.22 million yuan respectively. Honghe Technology in the building materials industry followed closely behind. Caitong Fund and Nord Fund participated in the private placement and received a total allocation amount of more than 270 million yuan, with a floating profit ratio of 73.21%. In addition, the market performance of stocks such as Allied, Changhua Chemical, Zhongbei Communications, Lyle Technology and Beite Technology has brought floating profit ratios of more than 30% to public equity institutions participating in the private placement, highlighting the high-yield potential of the private placement market.
From the perspective of industry distribution, the private placement projects participated by public equity institutions cover 12 Shenwan first-level industries. Among them, the automotive industry is the most popular. Public equity institutions participated in the private placement of four stocks, including Beite Technology, Fengshen, BAIC Blue Valley and JAC Automobile, with a total allocation amount of 3.489 billion yuan. In addition, public equity institutions participated in the private placement of individual stocks in industries such as electric power equipment and basic chemicals and received the largest amount of allocations. From the perspective of profitability, 11 industry private placement projects achieved an overall floating profit, among which the electronics industry's fixed placement projects had the highest overall floating profit ratio, reaching 56.84%; the building materials and communications industries' fixed placement projects' overall floating profits exceeded 45%.
In this regard, Chen Xingwen, chief strategy officer of Zhuhai Kurosaki Capital Investment Management Partnership (Limited Partnership), analyzed to a reporter from Securities Daily that this year's private placement of public funds will focus on sectors such as automobiles and power equipment, which is a choice based on the resonance of multiple strategic logics. Currently, with the advantages of a complete new energy industry chain, our country is accelerating its transformation into an "intelligent manufacturing power", and public fundraising institutions have keenly captured this opportunity. At the same time, private placement projects have shifted from “discount arbitrage” to “premium financing”, reflecting that the investment logic of public equity institutions has shifted from institutional dividends to value cultivation. In addition, the automobile and power equipment sectors carry the core connotation of new productivity, and related private placement projects accurately cut into key nodes of industrial upgrading. From a global perspective, China's manufacturing industry has advantages in technology, cost, scale and other aspects. Public equity institutions deploy relevant sectors through private placement, which is essentially sharing the dividends of the era of improved global competitiveness of China's manufacturing industry. Therefore, the layout of public equity institutions is not a short-term game, but a long-term strategic configuration based on industry trends, policy orientation and global competitiveness.
In addition, among the 17 public-funded institutions participating in the private placement project, 7 institutions received allocation amounts exceeding 100 million yuan, and 3 of them exceeded 3 billion yuan. E Fund participated in 4 private placement projects, with a total allocation amount of 3.974 billion yuan; Caitong Fund participated in 25 private placement projects, with a total allocation amount of 3.277 billion yuan; Nord Fund participated in 24 private placement projects, with a total allocation amount of 3.261 billion yuan.
Common reasons for failure in gold speculation and preventive strategies
In the field of financial investment, gold speculation is an activity that attracts much attention, but many investors have experienced failures. There are various reasons for this result.
First, the lack of adequate market research is an important factor. The gold market is affected by global political, economic, military and other factors. If investors do not conduct in-depth analysis of these influencing factors, it will be difficult to accurately grasp market trends and make wrong investment decisions.
Secondly, unstable mentality is also a common problem. When the market fluctuates, investors are prone to panic or greed, leading to blindly following the trend or selling prematurely, missing profit opportunities or causing unnecessary losses.
Furthermore, unreasonable position control will increase risks. Some investors take excessive positions when trading and will suffer heavy losses if the market goes unfavorably.
In addition, choosing an irregular trading platform is also one of the reasons for failure. Some unscrupulous platforms may have problems such as price manipulation and slippage, harming the interests of investors.
So, how do you prevent these situations from happening again?
First, investors need to continuously learn and improve their market analysis capabilities. Pay attention to global financial news and policy trends, and master basic technical analysis methods to make more accurate judgments on market trends.
Second, it is crucial to maintain a good investment mentality. Set reasonable profit and stop loss targets, strictly implement the trading plan, and not be influenced by emotions.
Third, control positions reasonably. Investors are advised to diversify their investments and avoid concentrating all their funds in one transaction.
Fourth, choose a formal and reliable trading platform. Comprehensive consideration can be made by looking at the platform’s regulatory qualifications, user reviews and other aspects.
Here is a table comparing some of the key differences between successful investors and unsuccessful investors:
Successful Investors Losing Investors
market research
In-depth and comprehensive, able to accurately judge trends
Lack of research and blindly following trends
mentality
Stable and not affected by emotions
Panic, greed, big swings in mentality
Position control
Reasonable diversification and controllable risks
Excessive positions and concentrated risks
Platform selection
Formal and reliable
Irregular and risky
In short, in order to succeed in gold speculation, investors need to have solid knowledge, a stable mentality, reasonable strategies and careful choices. Only in this way can risks be reduced and profits achieved in the gold market.
① The three major U.S. stock indexes all closed lower, with the Dow Jones Industrial Average falling 0.96% to 45577.47 points, the S&P 500 Index falling 1.51% to 6506.48 points, and the Nasdaq Composite falling 2.01% to 21647.61 points;
② Large technology stocks fell collectively, with Tesla and Nvidia falling by more than 3%, Google and Facebook falling by about 2%, Amazon and Microsoft falling by more than 1%, and Apple falling by 0.39%;
③ Chinese concept stocks generally fell, with Kingsoft Cloud falling by more than 9%, Xpeng Motors falling by more than 8%, NIO falling by more than 7%, GDS falling by more than 7%, Lukong falling by nearly 7%, Tuya Smart rising by more than 7%, Qifu Technology rising by more than 1%, and BOSS Zhipin rising by more than 1%;
④The three major European stock indexes closed down across the board, with the German DAX index falling 2.01% to 22380.19 points, the French CAC40 index falling 1.82% to 7665.62 points, and the British FTSE 100 index falling 1.44% to 9918.33 points;
⑤International precious metal futures generally closed lower, with COMEX gold futures falling 2.47% to US$4,492.00 per ounce, and COMEX silver futures falling 4.78% to US$67.81 per ounce;
⑥The main U.S. oil contract closed up 2.66% at $98.09/barrel, and the main Brent oil contract rose 0.61% at $104.41/barrel;
⑦ In late trading in New York, the U.S. dollar index rose 0.32% to 99.51, and the offshore RMB fell 237 basis points to 6.9062 against the U.S. dollar;
⑧Most basic metals in London fell. LME lead futures rose 0.08% to US$1,889.0/ton, and LME zinc futures fell 0.50% to US$3,056.0/ton;
⑨ U.S. bond yields rose collectively. The 2-year U.S. bond yield rose 11.83 basis points to 3.902%, the 3-year U.S. bond yield rose 13.31 basis points to 3.918%, and the 5-year U.S. bond yield rose 13.31 basis points to 3.918%. It rose 13.03 basis points to 4.006%, the 10-year U.S. Treasury yield rose 13.23 basis points to 4.380%, and the 30-year U.S. Treasury yield rose 10.26 basis points to 4.941%;
⑩European bond yields rose across the board, with the UK 10-year government bond yield rising 14.8 basis points to 4.988%, the French 10-year government bond yield rising 11.6 basis points to 3.753%, and the German 10-year government bond yield rising 11.6 basis points to 3.753%. Yields rose 8.5 basis points to 3.038%, Italy's 10-year government bond yields rose 18.6 basis points to 3.961%, and Spain's 10-year government bond yields rose 11.5 basis points to 3.576%.
Editor: Shi Jian | Reviewer: Li Zhen | Supervisor: Gu Zheng
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.
In recent years, wind power companies have gained momentum in preparing to go offshore. Daikin Heavy Industries recently said in a interview with a researcher that about 16GW of offshore wind power projects in Germany are currently in the advancement stage, and some projects will gradually release the winning results this year.
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%.
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