Middle Eastern funds accelerate buying of A-shares! QFII's latest holdings reveal 17 stocks receiving major allocations

About 120 companies’ top 10 tradable shareholders show up with QFII involvement.

QFII (Qualified Foreign Institutional Investor) holdings are gradually coming into view as annual reports are disclosed. According to Wind data, as of the close on March 27, more than 700 companies had released their 2025 annual reports, among which QFII appears in the top 10 tradable shareholders list of 118 companies. Based on the closing price at period end, at the end of 2025’s fourth quarter, the total market value of QFII holdings in the 118 companies exceeded 10.6 billion yuan, up nearly 63% quarter over quarter.

By industry, these 118 companies are concentrated in areas such as pharmaceutical biology, machinery & equipment, electronics, and electric equipment. Within this, the pharmaceutical biology industry has 14 companies, while machinery & equipment and the electronics industry each have 13 companies.

As of the end of 2025’s fourth quarter, the industries with leading QFII holding quantities include basic chemical industry, pharmaceutical biology, and electric equipment, all of which are no less than 50 million shares. The quarter-over-quarter growth rates in holding quantities for industries such as defense and military industrial, petroleum and petrochemicals, light industry manufacturing, and electric equipment all exceed 100%.

Looking at changes in market value of holdings, as of the end of 2025’s fourth quarter, the market value of QFII holdings in electronics, pharmaceutical biology, basic chemical industry, and electric equipment all exceeded 1 billion yuan. In 9 industries, the quarter-over-quarter growth rate of the market value of holdings exceeded 100%, including agriculture, forestry, animal husbandry and fishery, food and beverage, automobiles, petroleum and petrochemicals, defense and military industry, and others.

As of the end of 2025’s fourth quarter, among the 13 electronics companies, QFII holding market value exceeded 2.4 billion yuan. The electronics sector ranks No. 1 by holding market value for the time being, with quarter-over-quarter growth of more than 20%. The electronics sector index’s full-year 2025 gain was close to 48%, ranking 3rd among Shenwan’s first-level industries.

Shanxi Securities said that against the backdrop of accelerated domestic substitution and improving industry conditions, various sub-sectors in the electronics industry are expected to speed up their breakthrough: storage is entering a super cycle; the semiconductor industry’s business conditions improve; domestic computing power drives accelerated substitution and implementation; AI drives a dual upgrade of PCB materials and architecture via innovation; and optics and AI are expected to make AR glasses a new interaction terminal.

Abu Dhabi Investment Authority’s holding quantity

Ranks first among QFII institutions for now

In terms of holdings by QFII institutions, as of the end of 2025’s fourth quarter, there are 4 institutions with holdings exceeding 50 million shares: Abu Dhabi Investment Authority, UBS (Union Bank of Switzerland) Group, Morgan Stanley International Limited, and The Goldman Sachs Group, Inc.

Among them, the market value of holdings of UBS Group, Abu Dhabi Investment Authority, and Morgan Stanley International Limited each exceeds 1 billion yuan.

UBS Group has a total of 71 million shares and total holding market value of 1.995 billion yuan.

Abu Dhabi Investment Authority ranks first for now with 93 million shares, and total holding market value of 1.772 billion yuan. This institution holds the tradable shares of Keda Li, Fuling Zhacai, Baofeng Energy, CRCC Heavy Equipment, and CNBM New Building Materials, among which Baofeng Energy, CNBM New Building Materials, and Keda Li each have holding market value exceeding 250 million yuan.

It should be noted that, of the two Middle East QFII institutions currently appearing in the top 10 tradable shareholder lists of listed companies, both show a trend of increasing their holdings. As of the end of 2025’s fourth quarter, Abu Dhabi Investment Authority’s shareholding quantity increased more than 8% quarter over quarter, and its holding market value increased by more than 34%; the Kuwait Investment Authority’s shareholding quantity increased more than 55% quarter over quarter, and its holding market value increased by more than 40%.

17 companies have QFII holding ratios above 2%

Among QFII’s past holdings, big consumer and big finance have long been favored. However, in recent years, affected by changes in market style, these sectors have performed relatively lackluster, and QFII’s investment style has shown a tendency toward emerging industries. From the perspective of individual companies, as of the end of the third quarter of 2025, the average market value of the 118 companies above was below 120 billion yuan, the average share price was about 24 yuan, and nearly half of the companies had share prices below 15 yuan.

By holding ratio, 17 companies have QFII holding ratios above 2%. Wante Electric and *ST Songfa both have QFII holding ratios above 6%. Six companies, including JinFang Energy, Zhejiang Liming, Jinhaitong, and Sitai Technology, all have QFII holding ratios above 3%.

Wante Electric had a QFII holding ratio of 6.96% at the end of 2025’s fourth quarter, up more than 5 percentage points quarter over quarter. Among them, QFII institutions such as UBS Group and Société Générale (French: Crédit Industriel et Commercial?) have newly entered the company’s top 10 tradable shareholders. In terms of performance, the company’s net profit has declined continuously since 2023; however, benefiting from catalysts such as order releases and the implementation of fundraising projects, the company’s cumulative gain for full-year 2025 exceeded 83%, and its gain in the fourth quarter of 2025 exceeded 23%.

Jinhaitong’s QFII holding ratio was 3.49%. The company achieved net profit of 177 million yuan in 2025, the highest since 2018. The year-over-year growth rate of net profit was close to 125%. China Post Securities said the company continues to deepen product innovation and technology iteration upgrades, furthering its global market layout, and expects that in the future its net profit may continue to grow.

Sitai Technology’s QFII holding ratio also exceeds 3%. UBS, Morgan Stanley (“Morgan Stanley, aka “大摩””) and JPMorgan (“JPMorgan, aka “小摩””) have all newly become part of the company’s top 10 tradable shareholders. The company’s net profit in 2025 grew 44.56% year over year. The company is involved in popular concepts such as lithography machines, commercial aerospace, and AI glasses.

From market performance, among the 17 companies above, their average gain in 2025 was close to 52%, and since 2026 (as of March 27) their average gain was close to 17%.

Yanjiang Co., Ltd. saw a gain of more than 188% in 2025, and the cumulative gain this year exceeded 67%. The company plans to buy 98.54% of the equity of Ningbo Yongqiang Technology Co., Ltd. (“Yongqiang Technology”), which focuses on the business of high-end electronic information interconnection materials for integrated circuits.

Jinhaitong had a gain of more than 95% in 2025, and the cumulative gain since 2026 has exceeded 84%. The company’s customers include semiconductor packaging and testing enterprises, testing outsourcing factories, IDM enterprises, and chip design companies, among others.

It should be noted that among these 17 companies, 7 have received unanimous forecasts from institutions that their net profit growth rates for 2026 and 2027 are expected to continue exceeding 20%, including Dawei Co., Ltd., BoMeiKe, Yanjiang Co., Ltd., Jinhaitong, and others.

Nearly 80% of companies see QFII add-on positions quarter over quarter

In terms of changes in holdings, as of the end of 2025’s fourth quarter, based on holding ratios, the proportion of companies where QFII increased its holdings (including newly established positions) was close to 80%.

Compared with the end of the third quarter of 2025, there were 19 companies whose QFII holding ratios increased quarter over quarter, and 7 companies with increases of more than 1 percentage point, including Wante Electric, Zhejiang Liming, Shaha Stock, and others. Among them, Wante Electric’s QFII holdings increased by more than 5 percentage points quarter over quarter.

Zhejiang Liming had a QFII holding ratio of 3.75% at the end of 2025’s fourth quarter, up 3.5 percentage points quarter over quarter. Among them, Morgan Stanley increased its stake, and Goldman Sachs (No. 6) newly became the company’s sixth-largest tradable shareholder. In 2025, the company achieved net profit of 31 million yuan, down nearly 42% year over year, but its 34.27% gross margin on sales reached a new high since 2022. The company is a national high-tech enterprise and a domestic leading professional manufacturer of automotive components such as valve lock clips, valve spring seats, valve bridges, and piston cooling nozzles. Notably, the Social Security Fund also newly became the company’s eighth-largest tradable shareholder.

Among the 74 companies where QFII newly holds shares, as of the end of 2025’s fourth quarter, 7 companies such as Jinhaitong, Sitai Technology, YuanZu Shares, and Yanjiang Co., Ltd. have the leading newly held QFII shareholding proportions, all exceeding 2%.

（Source: Data Treasure）