QFII holdings exceeding 21.3 billion yuan detailed positions are gradually being released, with UBS, Goldman Sachs, and Middle Eastern capital focusing on these stocks.

Ask AI · Why is Middle Eastern capital favoring China’s new energy and technology sectors?

Jiemian News Reporter | Du Meng

The holdings of QFII (Qualified Foreign Institutional Investors) have surfaced as A-share annual reports are gradually disclosed.

According to Wind data, as of April 1, a total of 334 listed companies have QFII figures among their top ten circulating shareholders. Jiemian News’s incomplete statistics show that currently, 30 QFII hold a combined market value of 21.4B yuan in A-shares.

In the third quarter of last year, QFII appeared among the top ten circulating shareholders of 240 listed companies, and 32 of them received increased holdings from QFII in the fourth quarter. Among these, 48 stocks had QFII holdings exceeding 100 million yuan in market value.

From the perspective of market value holdings, UBS Group AG in Switzerland held 13.1436 million shares of China Satellite (600118.SH) in the fourth quarter of last year, newly entering the top ten circulating shareholders, with a holding market value of 100M yuan, ranking first.

Goldman Sachs International reduced its holdings of Huayi Group (603501.SH) by 1.1336 million shares in the fourth quarter of last year, but by the end of last year, it still held 9.7716 million shares, with a market value of 1.23 billion yuan. Abu Dhabi Investment Authority ranked third with holdings worth 880 million yuan, increasing its holdings of Baofeng Energy (600989.SH) by 400k shares in the fourth quarter, reaching 4.4813 million shares, accounting for 0.61% of the total share capital.

Table: As of the end of 2025, details of listed companies with QFII holdings exceeding 1 billion yuan in market value Source: Wind, compiled by Jiemian News

In terms of the number of A-shares held, UBS appears among the top ten circulating shareholders in 63 A-share companies, with a total market value of 400k yuan. Barclays Bank holds shares in 47 A-share companies, with a total market value of about 944 million yuan. Goldman Sachs ranks among the top ten circulating shareholders in 39 A-share companies, with a total market value of 1.37B yuan.

Table: Top 10 QFII by number of A-shares held, compiled by Jiemian News

As a representative of Middle Eastern capital, as of the end of 2025, Abu Dhabi Investment Authority holds circulating shares in 7 A-share companies, with a total market value of 2.12B yuan. In the fourth quarter of last year, Abu Dhabi Investment Authority increased its holdings of Yangnong Chemical (600486.SH) by 1.0642 million shares, reaching 4.779 million shares, with a market value of 332 million yuan, accounting for 1.18% of circulating shares; compared to the third quarter of last year, Abu Dhabi Investment Authority still held 16.8497 million shares of Beixin Building Materials (000786.SZ), with no change in quantity.

Kuwait Investment Authority ranks among the top ten shareholders in five listed companies, holding 25.4659 million shares with a total market value of 639 million yuan. In the fourth quarter of last year, Kuwait Investment Authority reduced its holdings of Morning Light Shares (603899.SH) by 3.7177 million shares, while increasing holdings of Hisense Home Appliances (000921.SZ) to 6.3723 million shares and Yunda Shares (300772.SZ) to 5.8535 million shares.

CICC Research Department’s Chief Overseas Strategist Liu Gang stated in a research report that in recent years, Middle Eastern funds have significantly increased their participation in the Chinese market. He believes that, besides traditional resource targets like Baofeng Energy, Middle Eastern sovereign funds are also focusing on several areas: first, the new energy industry chain, including globally competitive leading enterprises in photovoltaics and lithium batteries, aligning with Middle Eastern countries’ own needs for economic transformation beyond traditional energy; second, high-end manufacturing sectors, leveraging China’s manufacturing strength to share dividends and address core equipment and technological pain points for industrial upgrading; third, the tech sector, covering AI infrastructure, applications, and hard tech fields, consistent with the broader global trend of Middle Eastern funds increasing their tech investments.

In the first quarter of this year, ongoing tensions in the Middle East triggered intense volatility in global financial markets. Several foreign institutions recently expressed views that, despite persistent macroeconomic uncertainties worldwide, structural investment opportunities in the A-share market are increasing.

“Continuing to increase allocations to China’s energy-related sectors is a wise move,” said Zhao Yaoting, Global Market Strategist for Invesco Asia-Pacific. Despite headwinds in global economic growth, China’s large-scale, diversified economy demonstrates strong resilience in facing extreme macro environments. Years of investment in energy security, food security, and supply chain independence have significantly enhanced macroeconomic resilience.

Lupus Fund believes that before the conflict trend becomes clearer, combined with the global liquidity tightening driven by rising inflation expectations, global equity markets are likely to continue high volatility, with A-shares mainly digesting fluctuations. However, under external uncertainties, domestic certainty advantages are prominent, strongly supporting the resilience of the A-share market. As annual and first-quarter earnings reports are released, sectors with high earnings visibility and sustained improvement in prosperity will become core focus areas for capital.