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Report: 'National Team' Funds Increase Holdings in Certain A-shr Sectors Like Insurance/ Resource/ Consumption/ Electronics Last Qtr
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Wind data shows that, as of the end of 3Q25, the 'national team' funds heavily weighted and held over 800 A-shares, according to China Securities Journal.

At the end of 3Q25, the market value of AGRICULTURAL BANK (601288.SH), BANK OF CHINA (601988.SH) and ICBC (601398.SH), which are held by the 'national team', exceeded RMB1 trillion (calculated based on the market value at the end of 3Q25).

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Regarding the adjustment and stock replacement situation in 3Q25, 'national team' funds increased holdings in certain stocks related to sectors such as insurance, resources, consumption, electronics and communications, with some individual stocks achieving a 1x surge in share price during 3Q25.

Of which, AGRICULTURAL BANK, BANK OF CHINA and ICBC were the three stocks with the highest market value held by the 'national team' at the end of 3Q25 at RMB1.11 trillion/ RMB1.03 trillion/ RMB1.02 trillion each. CICC (601995.SH), PING AN OF CHINA (601318.SH), NCI (601336.SH) and CSC (601066.SH) all had market capitalization exceeding RMB60 billion.

Moreover, listed companies held by the 'national team' with market capitalization in the range of RMB30 billion-RMB50 billion include THE PEOPLE'S INSURANCE (601319.SH), BANKCOMM (601328.SH), CHINA LIFE (601628.SH) and SHENWAN HONGYUAN (000166.SZ).

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Listed companies with market value between RMB20 billion and RMB30 billion include CHINA SHENHUA (601088.SH), KWEICHOW MOUTAI (600519.SH), CCB (601939.SH), CRRC (601766.SH), CMB (600036.SH), MIDEA GP (000333.SZ) and ZIJIN MINING (601899.SH).

Listed companies with market capitalization of between RMB10 billion and RMB20 include YANGTZE POWER (600900.SH), WULIANGYE (000858.SZ), CH (601816.SH), LUXSHARE PRECISION (002475.SZ), PU DEV BANK (600000.SH), SINOPEC (600028.SH), GD POWER (600795.SH), INDUSTRIAL BANK (601166.SH), TEBA (600089.SH), CITIC SECURITIES (600030.SH), CHINA RAILWAY (601390.SH), CHINA CONS ENGINEERING (601668.SH), FOUNDER SECURITIES (601901.SH), SANY HEAVY INDUS (600031.SH) and CHINA RAIL CONS (601186.SH).
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