Zheng Quan Shi Bao·2025-10-15 12:23Core Insights - Northbound capital holdings in A-shares decreased by over 15 billion shares in Q3, but the market value of these holdings increased by nearly 300 billion yuan due to a favorable A-share market [1] - The changes in Northbound capital holdings reflect two major trends: valuation recovery driven by policy and structural adjustments under the backdrop of industrial upgrades [1] Industry Summary - The top five industries by Northbound capital holdings as of the end of Q3 are: Banking (174.02 billion shares), Electronics (95.83 billion shares), Non-bank Financials (74.76 billion shares), Power Equipment (72.41 billion shares), and Non-ferrous Metals (63.27 billion shares) [3] - Nine industries saw an increase in Northbound capital holdings, including Agriculture, Electronics, Environmental Protection, Basic Chemicals, Comprehensive, Building Materials, Automotive, Media, and Machinery Equipment, with Agriculture and Electronics seeing increases over 10% [3][6] - The Agriculture sector saw a 28.87% increase in holdings, with specific stocks like Zhengbang Technology and Muyuan Foods being favored [3][4] Stock Performance - In Q3, the Electronics sector attracted significant Northbound capital, with holdings increasing by 23.45% to 95.83 billion shares, including major stocks like BOE Technology and TCL Technology [8] - Conversely, stable high-dividend sectors like Banking and Oil & Gas saw significant reductions in holdings, with the Banking sector experiencing a 28.61% decrease [8] Major Holdings - Northbound capital continues to deepen its investment in core assets, with leading stocks like CATL, Kweichow Moutai, and Midea Group being key holdings [10] - As of the end of Q3, CATL's holdings increased by 539.23 million shares, with a market value rise of 112.58 billion yuan, reflecting a 60.02% increase in stock price [10][12] - Kweichow Moutai saw a reduction of 11.82 million shares, leading to a market value decrease of 14.56 billion yuan [12] Market Outlook - Global capital is reassessing the intrinsic value of Chinese assets, driven by a combination of global liquidity changes, China's economic resilience, and the rise of new productive forces [16] - Recent reports indicate a rebound in foreign capital inflow into the Chinese stock market, with net inflows reaching 4.6 billion USD in September, the highest since November 2024 [17]