Core Insights - As of the end of Q3 2025, northbound funds held A-shares worth 2.58 trillion yuan, marking increases of 12.9% and 15.59% compared to the end of Q2 and Q1 respectively, with a total increase of over 340 billion yuan in the first three quarters of the year [1] - The trend of increasing holdings by northbound funds was particularly pronounced at the end of September, with ETF funds and northbound funds being the main sources of market inflow before the National Day and Mid-Autumn Festival holidays [1] Industry Analysis - By the end of Q3, the top three industries for northbound fund holdings were power equipment, electronics, and biomedicine, with market values of 443.8 billion yuan, 391.5 billion yuan, and 183.9 billion yuan respectively [1] - In Q3, northbound funds significantly flowed into technology manufacturing sectors, particularly semiconductor equipment and AI computing-related fields, with holdings in the electronics sector increasing by over 150 billion yuan and the number of shares increasing by 1.82 billion [2] - The proportion of northbound fund holdings in the electronics sector rose to 15.17%, an increase of 4.96 percentage points from Q2, the highest growth among all sectors [2] - Specific increases in holdings were noted in hardware equipment and semiconductor sectors, with market values rising by 129.2 billion yuan and 72.9 billion yuan respectively [2] - Conversely, holdings in the banking and food & beverage sectors decreased, with reductions of 80.5 billion yuan and 29.1 billion yuan respectively [2] Major Holdings - The top ten stocks held by northbound funds at the end of Q3 included CATL, Kweichow Moutai, Midea Group, and China Merchants Bank, with CATL's holdings valued at 265.7 billion yuan, an increase of 112.6 billion yuan from Q2 [3] - Kweichow Moutai saw a decrease in holdings by 14.6 billion yuan compared to Q2 [3] - New entries in the top ten holdings for Q3 included North Huachuang, Heng Rui Medical, and Fuyao Glass, while BYD, Ping An Insurance, and Mindray Medical dropped out of the top ten [3] - As of September 30, northbound funds held shares in 2,919 companies, totaling 107.4 billion shares, a decrease of approximately 15.3 billion shares from Q2 [3] - Notably, northbound funds increased their holdings in 1,769 stocks, with the largest increase in BOE Technology Group by 658 million shares [3]
北向资金连续三个季度加仓A股 三季度末持仓市值达2.58万亿元
Shang Hai Zheng Quan Bao·2025-10-15 18:31