Huan Qiu Wang·2025-10-16 02:08Group 1 - As of the end of Q3, the northbound capital's holdings in A-shares reached 2.58 trillion yuan, marking a growth 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 this year [1][3] - The trend of increasing northbound capital strengthened further at the end of September, with ETF funds and northbound capital becoming the main sources of incremental market funds before the National Day holiday, while margin trading funds showed a seasonal net selling characteristic [3] - By the end of Q3, the top three industries in terms of northbound capital holdings were power equipment (443.803 billion yuan), electronics (391.523 billion yuan), and biomedicine (183.941 billion yuan), with banking and food & beverage industries dropping out of the top three compared to the end of Q2 [3] Group 2 - In Q3, northbound capital significantly flowed into the technology manufacturing sector, particularly in semiconductor equipment and AI computing-related segments, with the electronics industry seeing an increase of over 150 billion yuan in holdings and an increase of 1.821 billion shares [3] - The proportion of the electronics industry's holdings in total industry market value reached 15.17%, a substantial increase of 4.96 percentage points compared to the end of Q2, making it the highest growth among all industries [3] - As of the end of Q3, the top ten heavy stocks held by northbound capital included CATL, Kweichow Moutai, Midea Group, China Merchants Bank, Northern Huachuang, Huichuan Technology, Zijin Mining, Heng Rui Medicine, Yangtze Power, and Fuyao Glass, with Northern Huachuang, Heng Rui Medicine, and Fuyao Glass entering the top ten, while BYD, Ping An Insurance, and Mindray Medical exited [3]