Zheng Quan Shi Bao·2025-10-16 22:44Core Viewpoint - The third quarter data reveals that despite a reduction of over 15 billion shares in the number of A-shares held by northbound funds, the overall market value of these holdings increased by nearly 300 billion yuan due to a favorable A-share market performance [2]. Group 1: Northbound Fund Holdings - As of the end of the third quarter, the top five industries by the number of shares held by northbound funds are banking, electronics, non-bank financials, electric power equipment, and non-ferrous metals, with holdings of 17.40 billion, 9.58 billion, 7.48 billion, 7.24 billion, and 6.33 billion shares respectively [3]. - Nine industries saw an increase in the number of shares held by northbound funds, including agriculture, electronics, environmental protection, basic chemicals, comprehensive, building materials, automobiles, media, and machinery equipment, with agriculture and electronics seeing increases of over 10% [4]. - The electronics sector attracted significant northbound fund inflows, with holdings increasing by 18.21 billion shares, a growth of 23.45% [10]. Group 2: Sector Performance - The agriculture sector saw a 28.87% increase in holdings, with specific stocks like Zhengbang Technology and Muyuan Foods being notably favored [4][6]. - The electronics sector's strong performance is highlighted by the increase in holdings of key companies such as BOE Technology Group and TCL Technology, with BOE alone seeing an increase of 6.58 billion shares [10]. - Conversely, sectors like banking and oil & gas experienced significant reductions in holdings, with banking seeing a decrease of 69.75 billion shares, a drop of 28.61% [10]. Group 3: Key Stocks - Northbound funds have deepened their positions in core assets, with significant holdings in companies like CATL, Kweichow Moutai, and Midea Group, with CATL's holdings increasing by 53.92 million shares, leading to a market value increase of 112.58 billion yuan [11][13]. - Kweichow Moutai saw a reduction of 11.82 million shares, resulting in a market value decrease of 14.56 billion yuan, while Midea Group's holdings decreased by 4.10 million shares, leading to a decline of 2.51 billion yuan in market value [14]. - Other notable stocks with substantial holdings include Northern Huachuang and Huichuan Technology, both exceeding 40 billion yuan in market value [15]. Group 4: Foreign Investment Sentiment - Global capital is reassessing the intrinsic value of Chinese assets, driven by a combination of factors including liquidity restructuring, economic resilience, and the rise of new productive forces [16]. - UBS and Goldman Sachs have expressed positive outlooks on Chinese markets, with recommendations to accumulate A-shares and H-shares, particularly in sectors like AI and shareholder returns [16]. - In September, foreign capital inflows into the Chinese stock market rebounded to 4.6 billion USD, marking the highest monthly inflow since November 2024, primarily driven by passive funds [17].