社保基金2025三季报持仓动向曝光：重仓高端制造与周期龙头，新进基建新能源消费标的

Core Insights - The Social Security Fund's stock holdings as of Q3 2025 indicate a significant investment trend, with a total of 604 stocks in its top ten shareholders, amounting to 10.775 billion shares and a market value of 210.52 billion yuan [1] Group 1: Major Holdings - Sany Heavy Industry and BYD are the top two holdings, with market values of 4.142 billion yuan and 4.037 billion yuan respectively [2] - Sany Heavy Industry reported a revenue of 66.104 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.27%, and a net profit of 7.136 billion yuan, up 46.58% [3] - BYD's revenue reached 566.27 billion yuan, a 13% year-on-year growth, with R&D expenses of 43.75 billion yuan, a 31% increase compared to the previous year [3] Group 2: Sector Trends - The Social Security Fund has increased its investment in cyclical sectors, with Hualu Hengsheng holding a market value of 3.677 billion yuan, despite a decline in its performance [3] - Hualu Hengsheng's revenue for the first three quarters was 23.552 billion yuan, down 6.46%, and net profit decreased by 22.14% to 2.374 billion yuan [3] Group 3: Diversified Portfolio - The Social Security Fund's portfolio reflects a balance between emerging growth sectors and traditional value, investing in new energy, industrial automation, and consumer electronics while also exploring cyclical resilience in chemicals, real estate, and non-ferrous metals [5] - The fund has also established long-term holdings in certain stocks, with the longest being in Zhongnan Media since Q1 2012, indicating a strategy focused on long-term capital [6] Group 4: New Investments and Reductions - In Q3 2025, the Social Security Fund initiated positions in 189 new stocks, with China Metallurgical Group leading at 1.003 billion shares [7] - The fund's reduction in holdings has primarily targeted the energy and real estate sectors, reflecting a shift in market sentiment regarding these industries [8]