2 1 Shi Ji Jing Ji Bao Dao·2025-11-04 23:08Core Insights - The "national team" has heavily invested in over 222 A-share stocks, with a total market value approaching 4 trillion yuan, primarily favoring financial stocks [1][2][3] Group 1: Investment Focus - The top ten holdings of the "national team" are predominantly from the financial sector, with the exception of China Shenhua, and the total market value of these holdings exceeds 3.28 trillion yuan, accounting for over 83.9% of their total portfolio [2][3] - Major holdings include China Bank, Agricultural Bank, and Industrial and Commercial Bank, with respective market values of 1.03 trillion yuan, 957.73 billion yuan, and 930.27 billion yuan [2][3] - The "national team" is also diversifying into sectors such as AI, semiconductors, and renewable energy, aligning with national strategic goals [3] Group 2: ETF Investments - The "national team" has increased its ETF holdings significantly, with a total market value of 1.55 trillion yuan, marking an increase of over 200 billion yuan since the second quarter [4][5] - Key ETFs held include Huatai-PB CSI 300 ETF, which contributed over 55 billion yuan in floating profits, and other ETFs that saw substantial gains, with some exceeding 50% growth in the third quarter [5][6] - The "national team" holds over 40% of the total A-share ETF market, indicating a strong commitment to stabilizing the market [4][5] Group 3: Market Conditions - The current market environment is characterized by ample liquidity and expectations of interest rate cuts by the Federal Reserve, benefiting growth-oriented stocks [6] - The focus on technology stocks, particularly in AI hardware and computing power, is expected to be a key investment theme over the next 3 to 5 years [6]