Huan Qiu Wang·2026-01-11 02:33Core Insights - The northbound trading of the Stock Connect has shown significant enthusiasm from foreign capital, with a total trading volume exceeding 200 trillion yuan in 2025, marking a historical high and reflecting strong confidence in the long-term investment value of the Chinese capital market [1][5] Group 1: Holdings Overview - As of the end of Q4 2025, northbound funds held a total of 4,014 securities, with a stable overall holding scale [1] - The holdings of foreign capital exhibit a "head concentration" feature, with over 213 stocks having more than 100 million shares held, and 37 stocks exceeding 500 million shares [1] - Notable stocks favored by northbound funds include JD.com, Industrial and Commercial Bank of China, Zijin Mining, Agricultural Bank of China, and others, with holdings exceeding 1 billion shares, primarily in low-valuation or high-dividend sectors [1] Group 2: Trading Activity - In Q4 2025, northbound funds engaged in significant portfolio adjustments, increasing holdings in over 1,600 stocks, with more than 1,000 stocks seeing an increase of over 1 million shares [2] - The top ten stocks with the largest increases in holdings included China Aluminum, Weichai Power, and others, each with increases exceeding 100 million shares [2][4] - The trading activity of northbound funds has notably increased, with a daily trading volume exceeding 300 billion yuan for four consecutive trading days, indicating a strong return of foreign capital to A-shares [4] Group 3: Long-term Trends - Since the establishment of the Stock Connect mechanism, the cumulative trading volume of northbound funds has surpassed 200 trillion yuan, with 2025's total trading volume reaching 50.33 trillion yuan, a growth of over 40% compared to 2024 [5] - The significant increase in trading volume and the focus on bank and resource stocks in Q4 2025 signal multiple positive trends, including sustained foreign interest in Chinese assets and a balanced investment strategy [5] - The ongoing optimization of capital market systems and deepening of openness are expected to lead to more normalized and rational flows of northbound funds, providing stable liquidity support for the A-share market [5]