市值风云·2025-05-22 10:01Core Viewpoint - The article discusses the significant presence of the "national team" in A-share companies' top ten circulating shareholders, highlighting the strategic investment role of social security funds in the market [2][3]. Group 1: Social Security Fund Overview - As of the end of 2023, the total assets of the national social security fund reached 30,145.6 billion yuan, with an average annual investment return of 7.4% since its establishment in August 2000 [3]. - The average stock position of the social security fund is approximately 30%, indicating a long-term annualized return of over 20% in the stock segment over 22 years [3]. Group 2: Q1 2025 Investment Strategy - By the end of Q1 2025, the "national team" appeared in the top ten circulating shareholders of 824 A-share companies, with a total holding market value of about 42,050 billion yuan [8]. - The social security fund held shares in 604 companies, with a total of 600.85 million shares valued at 47.2343 billion yuan [8][10]. Group 3: New Holdings in Q1 2025 - In Q1 2025, the social security fund newly held 146 listed companies, with Baosteel Co., Ltd. being the largest new holding at 1.58 million shares, valued at 114 million yuan [10][12]. - Other notable new holdings include Cangge Mining, Yiwei Lithium Energy, and Lansi Technology, each with a holding value exceeding 400 million yuan [11][13]. Group 4: Top Holdings and Sector Allocation - As of the end of Q1 2025, the top holdings of the social security fund included Agricultural Bank of China (121.84 billion yuan), Industrial and Commercial Bank of China (84.97 billion yuan), and China Pacific Insurance (38.40 billion yuan) [16][18]. - The fund's strategy reflects a focus on high-dividend assets, with banks being a stable component of its long-term allocation, while also increasing positions in cyclical leaders like Sany Heavy Industry and China National Offshore Oil Corporation [19][20]. Group 5: Investment Insights for Retail Investors - The social security fund's investment approach suggests a balanced allocation strategy for retail investors, recommending a distribution of 40% in financials, 30% in cyclical sectors, 20% in technology, and 10% in consumer sectors [20][24]. - The article emphasizes the importance of understanding the differences in funding characteristics between institutional and individual investors, advising caution in mimicking long-term holdings without considering personal liquidity needs [24][26].