证券时报·2026-01-10 14:15Core Viewpoint - The Northbound Stock Connect funds have shown increased trading activity in the A-share market, with significant holdings and trading volumes reported for the fourth quarter of 2025 [2][10]. Group 1: Northbound Stock Connect Holdings - As of the end of Q4 2025, Northbound Stock Connect funds held a total of 4,014 securities, including stocks and ETFs, with overall holdings remaining relatively stable [4][5]. - Notably, Northbound funds held over 1 billion shares in 213 stocks, and in 37 stocks, holdings exceeded 5 billion shares. Key stocks with holdings over 10 billion shares include BOE Technology Group, Industrial and Commercial Bank of China, Zijin Mining, Agricultural Bank of China, and others [5][6]. Group 2: Increased Holdings - During Q4 2025, Northbound Stock Connect funds increased their holdings in over 1,600 stocks, with more than 1,000 stocks seeing an increase of over 1 million shares. Significant increases were noted in stocks such as China Aluminum, Weichai Power, and Industrial and Commercial Bank of China, with increases exceeding 10 million shares in several cases [7][8]. Group 3: Trading Activity - The trading activity of Northbound Stock Connect has been notably active, with trading volumes exceeding 300 billion yuan for four consecutive trading days, reaching a peak of 369.6 billion yuan on January 9, 2026, marking the highest level since September 2025 [10]. - Cumulatively, since the establishment of the mutual market access mechanism, the total trading volume of Northbound Stock Connect has surpassed 200 trillion yuan, with 2025's total trading volume reaching 50.33 trillion yuan, a growth of over 40% compared to 2024 [11].