日前，沪深交易所披露了2025年末北向资金持仓情况。数据显示，北向资金整体持仓规模接近历史高位，超过半数陆股通 标的在年内获得加仓。从结构上看，北向资金在行业与区域层面的配置取向愈发清晰，其中，科技相关行业与广东上市公 司成为其重点加仓方向。 北向资金大幅加仓 北向资金是境外资金投资A股的渠道，通过沪股通和深股通机制实现。 从整体规模上看，根据沪深交易所数据，2025年末北向资金持仓市值为2.59万亿元，为历史第二高，仅低于2021年的2.76万 亿元，彼时上证指数一度突破3700点。 观察个股，在全部3774个沪深股通标的当中，剔除持仓量不超过万分之一的股票，至少有2110只获得了北向资金的加仓。 其中，获得北向资金加仓最多的为纽威股份（603699.SH），期末持股比例为15.06%，相较于2024年末提高了11.51个百分 点。此外，还有塔牌集团（002233.SZ）、安集科技（688016.SH）、星宇股份（601799.SH）获得了北向资金两位数规模的 增持。 从持股集中度来看，北向资金对标的配置集中度持续抬升。2025年末，北向资金持股比例超过5%的数量为143家，高于 2024年末的132家，北 ...

x 大大基金 链接您与财富 市场有风险,投资需谨慎 厂售 容量信 2025年北向资金持仓情况 北向资金最新一个季度末的持股情况如期公布。截至2025年末，从行业 来看,硬科技及有色金属行业成为北向资金的"新宠",其中10个行业持 股市值超过1000亿元。从重仓股看,宁德时代持有市值2543亿元,遥遥 领先;美的集团,贵州茅台位居第二,第三,均遭减持。 北向资金持股市值超千亿元的行业 ● 2025年末持股市值(亿元) 图 大 | 持股市值变动 行业名称 ● 2024年末持股市值(亿元) 4495 60.04% 电力设备 2809 3870 85.02% 电子 2092 1856 173.04% 有色金属 680 1773 -18.53% 银行 2176 1542 56.45% 机械设备 986 1430 医药生物 -3.49% 1482 1388 食品饮料 -35.52% 2152 1323 18.74% 汽车 1114 1269 -16.78% 非银金融 1525 1127 -20.90% 家用电器 1424 北向资金重仓股TOP10 | 证券名称 | 2025年底持股 市值(亿元) | 年内持有市值 25 ...

Core Viewpoint - As of the end of 2025, the northbound capital has shifted its focus towards hard technology and non-ferrous metals industries, with ten industries having a market value of over 100 billion yuan [1][7]. Industry Summary - The top three industries by market value held by northbound capital at the end of 2025 are: - Power Equipment: 449.5 billion yuan, a 60.04% increase from 2024 [3][7]. - Electronics: 387 billion yuan, an 85.02% increase from 2024 [3][7]. - Non-ferrous Metals: 185.6 billion yuan, a 173.04% increase from 2024 [3][7]. - Other industries with significant holdings include: - Banking: 217.6 billion yuan, a 56.45% increase [3]. - Machinery: 98.6 billion yuan, a decrease of 3.49% [3]. - Pharmaceuticals: 148.2 billion yuan, a decrease of 35.52% [4]. Major Holdings - The top ten stocks held by northbound capital at the end of 2025 include: - Ningde Times: 254.3 billion yuan, a 76.57% increase [5][8]. - Midea Group: 77 billion yuan, a decrease of 7.99% [5][8]. - Kweichow Moutai: 75.8 billion yuan, a decrease of 35.82% [5][8]. - China Merchants Bank: 51.4 billion yuan, a 2.92% increase [5][8]. - Zijin Mining: 47.1 billion yuan, a 120.18% increase [5][8]. - Notable changes in the top ten include: - Northern Huachuang, Zhongji Xuchuang, and Lixun Precision entering the list, while Longjiang Power, Mindray Medical, and BYD dropped out [8].

【环球网财经综合报道】香港交易所最新披露的数据显示，北向陆股通资金2025年第四季度的持股情况正式揭晓。在近期A股市场交投氛围日趋活跃的背景 下，被誉为"聪明钱"的北向资金展现出极高的参与热情，不仅持仓结构发生明显变化，成交量也同步放大。全年累计成交额突破200万亿元大关，创出历史 新高，充分彰显了外资对中国资本市场长期投资价值的坚定信心。 观察上述名单不难发现，除工商银行、招商银行等金融权重股外，中国铝业、铜陵有色、白银有色、盛屯矿业等资源类周期股占据了相当大的比例。这表明 北向资金在四季度可能重点布局了受益于全球大宗商品价格波动以及国内经济复苏预期的上游资源板块。芯联集成、世纪华通等科技成长股的现身，也说明 外资在追求稳健收益的同时，并未放弃对高成长赛道机会的挖掘。从持股占比变化来看，近1600只股票的北向持股占比在四季度有所提升，其中逾160只股 票的相关占比提升超过1个百分点，意味着外资对部分优质资产的定价权正在增强。 市场交易层面，北向资金的活跃度近期出现了显著回升，成为市场情绪的重要风向标。数据显示，截至目前，北向陆股通已连续4个交易日成交额超过3000 亿元，持续维持高位运行。其中，2026年1 ...

重仓股数据表明，北向资金持仓依旧以核心资产龙头股为主。截至2025年四季度末，宁德时代成为北向资金的头 号重仓股，持股市值高达2543.43亿元，远超排名第二的美的集团的770.49亿元。美的集团、贵州茅台、招商银 行、紫金矿业等个股紧随其后。不过，由于食品饮料板块全年股价表现较弱，贵州茅台在北向资金持仓组合中的 排名进一步下滑。此外，北向资金前十大重仓股还包括北方华创、中际旭创、汇川技术、中国平安、立讯精密。 对比2024年末，紫金矿业、北方华创、中际旭创、立讯精密新晋北向资金持股市值前十名单，而长江电力、迈瑞 医疗、国电南瑞、比亚迪则掉出前十，持仓结构调整明显。 行业分布上，Wind数据显示，截至2025年末，在31个申万一级行业中，电力设备、电子和有色金属成为北向资金 重仓的前三大板块。而2024年末，北向资金重仓的前三大板块为电力设备、银行、食品饮料，行业偏好有所转 变。从单个季度变化来看，2025年第四季度北向资金持仓市值增加最多的行业分别是有色金属、通信和基础化 工。个股方面，除了紫金矿业、中国铝业、江西铜业等资源类龙头受到青睐，北向资金持有中国平安及招商银行 等金融股的市值增幅也较为明显。截至2 ...

北向资金2025年持股数据亮相 重仓电力设备、电子、有色金属三大方向 行业分布上，Wind数据显示，截至2025年末，31个申万一级行业中，电力设备、电子和有色金属是北 向资金重仓的前三大板块。而2024年末，北向资金重仓的前三大板块还是电力设备、银行、食品饮料。 从单个季度变化来看，2025年第四季度北向资金持仓市值增加最多的行业分别是有色金属、通信和基础 化工。个股方面，除了紫金矿业、中国铝业、江西铜业等资源类龙头，北向资金持有中国平安及招商银 行等金融股的市值增幅也较为明显。截至2025年末，北向资金持仓市值超100亿元的A股公司有41家， 基本涵盖了来自制造业、金融业、大消费等板块的龙头标的。 以加权平均成交均价乘以持股数量变动的方式估算，在有可比数据的A股中，北向资金2025年净买入宁 德时代456.31亿元，居所有标的首位。排名紧随其后的是北方华创、比亚迪，分别获净买入248.93亿 元、130.29亿元。此外，澜起科技、潍柴动力、三一重工、华友钴业、阳光电源的净买入额均超50亿 元。北向资金减仓金额前三的股票依次为贵州茅台、长江电力、农业银行，净卖出金额分别为322.98亿 元、162.11亿元 ...

Group 1: Stock Performance - Hefei Urban Construction's stock price surged by 101% since September 30, with a recent increase of 7.55% on October 22, closing at 15.39 CNY per share [1] - The total market capitalization of Hefei Urban Construction reached 12.363 billion CNY, with a trading volume of 3.002 billion CNY on the same day [1] Group 2: Company Overview - Hefei Urban Construction primarily engages in real estate sales and leasing, holding a strong reputation in Anhui Province, particularly in the industrial real estate sector [3] - The company is recognized as the largest developer and operator of standardized industrial factories in Anhui Province through its wholly-owned subsidiary, Hefei Industrial Investment Industrial Technology Development Co., Ltd. [3] Group 3: Market Trends - As of the end of Q3, northbound funds held approximately 2.58 trillion CNY in A-shares, marking a 12.66% increase from the end of Q2 [4] - The battery and semiconductor sectors attracted significant northbound fund investments, with the battery sector's holdings increasing by 125.38 billion CNY to 300.626 billion CNY [4] Group 4: Banking Sector - Agricultural Bank of China achieved a market capitalization of 2.83 trillion CNY, surpassing Industrial and Commercial Bank of China to become the largest in A-shares [6] - The bank's stock price rose by 23% since September 25, reflecting strong market performance [6][8] Group 5: Earnings Reports - Over half of the companies that released Q3 earnings reports showed a quarter-on-quarter increase in net profit, with 21 companies reporting over 50% growth [9] - Notable performers included Guangpu Co., with a Q3 net profit of 24.14 million CNY, reflecting a 4687% increase from Q2, largely due to a low base effect [9]

Core Insights - The article highlights a discrepancy between the rhetoric of increasing investment in China and the actual behavior of foreign capital, which is quietly withdrawing from the market [4][5]. Group 1: Market Overview - As of the end of Q3, the total market value of holdings reached 2.56 trillion, an increase of 300 billion from 2.27 trillion at the end of Q2 [5]. - The increase in market value is primarily due to market performance rather than new investments, as foreign capital has actively reduced its holdings by approximately 200 billion [5]. Group 2: Sector Analysis - The heavy investment sectors remain unchanged, with the top ten sectors holding over 100 billion each, particularly in power equipment (especially renewable energy) and electronics, with market values of approximately 437.7 billion and 389 billion respectively [7]. - The electronics sector saw a significant quarter-on-quarter increase of nearly 68%, surpassing the banking sector to become the second-largest sector by foreign capital holdings [7]. - Only eight sectors saw increased investment, representing about 25% of all sectors, with three sectors in the midstream manufacturing category receiving substantial new investments [8].

Core Insights - Northbound capital's holdings in A-shares decreased by 15.309 billion shares in Q3, but the market value of these holdings increased by 294.387 billion yuan due to a recovery in A-share market performance [1] Group 1: Northbound Capital Holdings - As of the end of Q3, the stock with the highest number of shares held by northbound capital was BOE Technology Group Co., Ltd. (000725), with 2.705 billion shares [1] - Major bank stocks also saw significant northbound capital holdings, including Industrial and Commercial Bank of China (601398) with 1.565 billion shares, Agricultural Bank of China (601288) with 1.443 billion shares, and others like China Minsheng Banking Corp. (600016) and China Merchants Bank (600036) with 1.285 billion and 1.118 billion shares respectively [1]

Core Viewpoint - The article discusses the latest trends in northbound capital flows in the Chinese A-share market, highlighting significant increases in holdings across various sectors, particularly in construction decoration and retail, while also noting declines in certain industries. Group 1: Northbound Capital Holdings - As of the end of Q2 2025, northbound funds held shares in 2,655 A-share companies, totaling 122.81 billion shares, a 3.18% increase from Q1 2025. The market value of these holdings reached 2.28 trillion yuan, up 2.23% quarter-on-quarter [1] - Northbound funds' shareholding accounted for 1.98% of circulating A-shares, a slight increase of 0.05 percentage points from the previous quarter, while the market value proportion decreased by 0.02 percentage points to 3.12% [1] Group 2: Sector Performance - In Q2 2025, over 60% of the 20 sectors saw increased holdings from northbound funds, with construction decoration and retail sectors showing remarkable growth, both exceeding 20% [3] - The construction decoration sector saw a 25.88% increase in holdings, reaching 5.665 billion shares, with a market value of 29.45 billion yuan. The retail sector also experienced a 25.79% increase, totaling 1.48 billion shares and a market value of 19.44 billion yuan [3] - The retail sector's performance was reflected in a 6.22% increase in the retail index, ranking 10th among 31 industries, with retail sales in the first five months of 2025 totaling 20.32 trillion yuan, a 5% year-on-year increase [3] Group 3: Declines in Certain Industries - The textile and apparel, electronics, and home appliances sectors saw a decline in holdings, each dropping over 10% from Q1 2025. The oil and petrochemical, computer, and media sectors also experienced declines exceeding 5% [4][5] - Specifically, the textile and apparel sector saw a 15.59% decrease in holdings, with a market value of 5.9 billion yuan, while the electronics sector decreased by 13.15% [5] Group 4: Major Holdings - The largest holding among northbound funds was Ningde Times, with a market value of approximately 153.08 billion yuan, an increase of 12.73 billion yuan, and a holding of 607 million shares, representing 15.55% of circulating A-shares [6][8] - Guizhou Moutai was the second-largest holding, with a market value exceeding 100 billion yuan but saw a significant reduction of 21.86 billion yuan, a 17.55% decline [6][8] - Other notable companies in the top holdings included Midea Group, China Merchants Bank, and BYD, among others [7][8] Group 5: Significant Increases in Specific Companies - Over 1,300 stocks saw increased holdings from northbound funds in Q2 2025, with 199 companies experiencing increases of over 100%. The electronics sector had 29 companies, while the pharmaceutical and power equipment sectors had 17 each [9] - Notably, 37 A-share companies with a market value exceeding 1 billion yuan saw increases of over 50% in holdings, with Baili Tianheng and New Yi Sheng exceeding 270% [9][10]