Core Insights - The social security fund has invested in 478 stocks by the end of Q1, with 46 stocks held for over 20 consecutive quarters [1] - The fund's long-term holdings include 257 stocks held for more than four quarters, with 169 stocks held for over two years [1] - Notable long-term holdings include China Overseas Land & Investment, Zhongnan Media, and others, with the longest-held stock being China Overseas Land & Investment since Q2 2011 [1] Holdings Overview - The top holdings by quantity include Changshu Bank (254 million shares), Hualu Hengsheng (122 million shares), and China Jushi (84.52 million shares) [2] - The highest holding percentages are Changshu Bank (8.42%), Hualu Hengsheng (5.77%), and Keri International (5.70%) [2] - Among the 46 stocks, 12 saw an increase in holdings, with significant increases for Huayu Automotive (62.65%), Hualu Hengsheng (19.18%), and Yanjinpuzi (17.90%) [2] Performance Analysis - Of the 46 stocks, 28 reported year-on-year profit growth, with notable increases from Xiantan Co. (583.83%), Zhongyuan Media (234.61%), and China Jushi (108.52%) [3] - Conversely, 17 stocks experienced profit declines, with the largest decreases from Tianrun Dairy (-1713.36%), China Overseas Land & Investment (-303.09%), and Zhongqi Co. (-245.04%) [3] - Stocks with consistent profit growth over the past three years include Aide Biology, Yutong Bus, and Blue Sky Technology [3] Industry Distribution - The 46 stocks are concentrated in industries such as basic chemicals (6 stocks), automotive (5 stocks), and pharmaceutical biology (5 stocks) [2] - The main board contains 30 stocks, while the ChiNext board has 15 stocks, and the Sci-Tech Innovation board has 1 stock [2]

Core Insights - The Social Security Fund (SSF) has invested in 87 stocks as of the end of Q1, with 24 stocks held for over 8 consecutive quarters, indicating a long-term investment strategy [1][2] Group 1: Investment Holdings - The SSF's longest-held stock is Zhongyuan Media, held for 43 quarters since Q3 2014, with a current holding of 10.54 million shares, representing 1.58% of the circulating shares [1][3] - Other notable long-term holdings include WoWo Biological (42 quarters), Blue Sky Technology (28 quarters), and Yilian Network (27 quarters) [1][3] - The top three stocks by SSF holding volume at the end of Q1 are Mingtai Aluminum (71.30 million shares), Shenhuo Co. (51.96 million shares), and Guanglian Da (42.17 million shares) [1][3] Group 2: Changes in Holdings - Among the 24 continuously held stocks, three saw an increase in SSF holdings, with China West Electric, Yanjin Shop, and Yilian Network increasing by 27.55%, 17.90%, and 11.98% respectively [2][3] - Thirteen stocks experienced a reduction in holdings, with the largest decreases in holdings for Taoli Bread, Huate Dain, and Shengquan Group, with reductions of 54.74%, 50.27%, and 49.99% respectively [2][3] Group 3: Industry Distribution - The 24 continuously held stocks are concentrated in the basic chemicals, pharmaceutical biology, and non-ferrous metals sectors, with 7, 3, and 3 stocks respectively [2][3] - In terms of market segments, 15 stocks are from the main board, 7 from the Growth Enterprise Market, and 2 from the Sci-Tech Innovation Board [2][3] Group 4: Financial Performance - Among the 24 stocks, 18 reported year-on-year net profit growth, with significant increases noted for Xiantan Co. (583.83%), Zhongyuan Media (234.61%), and Kaili New Materials (90.48%) [3][4] - Five stocks reported a decline in net profit, with the largest decreases for Huaheng Biological, Shenhuo Co., and Taoli Bread, with declines of 40.98%, 35.05%, and 27.07% respectively [3][4]

Group 1 - Multiple social security fund combinations have increased their holdings in various stocks during the fourth quarter of last year, with some stocks appearing in the top ten shareholders of multiple funds [1][2][3] - The National Social Security Fund Council has announced its commitment to long-term, value, and responsible investment strategies, expressing confidence in the development prospects of the Chinese capital market [1] - The recent annual reports of listed companies reveal that social security fund combinations have entered the top ten shareholders of several companies, such as Huagong Technology and Dajin Heavy Industry [1][2] Group 2 - The management fee rate for the Zhongyin Pension 2050 five-year holding mixed fund (FOF) has been reduced from 0.9% to 0.6%, and the custody fee rate has been lowered from 0.15% to 0.10% [10] - The fund, established in March 2022, has seen its scale decrease from approximately 21.71 million yuan at inception to 19.1762 million yuan by the end of 2024, with a net value of 0.8432 yuan as of April 9, 2025, reflecting a loss of over 15% since inception [11] - Several pension target funds managed by Industrial and Commercial Bank of China have recently changed fund managers, with the addition of Zhou Yin to manage multiple funds previously overseen solely by Jiang Hua'an [11]

财报季，机构持股动向逐渐浮出水面，社保基金去年四季度末共现身154只股，其中，53股已连续持有 超8个季度。 作为风格稳健的长期机构投资者，社保基金长线持有的重仓股引人关注，据证券时报 数据宝统计，截 至3月31日，公布2024年年报公司中，社保基金最新出现在154家公司前十大流通股东榜，向前追溯发 现，共有90只股获社保基金连续持有4个季度以上。其中，53只社保基金持有期超过两年，华侨城A、 华鲁恒升（600426）等11只获社保基金连续持仓超5年。 社保基金连续持仓超2年的53只个股中，从去年四季度末社保基金持股量来看，常熟银行（601128）、 钒钛股份（000629）、云铝股份（000807）等持股数量居前，社保基金分别持有2.68亿股、2.00亿股、 1.56亿股。社保基金持股比例居前的有常熟银行、赤峰黄金（600988）、坚朗五金（002791）等，持股 比例分别为8.90%、6.35%、6.35%。 社保基金连续重仓股名单 社保基金持有期限最长的个股是华侨城A，自2011年二季度以来已累计持有55个季度，最新全国社保基 金四一三组合、全国社保基金一一八组合，位列公司第六大、第七大流通股东，持股量 ...