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。 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 71 | 2025年底持有 股票数(万股 | | | --- | --- | --- | --- | --- | | 宇德时代 | 2543 | 76.57% | 69254 | 27.88% | | 美的集团 | 770 | -7.99% | 98592 | -11.44% | | 贵州茅台 | 758 | -35.82% | રે રેજિક | -28.98% | | 招商银行 | ...

【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]

Group 1: Northbound Capital Analysis - In Q2 2025, Northbound capital actively increased positions in both traditional economy sectors and new tracks, with significant additions in non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration [2][22] - Major reductions were observed in food and beverage, home appliances, and machinery sectors, indicating a shift from core assets to traditional economy and from old tracks to new tracks [2][22] - The absolute holding amounts showed significant decreases for companies like BOE A (-38.39%), Luxshare Precision (-38.29%), and Wuliangye (-30.22%) [23][24] Group 2: Dollar Outlook - The report suggests that the downtrend of the dollar is expected to continue at least until mid-2025, with recent upticks being merely a "rebound" rather than a "reversal" [3][29] - Factors contributing to the dollar's decline include deteriorating U.S. fiscal conditions and a loss of attractiveness as a global reserve currency [3][27] - The report anticipates a potential rebound in Q3 2025, but maintains that the overall downtrend remains dominant [29] Group 3: Credit Bond ETF Strategy - Since May, the credit bond market has exhibited independent trends, driven by rapid growth in credit bond ETF scales and expectations for future space [4][30] - The trading activity of component bonds has significantly increased, with higher turnover rates compared to non-component bonds [30][31] - The report indicates that the valuation of component bonds may further compress, with potential trading opportunities in non-component bonds due to liquidity premiums [32] Group 4: Company-Specific Insights - Daikin Heavy Industries is positioned as the only supplier in the Asia-Pacific region capable of delivering offshore products to the European market, with a strong order backlog [11][35] - The company has transitioned to a DAP (Delivered at Place) product model, enhancing its service offerings and increasing order value [11][35] - Revenue projections for Daikin Heavy Industries are set at 6.51 billion, 8.40 billion, and 9.74 billion yuan for 2025-2027, with net profit estimates adjusted to 1.05 billion, 1.37 billion, and 1.76 billion yuan respectively [11][36] Group 5: Chemical Industry Analysis - Xin'an Chemical is recognized as a leading player in the glyphosate and silicone markets, with expectations for improved market conditions in the silicone sector [12][20] - The company has a glyphosate production capacity of 80,000 tons and is expanding its product range under a "1+2+N" strategy [12][20] - Revenue forecasts for Xin'an Chemical are projected at 15.5 billion, 17.3 billion, and 18.8 billion yuan for 2025-2027, with net profits expected to reach 299 million, 651 million, and 802 million yuan [12][20]

Core Viewpoint - As of the end of Q2 2025, northbound funds held a total of 3,572 A-shares with a combined market value of 2.28 trillion yuan, reflecting an increase of approximately 500 billion yuan compared to the end of Q1 2025 [1]. Group 1: Northbound Fund Holdings - Northbound funds increased their holdings in seven industries by over 10% compared to the end of Q1 2025, including retail, construction decoration, telecommunications, defense, comprehensive, non-bank financials, and steel [1]. - Conversely, the household appliances, electronics, and textile and apparel sectors saw a decline in holdings of over 10% [1]. Group 2: Top Holdings and Changes - The top ten stocks held by northbound funds at the end of Q2 2025 included Ningde Times, Kweichow Moutai, Midea Group, China Merchants Bank, Yangtze Power, BYD, Ping An Insurance, Zijin Mining, Huichuan Technology, and Mindray Medical [1]. - Notably, the market value of holdings in Ningde Times was nearly 153.1 billion yuan, while Kweichow Moutai and Midea Group had holdings valued at over 102.7 billion yuan and approximately 74.2 billion yuan, respectively [1]. Group 3: Net Buying and Selling - In Q2 2025, northbound funds recorded a net purchase of 54.77 billion yuan in A-shares, marking the second consecutive quarter of net buying [2]. - The top three stocks with the highest net buying amounts were Ningde Times (12.58 billion yuan), Hengrui Medicine (7.36 billion yuan), and Dongpeng Beverage (4.04 billion yuan) [2]. - The stocks with the largest net selling amounts included Kweichow Moutai (10.32 billion yuan), Midea Group (8.13 billion yuan), and Wuliangye (4.27 billion yuan) [2].