Core Viewpoint - The Social Security Fund's third-quarter investment strategy shows a clear trend of favoring leading companies and technology sectors, indicating a balanced asset allocation approach between traditional industries and emerging sectors [1][3][12]. Group 1: Investment Holdings - As of October 22, the Social Security Fund appeared in the top ten shareholders of 43 companies, with a total holding of 738 million shares valued at 15.52 billion [2][3]. - The top ten holdings by market value include Hai Da Group (1.83 billion), China Jushi (1.48 billion), and Cangge Mining (1.05 billion) [2]. - The fund's holdings are primarily concentrated in the pharmaceutical, high-end manufacturing, and consumer sectors, with some extension into basic chemicals and agriculture [3][5]. Group 2: Stock Changes - In the third quarter, the Social Security Fund initiated positions in 14 stocks, increased holdings in 12 stocks, reduced holdings in 8 stocks, and maintained positions in 9 stocks [7][9]. - New additions include stocks like Dazhu Laser and Electric Connection Technology, while increased holdings feature companies such as Poly Development and Hai Da Group [9][10]. - The fund's strategy reflects a preference for stocks in communication equipment, electronics, and high-end manufacturing, aligning with policy support for emerging industries [7][10]. Group 3: Future Outlook - The Social Security Fund is expected to continue a "core assets-technology growth" dual strategy, focusing on long-term holdings of core assets while dynamically adjusting its portfolio [12]. - The fund aims to enhance its allocation in sectors aligned with national strategies, particularly in technology innovation and industrial upgrades [12]. - Analysts predict that the fund will maintain long-term positions in leading stocks while dynamically adjusting based on performance metrics [12].