Core Insights - The report from Industrial Securities indicates that the market value held by the Stock Connect increased from 2.27 trillion yuan in Q2 2025 to 2.59 trillion yuan in Q3 2025, while the proportion of the A-share circulating market value decreased from 2.79% to 2.69% [1][2] Group 1: Allocation Proportions - In Q3 2025, the allocation proportions for the Stock Connect increased significantly in the sectors of electronics, power equipment, non-ferrous metals, machinery, and communications, with increases of 4.96, 4.88, 1.21, 1.14, and 0.65 percentage points respectively [1][2] - The top sectors for allocation in Q3 2025 were power equipment, electronics, pharmaceuticals, banking, and food and beverage [1] Group 2: Net Inflows and Outflows - In Q3 2025, the Stock Connect saw significant net inflows in the sectors of electronics, power equipment, machinery, agriculture, and building materials, while experiencing net outflows in banking, non-banking financials, food and beverage, public utilities, and transportation [2][3] - Notable net inflows were observed in battery, optical electronics, photovoltaic equipment, general equipment, components, consumer electronics, and communication devices, whereas net outflows were seen in state-owned large banks, liquor, joint-stock banks, electricity, securities, insurance, passenger vehicles, white goods, and communication services [2][3] Group 3: Major Holdings - The top five holdings in Q3 2025 for the Stock Connect were Ningde Times, Kweichow Moutai, Midea Group, China Merchants Bank, and Northern Huachuang [2][3] - Compared to Q2 2025, new additions to the top 20 holdings included Luxshare Precision, Sungrow Power Supply, Industrial Fulian, Zhongji Xuchuang, and Lanke Technology, while Guodian Nari, OmniVision Technologies, Industrial and Commercial Bank of China, Yili Group, and Agricultural Bank of China exited the top 20 [2][3] Group 4: Individual Stock Performance - In Q3 2025, significant net inflows were recorded for Ningde Times, Sungrow Power Supply, Northern Huachuang, Zhongji Xuchuang, and Luxshare Precision, while notable net outflows were seen for Kweichow Moutai, Changjiang Power, China Merchants Bank, and Agricultural Bank of China [2][3]