智通财经APP获悉，华金证券发布研报称，四季度陆股通持仓继续上升，主板持仓占比小幅上升，周期板块持仓占比上升。整体来看，2025年四季度陆股 通持仓总规模接近2.59万亿元，较上季度环比增加54.06亿元。Q4陆股通持仓规模最大的行业分别是电新(17.78%)、电子(13.91%)、有色金属(7.18%)；持仓 规模上升较多的行业是有色金属、通信、基础化工，下降较多的行业是医药、食品饮料、汽车。中际旭创、中国平安、思源电气等核心资产和成长类大票 外资持仓变动规模较大，TOP5持股集中度有所下降。该行预计，2026年一季度陆股通资金可能继续加仓核心资产、科技和周期等行业。 华金证券主要观点如下： 一、陆股通资金四季度在周期板块持仓占比上升 四季度陆股通持仓继续上升，主板持仓占比小幅上升，周期板块持仓占比上升。首先，整体来看，2025年四季度陆股通持仓总规模接近2.59万亿元，较上 季度环比增加54.06亿元。其次，变化上：板块方面，2025Q4陆股通资金主板持仓占比较2025Q3小幅度上升1.04pcts，创业板下降0.65pcts，科创板下降 0.39pcts；风格方面，2025Q4周期、成长、稳定风格陆股通 ...

Investment Rating - The report indicates a positive investment outlook for the electric new energy and electronics sectors, with significant foreign capital inflow and increased holdings in these industries [2][9][22]. Core Insights - In Q3 2025, the total scale of foreign capital through the Stock Connect reached 2.57 trillion yuan, an increase of 283.13 billion yuan from the previous quarter. The proportion of holdings in the main board significantly decreased by 8.47 percentage points, while the growth sectors saw an increase of 11.80 percentage points [5][9]. - The sectors with the largest foreign holdings were electric new energy (17.93%, +4.88 percentage points), electronics (14.09%, +4.38 percentage points), and pharmaceuticals (7.34%, +0.07 percentage points). Conversely, the food and beverage sector saw a decline of 2.06 percentage points [9][10]. - The report highlights that foreign capital is likely to continue flowing into core assets, technology, cyclical sectors, and large financial institutions in Q4 2025, driven by favorable economic conditions and policy support [22][23]. Summary by Sections 1. Growth Sector Holdings - The proportion of foreign capital in growth sectors increased significantly, with a notable rise in holdings in the entrepreneurial and sci-tech boards [5][6]. 2. Electric New Energy and Electronics - The electric new energy and electronics sectors saw substantial increases in foreign capital holdings, with electric new energy leading at 17.93% and electronics at 14.09% [9][15]. 3. Core Assets and Technology Growth Stocks - Key assets such as Ningde Times and Sunshine Power experienced significant changes in foreign capital holdings, with the top five stocks showing a recovery in holding concentration [17][19]. 4. Future Capital Inflows - The report anticipates continued inflows into core assets and technology sectors, supported by the ongoing Fed rate cut cycle and improving corporate earnings [22][23].

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]