Public offering and social security fund ＂in the same box＂ 98 stocks for two consecutive quarters.

Our reporter Fang Xiaochen Peng Yanyun

The semi-annual report of A-share listed companies in 2025 is being disclosed one after another. As important forces in the capital market, social security funds and Public Offering of Fund attract people’s attention. According to the "Securities Daily" reporter, as of press release on August 21st, 98 stocks were jointly held by the two companies for two consecutive quarters, concentrated in high-growth fields such as medicine, biology and chemical industry. The market value of circulating A shares of the above 98 stocks as of the end of the second quarter increased by 3.64% as a whole compared with the end of the first quarter.

According to the interviewed insiders, although the investment ideas of Social Security Fund and Public Offering of Fund are not exactly the same, they both have a tendency to invest in value. The market value of the stocks in the same box has increased for two consecutive quarters, which fully demonstrates their unique stock picking vision and investment wisdom. For example, in the pharmaceutical and biological industries, the breakthrough of biotechnology and the improvement of the demand for healthy living are becoming the underlying logic for institutions to consistently see more.

28 new heavyweight stocks in the social security portfolio

In recent years, the policy has continued to encourage medium and long-term funds to enter the market and promote the high-quality development of the capital market. Wind information data shows that as of press time on August 21st, among the A-share listed companies that have disclosed the semi-annual report of 2025, there are 129 stocks with social security fund portfolios in the list of the top ten tradable shareholders.

According to the closing price on June 30, the total stock market value of social security funds reached 33.206 billion yuan. Four stocks, including Changshu Bank, Pengding Holdings, Haida Group and Wanhua Chemical, were all held by the social security fund with a market value exceeding 1 billion yuan, which were 2.047 billion yuan, 1.378 billion yuan, 1.232 billion yuan and 1.151 billion yuan respectively. It is worth noting that Changshu Bank is also the stock with the largest number of shares in the social security fund portfolio, reaching 278 million shares.

Judging from the changes in the number of shares held, compared with the end of the first quarter of this year, 28 stocks such as Chunfeng Power, Satellite Chemistry, Soviet Test and Valin Iron and Steel are new heavyweight stocks in the social security fund portfolio. These new heavyweight stocks are distributed in machinery, pharmaceutical biology, chemical industry and other industries. Further from the stock market value, the social security fund portfolio has the highest stock market value of Chunfeng Power, reaching 429 million yuan; Satellite Chemical took the second place with a stock market value of 350 million yuan.

As an important institutional investor in the capital market, as of the end of the second quarter of this year, the market size of Public Offering of Fund has exceeded 34 trillion yuan. Among the A-share listed companies that have disclosed the semi-annual report for 2025, Public Offering of Fund has appeared in the list of the top ten tradable shareholders of 667 stocks. Judging from the stock market value, Contemporary Amperex Technology Co., Limited, Kweichow Moutai and Oriental Fortune rank among the top three in Public Offering of Fund.

Judging from the changes in the number of shares held, compared with the end of the first quarter of this year, 97 stocks, including Haotong Technology, Zhaojin Gold and First Pharmaceutical, are new heavyweight stocks in Public Offering of Fund. These new positions are distributed in chemical industry, hardware equipment, machinery, medicine and biology industries.

According to the situation of social security fund and Public Offering of Fund’s new heavy stocks in the second quarter of this year, chemical industry, pharmaceutical biology and machinery are both favored industries. Specific to individual stocks, two stocks, Zaisheng Technology and Zhongce Rubber, are both located in the social security fund and Public Offering of Fund’s new heavyweight stocks.

98 stocks were continuously held.

The Securities Daily reporter further combed the disclosed data and found that the social security fund and Public Offering of Fund had 98 stocks in the same box for two consecutive quarters. By the end of the second quarter, the market value of circulating A shares of 98 listed companies increased from 2.20 trillion yuan at the end of the first quarter of this year to 2.28 trillion yuan, an increase of 3.64%. In the same period, the cumulative increase of the Shanghai Composite Index (from the end of March to the end of June this year) was 2.78%, which reflected the unique vision of social security fund and Public Offering of Fund in stock selection.

Chen Yuheng, a senior investment consultant of Shaanxi Jufeng Investment Information Co., Ltd., told the Securities Daily reporter: "Although the investment ideas of the social security fund and Public Offering of Fund are not exactly the same, the social security fund insists on value investment, long-term investment and responsible investment, which is less constrained by the cost of capital, and the liquidity demand is relatively low. Public Offering of Fund’s investment strategy is more flexible and diverse, but both of them have a tendency to invest in value, focusing on tapping valuable companies, such as in the pharmaceutical and biological sectors."

In terms of industry distribution, among the 98 stocks held by Social Security Fund and Public Offering of Fund in the first two quarters of this year, the stocks distributed in chemical, pharmaceutical, biological, hardware and equipment industries are among the top. Taking the pharmaceutical bio-sector as an example, the circulating market value of the 12 pharmaceutical bio-sector stocks held by the two companies increased from 201.325 billion yuan at the end of the first quarter to 205.489 billion yuan at the end of the second quarter, an increase of 2.07%.

"The pharmaceutical and biological industry is just needed, and innovative drugs and high-end consumables have broad development prospects. The social security fund and Public Offering of Fund layout this field, which can not only share the industry growth dividend, but also ensure the safety and stability of funds." Sun Heng, director of Morningstar (China) Fund Research Center, said in an interview with a reporter from Securities Daily.

Hao Miao, research director of harvest fund Great Health, believes that from the long-term trend of industrial upgrading, the breakthrough innovation of biotechnology in recent years is driving the pharmaceutical and biological industry to become a high-quality track in the eyes of investors, which is driven by both supply and demand. On the demand side, there is no upper limit for human beings to pursue a healthy life, while natural disease variation continues to pose new challenges; On the supply side, frontier technologies such as molecular biology, AI and genetic engineering have evolved cross-directionally, forming a "basic discovery — Technology transformation — Clinical application "positive cycle.