The latest holdings of the "National Team" (including Central Huijin Investment, Central Huijin Asset Management, and two specialized asset management plans under them) have drawn market attention.

Fund quarterly reports disclose cases where a single investor holds 20% or more of a fund's shares during the reporting period. According to the third-quarter fund reports, the "National Team" largely maintained its positions in broad-based ETFs, with only minor adjustments made to some sector-specific ETFs.

Meanwhile, the strong performance of funds in Q3 led to a significant increase in the scale of ETFs held by the "National Team." Data shows that the ETFs held by the "National Team" saw an average gain of over 20% in Q3, with the total scale increasing by more than 200 billion yuan in a single quarter.

**Unchanged Holdings in Key ETFs** In the first half of the year, the A-share market experienced volatility. Central Huijin Investment and other institutions explicitly positioned themselves as quasi-stabilization funds, significantly increasing their ETF holdings in a "National Team" role, which played a crucial stabilizing role in the A-share market.

By mid-2025, the "National Team" held over 40% of the total A-share ETF market. The latest fund Q3 reports show no adjustments in ETF holdings by Central Huijin Investment and Central Huijin Asset Management, while their specialized asset management plans made minor tweaks.

Specifically, as of June 30, Central Huijin Investment appeared in the top 10 holders of 21 ETFs, with holdings exceeding 20% of the total listed shares in 15 of them. The Q3 reports confirm no changes in these holdings.

Similarly, Central Huijin Asset Management was among the top 10 holders of 15 ETFs, with holdings exceeding 20% in 12. The Q3 reports show no adjustments in these positions.

Notably, the ChinaAMC-Central Huijin Asset Management Single Asset Management Plan redeemed 800,000 units of the Guotai CSI 800 Auto & Parts ETF in July, reducing its Q3 holdings to 61.7069 million units. Its holdings in the ChinaAMC Hang Seng China Enterprises High Dividend Yield ETF dropped from 80.5888 million units at the end of Q2 to zero.

A fund evaluation analyst noted that, unlike Central Huijin Investment and Central Huijin Asset Management, which focus on broad-based ETFs, the two specialized asset management plans primarily invest in sector-specific ETFs and adjust positions more frequently. Their Q3 reductions involved ETFs worth less than 200 million yuan, which should not be interpreted as a shift in the "National Team's" strategy.

As of June 30, the two specialized asset management plans held ETFs worth about 10 billion yuan, significantly smaller than the holdings of Central Huijin Investment and Central Huijin Asset Management. These plans were among the top 10 holders of 18 and 10 ETFs, respectively, including Penghua CSI Segmented Chemical Industry Theme ETF, Huatai-PineBridge CSI Central SOEs High Dividend ETF, ChinaAMC CSI-HK Gold Industry Stock ETF, and Penghua CSI Liquor ETF.

In the first half of the year, the two plans increased holdings in Penghua CSI Liquor ETF, E Fund CSI Overseas Internet ETF, and ChinaAMC CSI Semiconductor Chip ETF, while reducing positions in Fullgoal CSI Tourism Theme ETF and ChinaAMC CSI Segmented Food & Beverage Industry Theme ETF, reflecting their active trading approach.

**Quarterly Scale Surges Over 200 Billion Yuan** In Q3, the equity market rebounded sharply, generating floating profits for the "National Team's" ETF holdings.

Rough estimates show that by the end of Q3, Central Huijin Investment, Central Huijin Asset Management, and their two specialized asset management plans held ETFs worth 1.55 trillion yuan, an increase of over 200 billion yuan from Q2.

Broad-based ETFs held by the "National Team" contributed significantly to these gains. For example, Huatai-PineBridge CSI 300 ETF, held by Central Huijin Investment and Central Huijin Asset Management, generated floating profits exceeding 55 billion yuan, while E Fund CSI 300 ETF and ChinaAMC CSI 300 ETF added over 40 billion and 30 billion yuan, respectively.

Among sector-specific ETFs, ChinaAMC CSI 5G Communication Theme ETF performed the best in Q3, surging over 80%. Other strong performers included Huabao CSI Electronic 50 ETF, ChinaAMC CSI Semiconductor Chip ETF, Tianhong ChiNext ETF, E Fund ChiNext ETF, and GF ChiNext ETF, all gaining over 50% in Q3.

The rally in major A-share indices in Q3 was the primary driver of the "National Team's" floating profits. GF ChiNext ETF manager Liu Jie analyzed that domestic liquidity remained ample, and expectations of Fed rate cuts benefited growth stocks. Policy support, active trading, and capital inflows further boosted the market, leading to a broad-based rally. External uncertainties eased as the second round of U.S.-China trade talks concluded, and the Fed resumed rate cuts in September. Domestically, anti-internal competition policies and rising inflation expectations improved macroeconomic sentiment. Overall, these factors lifted risk appetite, driving a rapid and substantial market uptrend.