Following the completion of A-share 2025 interim report disclosures, the investment activities and latest portfolio adjustments of the "national team" (comprising China Securities Finance Corporation, Central Huijin Investment, China Securities Finance Asset Management, investment platforms under SAFE, and China Securities Finance customized funds) for the second quarter have been revealed.

According to Wind data statistics, as of the end of the first half of the year, 945 listed companies had "national team" entities among their top ten tradable shareholders.

The national team increased holdings in 300 individual stocks, with Baiao Intelligence (300836) showing the largest quarter-over-quarter increase in shareholding ratio at 7.23%. Holdings were reduced in 357 individual stocks, with Kefu Medical (301087) and Daqin Railway (601066) experiencing the highest quarter-over-quarter decreases in shareholding ratios, both declining by 5.91%.

During the second quarter, the national team newly entered the top ten tradable shareholders lists of 134 stocks while exiting from 139 stocks' top ten tradable shareholders lists.

**28 Stocks Show Over 2% Quarter-over-Quarter Increase**

Regarding increased holdings, the national team boosted positions in 300 individual stocks during the second quarter of this year. Among these, 28 stocks showed shareholding ratio increases of over 2% compared to Q1 2025, with 7 stocks increasing by over 3% and 2 stocks by over 4%.

Baiao Intelligence (300836) recorded the highest increase in national team holdings during the second quarter, rising by 7.23% quarter-over-quarter, with the latest holding market value at 191 million yuan.

Yongxing Special Stainless Steel (601033) ranked second in shareholding ratio increase at 4.3%, with the latest holding market value at 252 million yuan.

Five stocks - Nuositech (301333), Zhongchuchuang (688267), Jiangshan Co. (600389), Beiding (300824), and UGREEN (301606) - saw national team holdings increase by over 3% during the second quarter, with increases of 3.80%, 3.45%, 3.44%, 3.16%, and 3.01% respectively. Their latest holding market values were 120 million yuan, 91 million yuan, 583 million yuan, 125 million yuan, and 64 million yuan respectively.

Twenty-one stocks including Three Squirrels (300783), Bank of Communications (601328), China Merchants Energy Shipping (601872), Guyuelongshan (600059), Shiyao Holding-U (688197), China Resources Sanjiu (000999), and Jinjiang Shipping (601083) all experienced national team shareholding ratio increases exceeding 2% during the second quarter.

From the perspective of share quantity increases, 12 listed companies saw national team holdings increase by more than 30 million shares during the second quarter of this year.

China Guodian Corporation (600795) had the largest share quantity increase, with national team holdings rising by 235 million shares quarter-over-quarter, reaching a latest holding market value of 13.581 billion yuan.

China Merchants Energy Shipping (601872) followed closely, with national team holdings increasing by 195 million shares during the second quarter, achieving a latest holding market value of 1.299 billion yuan.

Four stocks - Industrial Securities (601377), Conde (400102), San'an Optoelectronics (600703), and PICC (601319) - all saw national team share increases exceeding 50 million shares, with increases of 90.1055 million, 87.9212 million, 80.0099 million, and 52.1173 million shares respectively.

Six stocks - Inner Mongolia Huadian (600863), Valin Steel (000932), CPI Energy (002128), China Resources Sanjiu (000999), Zhongjin Gold (600489), and Tongwei (600438) - all experienced national team share increases exceeding 30 million shares, with increases of 48.5888 million, 48.0794 million, 37.4448 million, 33.8722 million, 33.4530 million, and 32.8532 million shares respectively.

**Kefu Medical and Daqin Railway Show Highest Quarter-over-Quarter Shareholding Ratio Declines**

Regarding reduced holdings, the national team collectively reduced positions in 357 individual stocks during the second quarter of this year, with 20 stocks experiencing reduction ratios exceeding 2%.

Specifically, the national team achieved the highest reduction ratios for Kefu Medical (301087) and Daqin Railway (601006) during the second quarter, both declining by 5.91% quarter-over-quarter. Kefu Medical was completely liquidated by the national team, while Daqin Railway's latest holding market value stands at 2.452 billion yuan.

Zhongfu Information (300659) and Yantian Port (000088) experienced reduction ratios exceeding 4% during the second quarter, decreasing by 4.74% and 4.46% respectively. Zhongfu Information was liquidated, while Yantian Port's latest holding market value is 177 million yuan.

Seven stocks - Hualan Biological Bacterin (301093), Tianzhen (301356), Golden Emperor (603270), Xingfu Electronics (688545), Dameng Data (688692), Dengkang Oral Care (001328), and Lingxiao Pump (002884) - all experienced reduction ratios exceeding 3% during the second quarter, decreasing by 3.96%, 3.83%, 3.63%, 3.43%, 3.43%, 3.33%, and 3.15% respectively.

Nine stocks including Hailide (002206), Bank of Nanjing (601009), Yingpais (002899), Dingjide (603255), New Cape (300130), Aviation Materials (688563), Changhong Meiling (000521), Intco Medical (688087), and CNOOC (600938) all experienced quarter-over-quarter shareholding ratio decreases exceeding 2% during the second quarter.

**Two Changes Among Top Ten Heavy Holdings**

Overall, compared to the end of the first quarter, based on latest holding market values, the national team's top 10 heavy holdings allocation strategy showed little change during Q2 2025, with reductions in Ping An Insurance (Group) Company Of China, Ltd. (601318) and increases in New China Life Insurance (601336).

Specifically, the top 10 stocks by national team holding market value currently include Bank of China (601988), Agricultural Bank of China (601288), Industrial and Commercial Bank of China (601398), Ping An Insurance (Group) Company Of China, Ltd. (601318), China International Capital Corporation (601995), New China Life Insurance (601336), CSC Financial (601066), China Life Insurance (601628), Shenwan Hongyuan (000166), and Kweichow Moutai (600519).

Among these, only Ping An Insurance (Group) Company Of China, Ltd. and New China Life Insurance experienced shareholding ratio changes, with Ping An Insurance (Group) Company Of China, Ltd.'s shareholding ratio decreasing by 1.88% quarter-over-quarter and New China Life Insurance's shareholding ratio increasing by 0.73%.

From a holding market value perspective, Bank of China, Agricultural Bank of China, and Industrial and Commercial Bank of China continue to occupy the top three positions, with latest holding market values of 110 billion yuan, 123 billion yuan, and 948.114 billion yuan respectively.