Focus on high-performing stocks with strong growth prospects as a long-term capital allocation roadmap emerges

As listed companies gradually disclose their 2025 annual reports, the holdings of long-term funds such as social security funds and QFIs are also coming to light. From an institutional investment perspective, there is a strong emphasis on companies’ performance. Companies with improving industry prospects and solid fundamentals are receiving increased long-term investment.

Long-term Funds Appear in the Shareholder Lists of 33 Companies

Choice data shows that among A-share companies that have disclosed their 2025 annual reports as of March 15, 33 companies have long-term funds like social security funds and QFIs among their top ten tradable shareholders.

Several high-growth technology stocks are favored by long-term funds. For example, Shennan Circuit, a leading PCB manufacturer, held 3.8142 million shares by the end of 2025, an increase of 119,800 shares from the third quarter of 2025. It has been found that the GuoFeng Fund Management Co., Ltd. - Social Security Fund 2101 Portfolio has been continuously increasing its holdings of Shennan Circuit over multiple quarters.

Similarly, in the semiconductor equipment sector, Jinhaitong attracted attention. By the end of 2025, Merrill International and Morgan Stanley became new top ten tradable shareholders of Jinhaitong, holding 734,600 and 726,100 shares respectively.

DeMingLi, a leader in storage chips, caught the eye of UBS Group. By the end of 2025, UBS became a new top ten tradable shareholder, holding 1.5813 million shares.

Some industry leaders in new energy and non-ferrous metals also saw long-term fund purchases. By the end of 2025, the National Social Security Fund 502 Portfolio became a new top ten tradable shareholder of Putaoli, holding 13.6693 million shares. Also, by the end of 2025, the National Social Security Fund 114 Portfolio held 164 million shares of Nanshan Aluminum, increasing its holdings by 4.3432 million shares in Q4 2025. Additionally, in Q4 2025, UBS Group, Goldman Sachs, Barclays, and Morgan Stanley collectively bought into Shuhua Sports, all becoming new top ten tradable shareholders.

Intensive Institutional Research

Looking at the operational performance of companies that have seen increased institutional holdings, many have impressive results.

Shennan Circuit’s annual report shows that in 2025, the company achieved revenue of 23.647 billion yuan, up 32.05% year-over-year; net profit attributable to shareholders was 3.276 billion yuan, up 74.47%.

Jinhaitong and DeMingLi performed even better. Jinhaitong’s 2025 revenue was 698 million yuan, up 71.68%; net profit attributable to shareholders was 177 million yuan, up 124.93%. DeMingLi’s 2025 revenue reached 10.789 billion yuan, up 126.07%; net profit attributable to shareholders was 688 million yuan, up 96.35%.

Recent institutional activity shows that long-term funds have been intensively researching and adding positions in these companies.

On March 12, well-known institutions such as Point72, Morgan Stanley, UBS, E Fund, and Gao Yi Asset Management conducted research on Shennan Circuit. According to the research notes, the main questions from institutions focused on “PCB factory capacity building,” “reasons for changes in PCB business revenue and gross margin in 2025,” and other related issues.

Regarding performance, Shennan Circuit stated that benefiting from the accelerated demand in data center AI servers and related products, PCB orders significantly increased in 2025. Demand for high-speed switches and optical modules grew notably, and the proportion of wired communication-related products continued to rise. Additionally, the company is seizing growth opportunities in advanced driver-assistance systems and the three-electric systems of new energy vehicles, leading to rapid growth in automotive electronics revenue.