Northbound funds' holding data for 2025 revealed, heavily invested in three major sectors: electrical equipment, electronics, and non-ferrous metals.

On January 9th, the stock holding data for the fourth quarter of 2025 of the Shanghai-Shenzhen Stock Connect was released, and the holding trends of northbound funds for the entire year of 2025 also came to light. The heavy stock data shows that northbound funds still mainly focus on core assets and leading stocks. As of the end of the fourth quarter of 2025, Contemporary Amperex Technology Co. Limited (CATL) was the top heavy stock for northbound funds, followed closely by stocks such as Midea Group, Kweichow Moutai, China Merchants Bank, and Zijin Mining. It is worth noting that the market value of northbound funds' holding in CATL reached 254.343 billion yuan, far exceeding the second-ranked Midea Group at 77.049 billion yuan. Due to the weak performance of the food and beverage sector's stock prices throughout the year, Kweichow Moutai's ranking in the northbound funds' holding portfolio further declined. In terms of industry distribution, according to Wind data as of the end of 2025, the top three sectors heavily invested in by northbound funds among the 31 Shenwan first-level industries were power equipment, electronics, and non-ferrous metals. At the end of 2024, the top three sectors heavily invested in by northbound funds were power equipment, banks, and food and beverages.