In the first half of this year, Central Huijin explicitly defined its positioning as a "stabilization fund" for the first time, significantly increasing its holdings in ETFs, which greatly boosted market confidence.
With the disclosure of the semi-annual reports of public funds for 2025 now complete, the details of Central Huijin's ETF holdings have all been released.
As of mid-2025, Huijin (which includes statistics on Huijin investments, asset management, and two major asset management plans) held A-share ETFs totaling 1.29 trillion yuan, accounting for 42% of the total scale of A-share ETFs.
In terms of ETF types, Huijin held 1.28 trillion yuan in broad-based ETFs, an increase of 236.3 billion yuan compared to the end of 2024.
(Source: Dongwu Securities)
In terms of ETF types, Huijin held 4.64 billion yuan in sector ETFs, an increase of 450 million yuan compared to the end of 2024; it held 2.28 billion yuan in thematic ETFs, with a quarter-on-quarter increase of 80 million yuan; and it held one strategy ETF, with a scale of 40.89 million yuan.
In the first half of 2025, Huijin increased its holdings in ETFs such as the CSI 300 Pharmaceuticals and Alcohol, while reducing its holdings in ETFs like CSI Medical, Food and Beverage, and 5G Communication.
(Source: Dongwu Securities)In terms of sub-indices, the holdings of China Securities Finance Corporation (CSF) in the CSI 300, SSE 50, CSI 1000, CSI 500, and ChiNext Index are ranked highest, amounting to 829.9 billion yuan, 137.1 billion yuan, 129.5 billion yuan, 99.5 billion yuan, respectively.
(Source: Dongwu Securities)In terms of holding ratios, the proportion of CSF holdings among investors in the CSI 1000, SSE 180, SSE 50, CSI 300, 180 Financial, and CSI 500 ETFs is all above 50%.
(Source: Dongwu Securities)Regarding the current market, Dongxing Securities believes that this round of market activity is primarily driven by institutional investors. Whether it is the substantial increase in holdings of broad-based ETFs by state-owned financial institutions or the collective buying of technology stocks by institutions, both reflect the underlying trend of economic vitality. A significant influx of institutional capital into the market will not easily engage in speculative trading of small and mid-cap stocks, nor will it solely participate in market sentiment-driven speculation. Rather, the focus is more on allocating capital towards high-quality leading companies from a fundamental perspective. This is also a reason for the recent strong performance of the indices, as large-cap companies represent the market's highest quality core leaders. In the coming period, it is advisable to actively embrace leading companies from a style perspective, prioritizing performance and economic vitality while favoring larger entities over smaller ones.
