The shopping list is revealed!
The market experienced a sharp correction today, with previously strong AI hardware facing aggressive selling pressure, leading to a significant increase in the number of stocks in the CPO, PCB, and liquid cooling concepts hitting their daily limit down. As we approach the 3900-point mark, market volatility is expected to increase.
Coincidentally, the details for the first half of the year regarding the central Huijin's ETF holdings, which are positioned similarly to a "stabilization fund," have been released. Today, let's review the operational details of the national team for the first half of the year!
As of the first half of 2025, the national team (including Central Huijin Investment, Central Huijin Assets, and two major asset management plans) holds A-share ETFs totaling 1.29 trillion yuan, accounting for 42% of the total scale of A-share ETFs, effectively controlling nearly half of the market.
Looking at the types of ETFs, the national team holds 1.28 trillion yuan in broad-based ETFs, an increase of 236.3 billion yuan from the end of 2024. They hold 4.64 billion yuan in industry ETFs, an increase of 450 million yuan from the end of 2024; they hold 2.28 billion yuan in theme ETFs, a quarter-on-quarter increase of 80 million yuan; and they hold one strategy ETF valued at 40.89 million yuan.
As of June 30, 2025, Central Huijin Investment continues to appear among the top ten holders of 21 ETFs, with both the types and shares of holdings remaining unchanged, holding a total of 197.12 billion shares and a total holding scale of 667.745 billion yuan, an increase of 6.048 billion yuan compared to the end of last year.
(The content of this article is a compilation of objective data and does not constitute any investment advice.)
The top five weighted holdings of Central Huijin Investment are respectively Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, Huaxia CSI 300 ETF, Huaxia SSE 50 ETF, and Harvest CSI 300 ETF.
In the first half of the year, Central Huijin Asset appeared as one of the top ten holders in 15 ETFs, significantly increasing its holdings in 12 ETFs, with the total market value of holdings rising to 612.348 billion yuan, nearly equivalent to that of Central Huijin Investment.
Specifically, in the first half of the year, Central Huijin Asset significantly increased its holdings of Huatai-PB CSI 300 ETF by 11.237 billion shares, while E Fund CSI 300 ETF, Huaxia CSI 300 ETF, and Huaxia SSE 50 ETF were all increased by more than 8 billion shares. Additionally, broad-based ETFs with a growth orientation, such as Southern CSI 500 ETF, Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, E Fund STAR Market 50 ETF, and E Fund ChiNext ETF, also saw increased positions from Central Huijin Asset.
In addition to the two major leading forces of the national team, the changes in the two asset management plans of E Fund and Huaxia in the first half of the year are also noteworthy.
As of June 30, 2025, the E Fund - Central Huijin Asset Management Co., Ltd. - E Fund - Huijin Asset Management Single Asset Management Plan appeared among the top ten holders of 10 ETFs, with a market value of holdings at 6.421 billion yuan, holding a total of 4.6 billion shares of ETFs.
The top five heavily weighted ETFs in E Fund Huijin Asset Management are E Fund China Concept Internet ETF, Southern CSI 500 ETF, E Fund CSI 300 ETF, Guangfa China Concept Internet ETF, and E Fund Shenzhen 100 ETF.
From the rebalancing dynamics, E Fund Management has newly become the fourth largest holder of the China National Chemical Corporation ETF in the first half of the year, holding 300 million shares; it significantly increased its holdings in the E Fund Healthcare ETF by 536 million shares, and raised its positions in the E Fund China Concept Internet ETF, Penghua Wine ETF, and Southern Nonferrous Metals ETF; it reduced its holdings in the GF China Concept Internet ETF, Southern CSI 500 ETF, HuShen 300 ETF of E Fund, and Huaxia 5G Communication ETF.
As of June 30, 2025, the Huaxia Fund - Central Huijin Asset Management Co., Ltd. - Huaxia Fund - Huijin Asset Management Single Asset Management Plan appeared among the top ten holders of 18 ETFs, with a closing market value of 3.406 billion yuan, holding a total of 3.296 billion ETF shares.
The top five ETFs heavily invested by Huaxia Huijin Asset Management are the CSI 500 ETF Huaxia, Huaxia Chip ETF, E Fund Healthcare ETF, Southern Nonferrous Metals ETF, and China National Chemical Corporation ETF.
From the rebalancing dynamics, Huaxia Huijin Asset Management increased its holdings in 5 ETFs and reduced its holdings in 7 ETFs in the first half of the year:
Among them, it increased its holdings in the CSI 500 ETF Huaxia, Chip ETF, Gold Stocks ETF, Hang Seng Dividend ETF, and Central Enterprises Dividend ETF; it reduced its holdings in Nonferrous Metals ETF, Food and Beverage ETF, Automotive ETF, Healthcare ETF, Steel ETF, Fuguo Tourism ETF, and Electronics ETF; the holdings in Healthcare ETF, Military Industry ETF, Chemical ETF, Aquaculture ETF, Software ETF, and Huaxia Tourism ETF remained unchanged.
In addition, Guoxin Investment Co., Ltd. appeared among the top ten holders of 8 ETFs in the first half of the year, all related to Central Enterprises Dividends, specifically the Invesco Great Wall Hong Kong Stock Central Enterprises Dividend 50 ETF, Bosera Central Enterprises Innovation-Driven ETF, Southern Central Enterprises Technology ETF, Hong Kong Stock Connect Central Enterprises Dividend ETF Southern, GF Central Enterprises Dividend 50 ETF, E Fund Central Enterprises Technology 50 ETF, Harvest Central Enterprises Energy ETF, and ICBC Credit Suisse Energy ETF.
Chengtong Holdings appeared among the top ten holders of 5 ETFs in the first half of the year, similarly primarily related to Central Enterprises Dividends, namely the Yinhua Daily ETF, Central Enterprises ESG ETF, A500 ETF Rongtong, Central Enterprises Dividend 50 ETF, and Central Enterprises Science and Technology Innovation ETF.
Chengtong Jin控 appeared as one of the top ten holders in 22 ETFs in the first half of the year, including broad-based, sector, and thematic ETFs, such as the CSI 300 ETF, Hong Kong Stock Connect Internet ETF, Hong Kong Innovative Drug ETF, CSI A500 ETF, CSI 1000 ETF, and the STAR 100 ETF, as well as gold and STAR chip ETFs.
The Chinese ETF market has now entered a new era of 5 trillion yuan, having surpassed the 4 trillion yuan mark just four months after it was first crossed in April this year. In July, it even overtook Japan to become the largest ETF market in Asia.
The rapid growth of China's ETF market is largely attributable to the strong support from the state-owned enterprises. In early April, amidst the tumult in the A-share market, the Central Huijin Investment Company clearly identified itself as the 'national team' in the capital market, playing a role akin to a 'stabilization fund.'
From April 7 to 8, several central enterprises, including Central Huijin, China Chengtong, and China Reform Holdings, announced that they have recently increased their holdings in ETFs to firmly uphold the stable operation of the capital market. The central bank also announced simultaneous ample funding support to Central Huijin, allowing the market to recover from volatility and rise steadily to a ten-year high.
In addition to vigorously developing index funds, promoting the long-term capital role of insurance funds is also a key agenda. Following the Honghu Fund, another insurance asset management private fund has recently completed registration.
On August 29, Hengyi Chiying (Shenzhen) Private Fund Management Co., Ltd. officially completed its registration with the Asset Management Association of China.
It is reported that Hengyi Chiying will act as the fund manager to issue a contract-type private securities investment fund specifically to Ping An Life, with an initial fund size of 30 billion yuan.
In the future, there will be opportunities for the ETF evolution to continue updating everyone on the latest developments of insurance funds in the A-share market!
