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Julie Zhang

China’s social security sovereign fund cast a vote of confidence in the onshore stock market by increasing stakes in A-share companies in the first seven months of this year, financial data showed.
“[The fund] is investing in China’s tech sector to capture its faster growth rate,” said Gary Ng, senior economist for Asia Pacific at Natixis Corporate and Investment Bank. “It should be positive for those who are chosen by long-term capital.”
The buying came as the CSI 300 Index, which tracks the 300 largest and most liquid stocks listed on the Shanghai and Shenzhen exchanges, slipped 0.98 per cent on Monday, bringing its year-to-date decline to 3.7 per cent. Global sell-offs in artificial intelligence stocks have spilled over into A shares.
China’s National Social Security Fund concentrated its holdings in semiconductors, electronics and components, which accounted for 58.96 per cent of its total portfolio value, the data showed.
The fund backs the country’s social welfare system – including pension, medical and unemployment insurance. Its pension fund managed a total of 3.5 trillion yuan (US$518.4 billion) in assets in 2025, according to its report released on Saturday.
It also invested heavily in new energy power generation and non-ferrous metal products, with holdings valued at 229 million yuan and 288 million yuan respectively, according to the financial data provider Wind.
The fund holds its largest stake in chipmaker Espressif Systems, followed by moulded-fibre packaging manufacturer Zhongxin Group.

It also holds sizeable stakes in smart-home and IoT cloud platform operator EZVIZ, battery-grade materials producer Chengtun Mining and magnetic and electronic component maker Sunlord Electronics.
Among the firms, Chengtun Mining posted its largest ever first-half profit, with net income attributable to shareholders surging around 71 per cent year on year, driven by higher prices for its copper, cobalt and nickel products.
“The National Social Security Fund operates both as an institutional investor carrying out state policy and as a market-driven fund, so its direct stock holdings reflect a mix of national policy priorities and investment returns,” said Shen Meng, a director at Beijing-based investment firm Chanson & Co.
Separately, China’s national pension fund managers had delivered a 5.76 per cent investment return on locally managed pension assets in 2025, according to the official annual report. The fund pays out monthly pensions to Chinese citizens who have reached the retirement age, which currently sits at 63 for men and 58 for white-collar women.
The report showed that local pension funds – which manage the contributions that workers and employers pay into the state-run system – generated investment income of 142.07 billion yuan, pushing total assets under the basic pension insurance scheme to 3.52 trillion yuan at the end of 2025.
Since it began managing local pension assets in 2016, the fund has generated cumulative investment income of 554.43 billion yuan, at an average annual return of 5.14 per cent.
The National Social Security Fund supports the country’s pension system by serving as a reserve that Beijing can draw on to help fill any payout shortfall as the population ages and the ratio of workers to retirees shrinks.
China’s population aged 60 and above reached 323.38 million by the end of 2025, accounting for 23 per cent of the total, according to state media reports. Nationwide, 53.538 million elderly residents were receiving a senior citizen allowance or subsidy.


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National Social Security Fund increases onshore stock stakes, targeting tech as state pension returns hit 5.76 per cent


National Social Security Fund increases onshore stock stakes, targeting tech as state pension returns hit 5.76 per cent.


China’s social security fund boosts stakes in A-share firms in first 7 months, data shows

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}National Social Security Fund increases onshore stock stakes, targeting tech as state pension returns hit 5.76 per cent

National Social Security Fund increases onshore stock stakes, targeting tech as state pension returns hit 5.76 per cent