At the end of last year, Central Huijin's ETF holdings exceeded 1.5 trillion yuan in market value.

Reporter Peng Yansong

With the disclosure of the 2025 annual reports for public mutual funds now completed, the holdings trends of Central Huijin (including Central Huijin Investment Co., Ltd., Central Huijin Asset Management Co., Ltd., and its two specialized asset management plans), a type often referred to as a “quasi-stabilization fund,” have come into view.

According to Wind Information, as of the end of 2025, Central Huijin Investment Co., Ltd. (abbreviated as “Central Huijin Company”), its subsidiary Central Huijin Asset Management Co., Ltd. (abbreviated as “Central Huijin Asset Management”), and their two specialized asset management plans together held more than 380 billion units of ETFs (open-ended exchange-traded index funds). The total market value of their holdings exceeded 1.5 trillion yuan, showing Central Huijin’s firm confidence in A-share core assets and its disciplined approach to long-term allocation.

Looking at holdings overall, as of the end of last year, Central Huijin Company held 21 ETFs, with total units of 197.351 billion and a market value of holdings of 797.322 billion yuan, respectively increasing by 231 million units and adding 129.577 billion yuan in market value compared with the end of the second quarter of last year. Central Huijin Asset Management held 15 funds, with total units of 178.514 billion and a market value of holdings of 728.986 billion yuan, representing a quarter-on-quarter increase of 116.639 billion yuan.

In addition, Central Huijin Asset Management’s “E Fund—Central Huijin Asset Management Co., Ltd.—E Fund—Huijin Asset Management Single Asset Management Plan” and “China Asset Management—Central Huijin Asset Management Co., Ltd.—China Asset Management—Huijin Asset Management Single Asset Management Plan” (abbreviated as the “China Huijin Asset Management Plan”) each held 9 and 17 ETFs, respectively. Among them, the China Huijin Asset Management Plan increased holdings by 412 million units in the fourth quarter of last year, bringing the market value of holdings to 5.970 billion yuan, an increase of 2.560 billion yuan.

Overall, the total market value of holdings in the Central Huijin system has exceeded 1.53 trillion yuan, up by 249.473 billion yuan compared with the end of the second quarter of last year, becoming a core force for stabilizing the capital market.

In terms of specific products, in the fourth quarter of last year, Central Huijin Company made a large-scale increase in holdings of the Tianhong ChiNext ETF, adding 231 million units. The holding ratio, compared with the end of the second quarter of last year, rose to 8.94%. This ETF tracks the ChiNext Index and brings together leading companies in growth tracks such as new energy, pharmaceuticals, and technology. This addition demonstrates the long-term positive view of a “quasi-stabilization fund” toward the direction of innovative growth.

At the same time, Central Huijin Asset Management has significantly increased its holding ratios in multiple ETFs. As of the end of last year, its holding ratios in 12 ETFs including the E Fund Shenzhen 100 ETF had all increased to varying degrees compared with the end of the second quarter of last year. Among them, its holding ratios in 7 broad-market ETFs such as the Huatai-Pine A-shares 300 ETF and the GFCSI 1000 ETF were all above 40%, expressing a firm stance on holding large-cap blue-chip stocks.

The China Huijin Asset Management Plan increased its holdings in five ETFs in the fourth quarter of last year, including the Huaxia CSI 500 ETF, the Jia-shi CSI Software Service ETF, and the Guotai CSI Livestock Breeding ETF, among others—broadly covering areas such as mid- and small-cap growth, technology application, and people’s livelihood consumption.

From the latest holdings data, it is not difficult to see that the Central Huijin system’s holding ratios in mainstream broad-market ETFs such as the CSI 300 ETF, the SSE 50 ETF, and the ChiNext ETF have consistently remained at relatively high levels, and it has continued to add to positions. This allocation approach—“using broad-market ETFs as the core base, and moderately participating in sector themes”—accurately captures structural opportunities arising from economic transformation.

Chen Yuheng, a senior investment adviser at Shaanxi Jufeng Investment Information Co., Ltd., told reporters from the Securities Daily that Central Huijin’s commitment in its holdings effectively dampens short-term market volatility and guides capital to gather around high-quality core assets. Its direction for increasing holdings is also clearly oriented toward areas supported by macro strategies, including technology innovation, high-end manufacturing, and people’s livelihood protection, which will help drive industrial upgrading and high-quality economic development.

Looking ahead, research professionals at Xiangcai Fund, in an interview with reporters from the Securities Daily, said that in the second quarter of 2026, A-shares are expected to continue the pattern of a volatile upward trend, with the overall market showing characteristics of “volatile but stronger,” namely the central level rising while volatility increases. Market style expectations are expected to move toward a more balanced direction, and the speed of sector rotation will accelerate.

(Editor: Xu Nannan)

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