Fund quarterly report confirms "national team" portfolio adjustment, core broad-based shares decline.

Recently, several broad-based ETFs in the A-share market have witnessed record trading volumes and a decrease in total shares, triggering speculation about "national team" rebalancing. The latest disclosure of public funds' fourth quarter report for 2025 confirms this speculation. The data from the latest public funds' fourth quarter report for 2025 shows that several "super giant" products represented by Huatai Bairui CSI 300 ETF and Huaxia SSE 50 ETF have total shares lower than the holdings of the "national team" main force Central Huijin at the end of 2025. This phenomenon clearly indicates that since the beginning of 2026, Central Huijin has significantly reduced holdings of some broad-based ETFs. Taking the largest ETF in terms of current assets under management, Huatai Bairui CSI 300 ETF, as an example, the fourth quarter report for 2025 shows that as of the end of 2025, Institution 1 and Institution 2 hold 37.858 billion and 35.655 billion shares respectively, accounting for 42.62% and 40.14% of the fund shares. Comparing the holder list from the mid-year report of 2025 reveals that Institution 1 is Central Huijin Asset Management Co., Ltd., and Institution 2 is Central Huijin Investment Co., Ltd.