[Understand Northbound Funds in One Picture: The total market value of positions shrank by 550 billion yuan in the third quarter The value of stock holdings in the banking and pharmaceutical sectors has increased significantly] October 15th, as of the end of the third quarter of 2026, the total market value of northbound capital positions was close to 2.58 trillion yuan, a decrease of nearly 550 billion yuan from the end of the second quarter, and basically falling back to the level at the end of the first quarter; the number of individual stocks held reached 3,531, a slight increase of 21 from the previous period, and the overall number of targets changed little. From an industry perspective, the new value of northward holdings in the banking, pharmaceutical and biotech, non-bank finance, and transportation sectors all exceeded 10 billion yuan, while the electronics and power equipment sectors both decreased by more than 200 billion yuan, and the communications, mechanical equipment and other sectors also experienced significant declines. It is worth noting that the list of industries with heavy holdings of northbound funds has also undergone significant changes. The banking sector’s shareholding value ranking jumped from sixth place in the second quarter to the current third place, while the communications sector fell from third place in the second quarter to seventh place. In terms of individual stocks, excluding factors affecting stock prices, Zijin Mining, China Merchants Bank, WuXi AppTec, Ping An, Midea Group, Ping An Bank, Industrial and Commercial Bank of China, etc. were among the top net buyers of northbound funds, while CATL, E-Sheng, Northern Huachuang, Zhongji InnoLight, Sungrow Power, and Weichai Power received net sales of more than 10 billion. Among them, although CATL's Northbound shareholding dropped by 10% in the third quarter, and the value of its shareholdings also decreased by nearly 118.3 billion yuan, it is still the largest holding in Northbound, with a shareholding value of nearly 233 billion yuan, which is about three times that of the second-placed Midea Group (76.6 billion yuan).