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브레이크뉴스 문홍철 기자= 국민연금이 보유한 상장사 지분가치가 올해 코스피 랠리 수혜를 입으며 81조6903억원(63.2%) 증가했다.
IT와 조선업 투자 비중이 확대된 반면, 제약과 2차전지 등 일부 업종은 비중이 낮아졌다.
지분가치 절대 금액 기준으로는 삼성전자와 SK하이닉스, 두산에너빌리티, 한화에어로스페이스 등 대형주들이 부각됐다.
21일 리더스인덱스에 따르면 국내 상장사 중 국민연금이 5% 이상 지분을 보유한 기업을 전수조사(코스피·코스닥·코넥스 포함)한 결과, 2025년 10월 기준 총 262개사로 연초(259개사)보다 3곳 늘었다.
종목 수 변화는 크지 않지만 평균 보유지분율은 7.3%에서 7.5%로 0.2%p 상승했고, 지분가치는 129조1610억원에서 210조8512억원으로 81조6903억원(63.2%) 급증했다. 이는 같은 기간 증시 전체 지분가치 상승률(50.4%)보다 12.8%p 높은 수준이다.
국민연금이 지분을 늘린 기업은 162곳, 줄인 곳은 76곳으로 집계돼 확대 종목이 훨씬 많았다.
국민연금이 보유한 지분가치의 47.1%는 상위 10개 대형 상장사에 집중됐다. 특히, 삼성전자(17.9%→20.2%)와 SK하이닉스(7.4%→10.7%) 두 종목 비중만 30.9%에 달하며 쏠림 현상이 한층 뚜렷해졌다.
업종별 평균 보유지분율은 연초 증권(9.4%)·식음료(9.1%)·유통(8.8%)·조선·기계·설비(8.4%) 순이었으나, 현재는 유통(9.8%)·증권(9.1%)·식음료(8.7%)·조선·기계·설비(8.7%) 순으로 재편됐다.
지분율 상승폭이 가장 큰 업종은 운송(7.4%→8.5%, +1.1%p)이다. HMM(5.1%→6.0%)의 지분 확대 영향이 컸으며, 보유가치는 7951억원에서 1조2500억원으로 57% 증가했다.
현대글로비스(10.0%→9.9%)는 지분율이 다소 낮아졌지만 지분가치는 8884억원에서 1조2109억원으로 36% 증가했다. 반면, CJ대한통운(10.9%→9.9%)은 하락했다.
유통업(8.8%→9.8%)도 평균 지분율이 1%p 이상 상승했다. 현대백화점(10.0%→13.2%)이 업종 내 최대 지분을 기록했다. 호텔신라(4.9%→7.0%)는 지분 5% 이상 명단에 새로 포함됐으며, 지분가치가 2배 가까이 증가했다. 신세계·BGF리테일·롯데쇼핑 등의 보유 비중도 확대됐다.
또한, 공기업(7.7%→8.3%), 석유화학(7.1%→7.7%), 지주(7.7%→8.1%) 업종에서도 지분율이 상승했다.
반면, 철강(7.0%→6.5%)은 평균 지분율 하락이 상대적으로 컸다. 식음료(9.1%→8.7%), 통신(7.9%→7.5%), 생활용품(7.9%→7.5%), 증권(9.4%→9.1%) 등도 지분율이 낮아졌다.
식음료 부문에서는 오뚜기 지분율이 5% 미만(5.8%→4.99%)으로 떨어지며 명단에서 제외됐고, CJ제일제당(12.5%→9.8%), 농심(11.2%→8.9%), 롯데칠성(9.2%→6.6%) 등은 2%p 이상 하락했다. 반면 KT&G(7.1%→8.3%), 삼양식품(8.5%→9.6%)은 확대됐다.
철강업은 지분율이 소폭 감소했지만 전체 지분가치는 4714억원에서 2조4287억원으로 415.2% 급증했다. 현대제철·풍산·SK오션플랜트·성광벤드·동국제강·하이록코리아 6개사 외에 고려아연·TCC스틸·태광·에이치브이엠이 새로 포함됐다.
이들 10개사 중 에이치브이엠(2.1%→5.1%), SK오션플랜트(7.0%→9.6%), 현대제철(7.7%→9.4%), 고려아연(3.9%→5.2%) 등은 지분이 확대됐지만 동국제강(6.1%→5.2%), 성광벤드(6.2%→5.3%), 하이록코리아(7.1%→6.4%)는 감소했다.
단일 기업 기준으로 국민연금의 지분 비중이 가장 크게 늘어난 상위 30곳을 보면 IT전기전자(9곳), 조선·기계·설비(5곳), 서비스(3곳) 업종에 집중됐다.
지분율 상승폭이 가장 두드러진 곳은 엠앤씨솔루션으로, 1.5%에서 8.3%까지 확대되며 국민연금 지분가치가 59억원에서 1406억원으로 2390% 폭증했다. 한국카본(3.8%→10.0%), 대덕전자(7.5%→13.3%), SNT다이내믹스(2.5%→8.2%), 파라다이스(1.5%→6.0%) 등이 그 뒤를 이으며 상위권에 들었다.
지분가치 절대 금액으로는 삼성전자가 단연 1위였다. 국민연금의 삼성전자 지분율은 7.3%에서 7.6%로 소폭 상승했지만, 지분가치는 23조원에서 42조5000억원으로 84.6% 증가했다. 이에 따라 전체 포트폴리오에서 삼성전자가 차지하는 지분가치 비중도 17.9%에서 20.2%로 2.3%p 늘었다.
반도체 양대산맥인 SK하이닉스는 지분율이 7.6%→7.3%로 소폭 하락했음에도 가치는 9조5000억원에서 22조6000억원으로 136% 증가했다. 지분가치 비중은 7.4%에서 10.7%로 3.3%p 올라 삼성전자를 상회했다.
다음으로 LG에너지솔루션(5조9734억원, 15.5%↑), 삼성바이오로직스(5조8527억원, 25.2%↑), 두산에너빌리티(4조1887억원, 407.6%↑)가 상위 5위권에 들었다.
두산에너빌리티는 지분가치가 8252억원에서 4배 이상 뛰며 현대차(3조5302억원, 5.3%↑)를 제치고 5위에 올랐다. 코스피 랠리 속에서도 현대차는 상승폭이 상대적으로 제한돼 순위가 밀려났다.
반대로, 제약과 2차전지 업종 대표주들은 보유 지분가치 비중이 낮아지며 투자 비율이 축소되는 흐름을 보였다.
대표적으로 셀트리온과 삼성SDI는 지분율과 지분가치가 모두 감소했다. 셀트리온은 지분율이 6.8%→6.6%, 지분가치는 2조6264억원으로 5% 줄었고, 삼성SDI는 지분율이 7.4%→6.8%, 지분가치가 1조2135억원으로 3.8% 감소했다.
한편, 국민연금이 최대주주인 기업은 한솔케미칼(13.0%), 신한지주(9.3%), 네이버(9.1%), 하나금융지주(8.9%), KB금융·KT&G·포스코홀딩스(각 8.3%) 등 7곳이다. 이 중 한솔케미칼은 연초 대비 지분율이 3.0%p 상승했고, KT&G는 최대주주가 중소기업은행에서 국민연금으로 변경됐다.
break9874@naver.com
*아래는 위 기사를 '구글 번역'으로 번역한 영문 기사의 [전문]입니다. 구글번역'은 이해도 높이기를 위해 노력하고 있습니다. 영문 번역에 오류가 있을 수 있음을 전제로 합니다.<*The following is [the full text] of the English article translated by 'Google Translate'. 'Google Translate' is working hard to improve understanding. It is assumed that there may be errors in the English translation.>
The National Pension Service's stake value will increase by 82 trillion won this year, with a focus on large listed companies like Samsung Electronics and Hynix.
The value of the National Pension Service's (NPS) stakes in listed companies increased by KRW 81.69 trillion (63.2%), benefiting from this year's KOSPI rally.
While the proportion of investments in the IT and shipbuilding industries increased, the proportion in some sectors, such as pharmaceuticals and secondary batteries, decreased.
Based on absolute value, large-cap stocks such as Samsung Electronics, SK Hynix, Doosan Energy, and Hanwha Aerospace stood out.
According to Leaders Index on the 21st, a comprehensive survey of domestic listed companies (including KOSPI, KOSDAQ, and KONEX) in which the NPS holds a stake of 5% or more totaled 262 companies as of October 2025, an increase of three from the 259 companies at the beginning of the year.
While the change in the number of stocks was minimal, the average stake increased by 0.2 percentage points, from 7.3% to 7.5%, and the value of the stakes surged by 81.69 trillion won (63.2%), from 129.16 trillion won to 210.85 trillion won. This figure is 12.8 percentage points higher than the overall stock market value increase of 50.4% over the same period.
The National Pension Service increased its stakes in 162 companies and reduced them in 76, significantly outpacing the increase in the number of stocks it increased.
47.1% of the value of the National Pension Service's stakes is concentrated in the top 10 large listed companies. In particular, the concentration of stakes in Samsung Electronics (17.9% → 20.2%) and SK Hynix (7.4% → 10.7%) alone reached 30.9%, further accentuating the concentration of holdings.
The average shareholding ratio by industry was initially 9.4% for securities, 9.1% for food and beverage, 8.8% for distribution, and 8.4% for shipbuilding, machinery, and equipment. However, this has now been reorganized to 9.8% for distribution, 9.1% for securities, 8.7% for food and beverage, and 8.7% for shipbuilding, machinery, and equipment.
The industry with the largest shareholding increase was transportation (7.4% to 8.5%, +1.1 percentage points). This increase was largely driven by HMM's stake increase (5.1% to 6.0%), with its value increasing 57% from KRW 795.1 billion to KRW 1.25 trillion.
Hyundai Glovis (10.0% to 9.9%) saw its shareholding ratio decrease slightly, but its value increased 36% from KRW 888.4 billion to KRW 1.2109 trillion. Conversely, CJ Logistics (10.9% to 9.9%) saw a decline.
The retail sector (8.8% → 9.8%) also saw an average share increase of more than 1 percentage point. Hyundai Department Store (10.0% → 13.2%) held the largest share within the sector. Hotel Shilla (4.9% → 7.0%) was newly added to the list of companies with a 5% or more stake, nearly doubling its value. The holdings of Shinsegae, BGF Retail, and Lotte Shopping also increased.
Shareholdings also increased in the public corporation (7.7% → 8.3%), petrochemical (7.1% → 7.7%), and holding companies (7.7% → 8.1%) sectors.
Conversely, the steel sector saw a relatively large decrease in average shareholding (7.0% → 6.5%). Shareholdings also decreased in food and beverage (9.1% → 8.7%), telecommunications (7.9% → 7.5%), household goods (7.9% → 7.5%), and securities (9.4% → 9.1%). In the food and beverage sector, Ottogi's stake fell below 5% (from 5.8% to 4.99%) and was removed from the list. CJ CheilJedang (from 12.5% to 9.8%), Nongshim (from 11.2% to 8.9%), and Lotte Chilsung (from 9.2% to 6.6%) all saw declines of more than 2 percentage points. Conversely, KT&G (from 7.1% to 8.3%) and Samyang Foods (from 8.5% to 9.6%) saw gains.
In the steel industry, while stakes decreased slightly, the total value of shares surged 415.2%, from KRW 471.4 billion to KRW 2.4287 trillion. In addition to the six companies (Hyundai Steel, Poongsan, SK Ocean Plant, Sungkwang Bend, Dongkuk Steel, and Hy-Lok Korea), Korea Zinc, TCC Steel, Taekwang, and HVM were newly added.
Among these 10 companies, HVM (2.1% → 5.1%), SK Ocean Plant (7.0% → 9.6%), Hyundai Steel (7.7% → 9.4%), and Korea Zinc (3.9% → 5.2%) saw their stakes increase, while Dongkuk Steel Mill (6.1% → 5.2%), Sungkwang Bend (6.2% → 5.3%), and Hy-Lok Korea (7.1% → 6.4%) saw their stakes decrease.
The top 30 companies with the largest increases in the National Pension Service's stakes on a single basis were concentrated in the IT/electronics (9 companies), shipbuilding/machinery/equipment (5 companies), and services (3 companies).
The company with the most notable increase in stake was M&C Solutions, which increased from 1.5% to 8.3%, resulting in a 2,390% surge in the value of the National Pension Service's stake, from KRW 5.9 billion to KRW 140.6 billion. Korea Carbon (3.8% → 10.0%), Daedeok Electronics (7.5% → 13.3%), SNT Dynamics (2.5% → 8.2%), and Paradise (1.5% → 6.0%) followed, ranking high.
Samsung Electronics ranked first in absolute value. While the National Pension Service's stake in Samsung Electronics rose slightly from 7.3% to 7.6%, its equity value increased by 84.6%, from KRW 23 trillion to KRW 42.5 trillion. Consequently, Samsung Electronics' share of the overall portfolio also increased by 2.3 percentage points, from 17.9% to 20.2%.
SK Hynix, one of the two leading semiconductor companies, saw its equity value increase by 136%, from KRW 9.5 trillion to KRW 22.6 trillion, despite a slight decrease in its stake from 7.6% to 7.3%. The equity value ratio rose 3.3 percentage points from 7.4% to 10.7%, surpassing Samsung Electronics.
Next, LG Energy Solution (KRW 5.9734 trillion, up 15.5%), Samsung BioLogics (KRW 5.8527 trillion, up 25.2%), and Doosan Energy (KRW 4.1887 trillion, up 407.6%) rounded out the top five.
Doosan Energy's equity value more than quadrupled from KRW 825.2 billion to overtake Hyundai Motor Company (KRW 3.5302 trillion, up 5.3%), taking fifth place. Despite the KOSPI rally, Hyundai Motor Company's gains were relatively limited, pushing it down the rankings.
Conversely, leading stocks in the pharmaceutical and secondary battery sectors showed a downward trend, with their equity value ratios declining and their investment ratios shrinking.
Notably, Celltrion and Samsung SDI saw declines in both their equity ratios and equity value. Celltrion's stake decreased by 5%, from 6.8% to 6.6%, and its equity value decreased by 2.6264 trillion won. Samsung SDI's stake decreased by 3.8%, from 7.4% to 6.8%, and its equity value decreased by 1.2135 trillion won.
Meanwhile, the National Pension Service is the largest shareholder in seven companies: Hansol Chemical (13.0%), Shinhan Financial Group (9.3%), Naver (9.1%), Hana Financial Group (8.9%), and KB Financial Group, KT&G, and POSCO Holdings (each with 8.3%). Of these, Hansol Chemical saw its stake increase by 3.0 percentage points compared to the beginning of the year, while KT&G's largest shareholder changed from the Industrial Bank of Korea to the National Pension Service.
