险资，最新动向！

Core Viewpoint - In the first quarter, insurance funds favored high-dividend stocks such as banks while reducing holdings in certain energy stocks [1][8]. Group 1: Insurance Fund Holdings - As of April 28, insurance funds were present in the top ten shareholders of 378 companies, with a total holding of 25.705 billion shares valued at 278.806 billion yuan [1]. - The focus of insurance fund holdings was on leading stocks in industries such as banking, telecommunications, hardware, non-ferrous metals, and public utilities [1]. Group 2: Reduction in Energy Stocks - Insurance funds reduced their holdings in several energy stocks, including China General Nuclear Power, which saw a decrease of over 90 million shares, with only China Life remaining among its top ten shareholders holding 22.69 million shares [3]. - Other energy stocks such as China Merchants Jinling, Yanzhou Coal Mining, and Yuanxing Energy were also reduced by approximately 49.45 million shares, 46.22 million shares, and 36.34 million shares, respectively [3]. Group 3: Increase in Manufacturing and Mining Stocks - In the first quarter, insurance funds increased their positions in manufacturing and mining stocks, with Qibin Group being the most significantly increased by approximately 34.66 million shares [6]. - Other stocks that saw significant increases included Shenhuo Co., Panjiang Coal, Shangfeng Cement, and Jiahu Energy, each gaining over 10 million shares [6]. Group 4: High Dividend Stocks Preference - Insurance funds continued to favor high-dividend stocks, with significant holdings in banks, operators, insurance, and energy sectors [9]. - Notably, China Life significantly reduced its holdings in China Telecom by approximately 88.64 million shares, and China Ping An reduced its holdings in itself by about 29.74 million shares [9]. Group 5: Market Outlook - As of the end of the first quarter, insurance funds held over 140 billion yuan in bank stocks, making it the most heavily weighted sector for insurance funds [12]. - The report indicates a growing trend in insurance companies actively increasing their stakes in listed companies, particularly in the banking sector, with a total of 12 instances of stake increases this year compared to 2 last year [12].