险资一季度调仓路径曝光：加仓高股息资产

Group 1 - The core viewpoint of the articles indicates that insurance capital is increasingly favoring high-dividend assets, particularly in the banking sector, as they seek stable long-term returns [1][2][3] - As of the end of Q1 2025, insurance capital appeared in the top ten shareholders of 735 stocks, holding a total of 607.98 billion shares valued at 580.88 billion yuan [1] - The banking sector is the most favored by insurance capital, with an increase of 188 million shares in Q1 2025, bringing the total holdings to 27.82 billion shares valued at 265.78 billion yuan [1] Group 2 - Insurance capital has made 13 significant share acquisitions in 2025, with 6 of these involving bank stocks, indicating a strong preference for this sector [2] - The preference for bank stocks is attributed to the stable dividend cash flow they provide, which helps offset declining interest income [2] - In addition to banking stocks, insurance capital has also increased holdings in transportation, real estate, telecommunications, and public utilities, with notable investments in China Unicom, Beijing-Shanghai High-Speed Railway, and Gemdale Corporation [2][3] Group 3 - In Q1 2025, insurance capital increased its investment in the transportation sector, with significant movements in shares of Beijing-Shanghai High-Speed Railway and other companies [3] - Insurance capital has become a top ten shareholder in nearly 180 stocks, with substantial holdings in companies like China CITIC Bank, China State Construction, Weichai Power, and Suzhou Bank [3] - The trend towards high-dividend assets is expected to continue, as insurance capital prioritizes stability and safety in investment returns amid low interest rates and asset scarcity [3]