市场“慢牛”！险资二季度买了啥？看好这些板块

Group 1 - Insurance capital is focusing on high-dividend stocks, particularly in the telecommunications, transportation, and manufacturing sectors, with 150 stocks heavily held by insurance funds as of August 20 [1][3] - The current low interest rate environment encourages insurance funds to increase their allocation in high-dividend stocks to secure stable dividends and mitigate the impact of declining bond yields [3][5] - Insurance funds have shown a preference for bank stocks, especially H-shares, with 14 instances of shareholding increases in 7 banks this year, reflecting a "stable first" investment strategy [3][5] Group 2 - The total investment balance of insurance companies exceeded 36 trillion yuan, with a year-on-year growth of 17.4%, indicating a strong appetite for equity investments [5][6] - Regulatory changes have allowed insurance companies to increase their equity investment ratio to a maximum of 50%, providing significant room for future increases in equity allocations [5][6] - Analysts predict an increase of approximately 2 percentage points in the equity allocation ratio for insurance funds this year, potentially bringing in billions in additional capital [6] Group 3 - The telecommunications sector offers significant valuation advantages, with Chinese operators having higher dividend yields and lower valuations compared to global peers, providing a safety margin for long-term holdings [4] - High-dividend sectors such as banking, telecommunications, and public utilities are expected to remain key areas for insurance capital, serving as a "stability anchor" for returns [6]