Zhong Guo Zheng Quan Bao·2025-08-31 23:20Core Viewpoint - The "national team" funds, represented by Central Huijin and China Chengtong, have actively entered the market through ETFs in the first half of 2025, playing a stabilizing role in the capital market [1][2] Group 1: National Team Funds - Central Huijin Asset Management increased its holdings in 12 ETF products, spending over 210 billion yuan, with a total ETF market value reaching a historical high of 1.28 trillion yuan by the end of Q2 [2][3] - The ETFs include major indices such as the SSE 50 ETF, CSI 300 ETF, and ChiNext ETF, indicating a broad investment strategy [2][3] Group 2: Insurance Funds - Insurance funds held over 270 billion yuan in ETFs by the end of Q2, with China Life Insurance significantly increasing its ETF holdings by over 12 billion shares, ranking first among insurance institutions [4][5] - The largest ETFs held by China Life include those focused on Hong Kong technology and internet sectors, indicating a strategic focus on growth areas [4] Group 3: Foreign Banks - Foreign banks, such as Barclays and UBS, expanded their ETF investments, increasing the number of ETFs held from 133 and 55 to 197 and 138, respectively, with a combined market value exceeding 27 billion yuan [6] - These banks favored ETFs related to Hong Kong consumption, oil and gas, and overseas markets, reflecting a diversified investment approach [6][7]