险资新动向！钟爱银行、通信，大幅增持华菱钢铁

Core Viewpoint - As of the end of Q3 2025, insurance institutions have shown a preference for stable, high-dividend, and low-valuation stocks, particularly in the banking and telecommunications sectors, while also increasing their holdings in machinery, electronic equipment, and non-ferrous metals [1][3][4]. Group 1: Insurance Holdings - By the end of Q3, insurance institutions held nearly 744 stocks, with a focus on banks and telecommunications [1][3]. - The top 10 A-share stocks held by insurance institutions include Agricultural Bank of China, Minsheng Bank, China Unicom, and others, indicating a continued preference for these sectors [3][4]. - Insurance capital emphasizes asset allocation to balance returns and duration, seeking absolute returns with a cautious risk appetite [3][4]. Group 2: Investment Strategy Adjustments - Insurance institutions have adjusted their investment strategies to include sectors like non-ferrous metals, hardware, steel, and software, with specific stocks such as Zijin Mining and Huazhong Steel seeing significant increases in holdings [5][6]. - The focus on these sectors is attributed to their reasonable valuations and high dividend yields, which align with the insurance capital's need for stable growth [5][6]. Group 3: Future Investment Trends - The proportion of equity investments by insurance capital is expected to increase, particularly in sectors supported by policy and favorable market conditions [6]. - Potential sectors for increased investment include public utilities, infrastructure, and low-valuation cyclical leaders, which offer high dividends and stable cash flows [6].