市场参与主体资金流向变化研究（二）

Group 1: Equity Market Trends - As of Q1 2025, the National Team holds approximately CNY 3.89 trillion in stocks, with ETF holdings reaching about CNY 1.06 trillion by the end of 2024, reflecting a significant increase in ETF allocation[19] - Insurance funds' equity investments accounted for 4.77% of the total A-share market capitalization by the end of 2024, indicating a growing trend in long-term investments[4] - Foreign capital's A-share holdings have remained stable since the beginning of 2025, following a notable increase in September 2024, driven by global capital reassessing Chinese assets[4] Group 2: Bond Market Dynamics - Commercial banks remain the largest participants in the bond market, with bond holdings valued at approximately CNY 90.48 trillion as of Q1 2025, reflecting a 2.48% increase from the end of 2024[15] - Insurance institutions have also increased their bond investments, with total bond investment reaching about CNY 15.9 trillion by the end of Q4 2024[15] - Foreign investment in domestic bonds has shown a structural return trend since the beginning of 2025, influenced by changes in U.S. Federal Reserve policies[4] Group 3: Investment Preferences of Major Players - The National Team's investment strategy has shifted towards core broad-based ETFs, with the top seven ETFs accounting for 98.45% of their holdings by the end of 2024[30] - Social security funds have a strong preference for large-cap, high-dividend blue-chip companies, with a weighted average market value of CNY 994.54 billion and an average dividend yield of 4.6% as of Q1 2025[55] - The investment style of social security funds is characterized by a focus on stable, high-dividend stocks, often increasing holdings during market downturns[55]