从重仓看四类长钱风格（25Q2）：险资持续买入银行，社保增持电力设备、有推荐（维持）色金属等

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [41]. Core Insights - The report highlights a trend of insurance capital increasing its allocation to stocks and bonds, with a total investment balance of 36.23 trillion yuan as of H1 2025, reflecting a year-on-year growth of 17.4% [4]. - Insurance capital has significantly increased its holdings in banking and telecommunications sectors while reducing exposure to oil, petrochemicals, and home appliances [7]. - Social security funds have shown stable growth, with total assets reaching 3.01 trillion yuan by the end of 2023, marking a 4.5% year-on-year increase [10]. - The report indicates that pension funds are diversifying their investments, with a notable increase in holdings in electronics and home appliances while reducing investments in real estate and non-ferrous metals [19][20]. Summary by Sections Insurance Capital - As of H1 2025, insurance capital's stock and fund allocation reached 13.6%, with bonds making up 51.1% of the total investment [4]. - The market value of insurance capital's stock investments reached 3.07 trillion yuan, with heavy investments in high-dividend stocks [6]. - The banking sector accounted for 48% of insurance capital's heavy stock holdings, showing a quarter-on-quarter increase [6][7]. Social Security Funds - The social security fund's heavy stock holdings accounted for 13.5% of total assets, with a focus on traditional manufacturing sectors [10][15]. - The report notes an increase in investments in electric power equipment and non-ferrous metals, while reducing exposure to real estate and construction [15][19]. Pension Funds - The basic pension fund's heavy stock holdings reached approximately 310 billion yuan, representing only 1.7% of the total entrusted investment scale [19]. - The report indicates a diversified investment approach, with significant holdings in basic chemicals, electric power equipment, and automobiles [20][23]. Enterprise Annuities - The enterprise annuity fund has shown rapid growth, with total assets reaching 6.75 trillion yuan by 2024, reflecting a year-on-year increase of 17% [26]. - The report highlights a shift towards environmental and social services sectors, while reducing investments in electronics and electric power equipment [27].