市场参与主体资金流向变化研究（三）：2025年中报新变化

Group 1 - The core viewpoint of the report indicates that the funding flow of market participants has changed, with a notable increase in equity investments from long-term institutional investors such as the national team and insurance companies, while passive products, especially ETFs, continue to grow [6][7][11] - As of the end of Q2 2025, the national team held approximately 4.10 trillion yuan in stocks, accounting for about 4.52% of the A-share market value, and had an ETF holding scale of about 1.30 trillion yuan [11][12] - Insurance institutions have increased their allocation to the stock market, with their equity investment structure shifting towards high-dividend stocks and diversified ETFs, holding approximately 5.21% of the total A-share market value as of mid-2025 [18][19][24] Group 2 - In the first half of 2025, the national team increased its holdings in bank stocks and core ETFs such as the CSI 1000, CSI 500, and Sci-Tech 50 ETFs, with significant increases in their market values [12][14][15] - Insurance institutions have significantly increased their allocation to Hong Kong stocks, with their holdings in Hong Kong ETFs growing by 25% compared to the end of 2024, reflecting a strategic shift towards high-dividend and technology sectors [21][25] - Private equity funds have shown flexibility in their operations, reducing exposure to pharmaceutical stocks while increasing investments in technology stocks, indicating a shift in focus towards sectors with higher growth potential [35][39] Group 3 - Foreign capital has maintained a stable share of the A-share market, with a preference for core assets in China's advantageous industries, while also increasing their allocation to US stock ETFs in the first half of 2025 [43][44] - The bond market remains dominated by banks and insurance companies, with commercial banks holding approximately 93.46 trillion yuan in bonds as of the end of Q2 2025, reflecting a growth of about 3.29% from the previous quarter [9][10] - Bank wealth management products have diversified significantly, with total investment assets reaching 32.97 trillion yuan by mid-2025, and a notable increase in their holdings of various ETFs across different asset classes [48][49]