市场参与主体资金流向变化研究（三）：2025年上半年新动向

Equity Market Insights - As of Q2 2025, the national team holds a stock market value of approximately CNY 4.10 trillion and an ETF holding of about CNY 1.30 trillion, indicating a stable increase in equity investment scale[20] - Insurance institutions' equity investments account for 5.21% of the total A-share market value, with a notable increase in bank sector holdings since Q4 2024[2] - Public funds have seen a continuous decline in actively managed equity holdings since mid-2021, while passive products, particularly ETFs, have experienced significant growth[2] Bond Market Dynamics - By the end of Q2 2025, commercial banks remain the largest participants in the bond market, with a bond investment value of approximately CNY 93.46 trillion, reflecting a growth of 3.29% from the previous quarter[17] - Insurance institutions' bond investment scale reached about CNY 17.87 trillion, with a notable increase in long-term interest rate bonds[17] - Foreign capital's bond holdings show a preference for government bonds, with a combined holding of 68.62% in government and policy financial bonds as of Q2 2025[5] ETF Investment Trends - The national team significantly increased its holdings in core broad-based ETFs, with the top seven ETFs accounting for approximately 98.35% of their ETF holdings by market value[42] - In H1 2025, the national team notably increased its positions in the CSI 1000 ETF, CSI 500 ETF, and STAR 50 ETF, with growth rates of 34.83%, 23.41%, and 23.33% respectively[42] - The insurance sector's focus on diversified asset allocation led to the CSI A500 ETF surpassing the CSI 300 ETF as the largest ETF by market value and share in H1 2025[2]