定价权在谁手（3）：有形的手

Group 1 - The report highlights that during the recent bull market, individual investors did not significantly increase their net purchases of ETFs, while institutional funds, particularly represented by Central Huijin, showed multiple instances of substantial accumulation [12][18][19] - Central Huijin's role has shifted post-September 24, 2025, where it is expected to act more as a stabilizing force during market downturns rather than consistently buying into ETFs [18][19] - The report emphasizes that "patient capital," particularly insurance funds, will play a crucial role in 2026, with a focus on their ability to provide support to the A-share market [19][20] Group 2 - The report estimates that the incremental capital from insurance funds in 2026 could reach approximately 731 billion, based on two main factors: premium income and reinvestment of maturing assets [33][35] - Insurance funds are expected to maintain a preference for high-dividend stocks, particularly in the banking sector, indicating a "barbell" investment strategy that will support the A-share market primarily at the index level [34][35] - The report discusses the constraints faced by insurance funds, particularly regarding solvency ratios, which have declined, impacting their ability to enter the market despite regulatory adjustments to risk factors [27][29][32]