二季度末险资持有市值环比增长11%，偏爱银行、传媒和医药生物板块

Core Viewpoint - The insurance capital is heavily invested in the banking sector, reflecting a consensus among major funds regarding the attractiveness of this sector [1][3][19]. Group 1: Insurance Capital Holdings - As of the mid-year report, insurance companies have entered the top ten shareholders of 78 listed companies, with a total market value of 985.9 billion [3]. - Excluding significant holdings in China Life and Ping An, insurance companies hold only 68.5 billion in A-shares, primarily concentrated in bank stocks [4]. - The only bank among the top twenty holdings with a market value exceeding 10 billion is Huaxia Bank, while new entries include Hangzhou Bank and Su Nong Bank [4][19]. Group 2: Sector Preferences - Insurance capital favors high-dividend stocks, with 2.4563 trillion held in the banking sector, accounting for 48.7% of total holdings [7]. - Other favored sectors include public utilities and transportation, with holdings of 41.94 billion and 39.09 billion, respectively [8]. - The insurance capital has increased its positions in the pharmaceutical and media sectors, while reducing exposure to real estate [9]. Group 3: Changes in Holdings - The top twenty holdings of insurance capital account for 68.9% of total positions, with a significant focus on high-dividend sectors [9]. - Notable increases in holdings include companies like China Telecom and China Mobile, while reductions were seen in Industrial Bank and Jin Feng Technology [10][19]. - The insurance capital has exited from top shareholders in Hualan Biological and several other companies, indicating a strategy of profit-taking [16]. Group 4: Market Trends - The insurance capital's strategy reflects a conservative risk appetite, focusing on stable sectors while selectively increasing exposure to media and communication [14][19]. - The overall sentiment among various institutional investors, including insurance capital, remains optimistic towards the banking sector, suggesting a continued bullish trend in the A-share market [19].