Core Insights - The "national team" funds, represented by Central Huijin and China Chengtong, have actively entered the market through ETFs to stabilize the capital market, with a total investment exceeding 210 billion yuan in the first half of the year [1][2][4] Group 1: National Team Funds - Central Huijin Asset Management increased its holdings in 12 ETFs, including major products like the SSE 50 ETF and CSI 300 ETF, with a total expenditure of over 210 billion yuan [2][3] - By the end of Q2, Central Huijin's total ETF holdings reached a historical high of 1.28 trillion yuan, with significant unrealized gains in several ETFs, some of which have risen over 35% this year [2][3] Group 2: China Chengtong Holdings - China Chengtong's subsidiary, Beijing Chengtong Jinkong Investment, significantly increased its ETF holdings from 1.012 billion yuan at the end of 2024 to 7.886 billion yuan by mid-2025 [3] - The company reduced its holdings in certain ETFs while becoming a top ten holder in several others, indicating a strategic shift in its investment focus [3] Group 3: Insurance Funds - Insurance funds held over 270 billion yuan in ETFs by the end of Q2, with China Life Insurance significantly increasing its ETF holdings by over 12 billion units, ranking first among insurance institutions [4][5] - Major ETFs held by China Life include those focused on Hong Kong technology, internet, and military sectors, reflecting a trend towards growth sectors [4] Group 4: Foreign Banks - Foreign banks, such as Barclays and UBS, expanded their ETF investments, increasing their holdings from 133 and 55 ETFs at the end of 2024 to 197 and 138 by Q2 2025, respectively [6] - These banks favored ETFs related to Hong Kong consumption, oil and gas, and overseas markets, with significant investments in the Nasdaq 100 ETF and other high-dividend themes [6][7]