Group 1 - The article highlights the increasing presence of pension plans among the top holders of ETFs, indicating a shift in investment strategies towards equity assets [1][7] - The report details that on July 22, the Fortune China Securities Hong Kong Stock Connect Technology ETF will be listed with a total of 1.119 billion shares, and pension plans occupy 9 out of the top 11 holders [1][2] - The largest holder is the China Post Group Enterprise Pension Plan, owning 28 million shares, which is 2.5% of the total fund [1][2] Group 2 - Other notable pension plans include Shandong Province (No. 5) and Beijing (No. 1) occupational pension plans, each holding 18 million shares, representing 1.61% of the total [1][2] - The article mentions that pension plans are increasingly investing in ETFs, with 92 pension plans appearing in the top 10 holders of 79 ETFs, holding a total of 5.819 billion shares, a significant increase compared to the first half of 2024 [7] - The total investment scale of occupational pension funds in China reached 3.11 trillion yuan by the end of 2024, indicating the growing importance of these funds in the capital market [7][8] Group 3 - The article notes that regulatory encouragement for long-term capital to enter the market may lead to an increase in equity investment ratios among pension plans, as they seek higher long-term returns [8] - The implementation of long-term performance assessment guidelines for pension fund managers is expected to alleviate short-term performance pressures, allowing for more strategic investment approaches [8]