Core Viewpoint - Insurance capital is focusing on high dividend and technology growth sectors, with a total of 7,677 research activities conducted on A-share listed companies as of May 21 this year, indicating a strategic shift towards stable cash flow and growth potential [1][2]. Group 1: Research Activities - A total of 180 insurance institutions conducted 7,677 research activities on 1,292 A-share listed companies, showing a decrease in frequency compared to the same period last year [2]. - Among insurance asset management institutions, Taikang Asset Management and Huatai Asset Management led with 428 and 317 research activities, respectively [2]. - Pension insurance companies were the most active in research, with the top five being Ping An Pension Insurance, Changjiang Pension Insurance, China Life Pension Insurance, Taiping Pension Insurance, and China People's Pension Insurance [2]. Group 2: Reasons for Decrease in Research Frequency - The decline in research frequency is attributed to three main factors: focus on high dividend stocks in a low-interest environment, more precise investment strategies due to regulatory clarity, and established market consensus on certain technology growth sectors [3]. - Despite the decrease in research frequency, the allocation of stocks by insurance companies has increased, with the proportion of funds allocated to stocks rising to 7.56% for property insurance companies and 8.43% for life insurance companies, up by 1.2 and 1.65 percentage points year-on-year, respectively [3]. Group 3: Investment Focus - The primary focus of insurance capital research includes high dividend sectors and technology growth sectors, such as electronic components, industrial machinery, electrical components and equipment, integrated circuits, medical equipment, and regional banks [4]. - Over 500 of the researched companies are listed on the Sci-Tech Innovation Board or the Growth Enterprise Market, accounting for nearly 40% of the total [4]. - The core characteristics of the sectors being focused on are the stable cash flow from high dividend assets and the growth potential of high-tech assets, which are supported by government policies [4]. Group 4: Future Outlook - Insurance capital is expected to continue optimizing a "barbell" asset allocation strategy, balancing high dividend assets for stable returns with investments in technology innovation, green low-carbon initiatives, and health care sectors [5]. - The use of innovative tools such as long-term equity investments and REITs will be emphasized to enhance portfolio structure while strengthening ESG risk management [5]. - The industry is encouraged to maintain a long-term investment philosophy and actively seek sustainable investment opportunities [5].

Core Viewpoint - The market showed mixed performance with the three major indices fluctuating, while PEEK material concept stocks continued to strengthen significantly [1] Market Overview - The market experienced narrow fluctuations in the morning session, with the three major indices showing mixed results. The total trading volume in the Shanghai and Shenzhen markets reached 645.7 billion, a decrease of 70.1 billion compared to the previous trading day [1] - Over 3,700 stocks in the market rose, indicating a general upward trend among individual stocks [1] Sector Performance - PEEK material concept stocks surged again, with Xinhan New Materials hitting the daily limit of a 20% increase [1] - Chemical stocks showed strong fluctuations, with multiple stocks such as Suqian Liansheng also reaching the daily limit [1] - Robotics concept stocks rebounded, with Fangzheng Electric Machine hitting the daily limit [1] - On the downside, electric power stocks collectively adjusted, with Leshan Electric Power hitting the daily limit down [1] Index Performance - By the end of the session, the Shanghai Composite Index fell by 0.03%, while the Shenzhen Component Index rose by 0.09%, and the ChiNext Index increased by 0.05% [1]