在今年二季度的震荡行情中，作为长线资金的社保基金是如何调仓换股的？根据最新披露的上市公司 2025年半年报，社保基金在116家上市公司的前十大流通股股东名单中现身，通过对这些公司分析发 现，社保基金不仅关注公司质地，优选细分行业龙头股，还关注企业最新的业绩表现。 持股市值超300亿元 梳理已披露的上市公司半年报，截至8月20日，社保基金现身116家上市公司的前十大流通股股东名单。 截至今年二季度末，社保基金持有上述公司的市值合计为308.02亿元。其中，持有常熟银行20.47亿元， 持有鹏鼎控股13.78亿元，持有海大集团、万华化学均超过10亿元。 从社保基金的新进标的看，根据截至8月20日已经披露的上市公司半年报，社保基金二季度新进为前十 大流通股股东的公司有25家。这些公司主要分布在高端制造和医药生物领域。 青睐基本面向好的行业龙头 从社保基金重仓持有的标的可以看出，社保基金在选股时不仅看重企业质地，还关注产业趋势和上市公 司的业绩表现，尤其青睐行业景气度上行、基本面向好的行业龙头股。 以春风动力为例，该公司二季度营业收入为56.05亿元，同比增长25.45%；归母净利润为5.87亿元，同 比增长36.0 ...

Core Viewpoint - The report from Guosen Securities emphasizes the importance of focusing on investment opportunities that are immune to "involution," highlighting three high-barrier sectors: monopolistic industries like public utilities and rare earths, industries with exclusive products and global competitiveness in hard technology, and sectors where AI accelerates the replacement of repetitive tasks [1][2][3]. Group 1: High-Barrier Industries - Monopolistic barrier assets, such as public utilities (electricity, water) and strategic rare resources (like rare earths), effectively avoid intense market competition and provide stable cash flow and pricing power, making them excellent defensive investments [2][11]. - Global competitive assets are characterized by technological innovation and product exclusivity, allowing companies to successfully expand into overseas markets and create unique advantages, primarily found in high-end manufacturing and hard technology sectors [2][11]. - AI-driven efficiency revolution assets are transforming traditional industries by replacing repetitive labor, significantly enhancing productivity and accelerating the "involution" process in certain sectors [3][19]. Group 2: Market Phases of "Involution" - The "involution" market is currently transitioning from the first phase (involution 1.0) to the second phase (involution 2.0), where the focus shifts from broad industry recovery to individual stock selection based on self-discipline and competitive differentiation [4][6]. - The first phase is characterized by supply-side contraction leading to a supply-demand gap, benefiting upstream resource sectors like steel and coal [4][6]. - The second phase sees a focus on high-quality companies that can achieve market share and profitability recovery through strict production discipline, while smaller firms must innovate and create unique competitive advantages [4][6]. Group 3: Long-Term Investment Strategy - The long-term strategy emphasizes investing in industries with natural high barriers to entry, which can provide stable and higher returns compared to short-term "involution" opportunities [11][13]. - Historical data indicates that monopolistic industries, such as public utilities and strategic rare resources, have shown resilience and sustained performance compared to emerging industries that have faced downturns [11][13]. - The report suggests prioritizing sectors with high entry barriers, such as public utilities and strategic resources, which offer stable cash flows and are less affected by economic cycles [11][13].