This report examines the holdings of four types of institutional investors—social security funds, QFIIs, insurance capital, and Central Huijin—analyzing their portfolio adjustments over the past two quarters and their differing allocation strategies.

**Key Observations for Q3 2025:** 1. **Defensive Assets:** Crowding levels influenced long-term capital allocations. Insurance funds and Central Huijin increased exposure to undervalued, high-dividend sectors like banking and aviation. 2. **Growth Assets:** Long-term capital showed renewed interest in tech, though strategies diverged. Insurance funds favored electronics (consumer electronics) while reducing positions in communications and media (AI-related). In contrast, social security funds expanded allocations across AI hardware and software.

**Sector-Specific Shifts:** - **Insurance Capital:** Adopted a "barbell strategy," adding banks (defensive) and electronics (growth) while trimming communications and transportation. - Top buys: State-owned banks, copper, consumer electronics, and regional banks. - Top sells: Wind power, gold, and aluminum. - Dividend focus: Insurers’ high-dividend stock holdings rose to 4.2% of FVOCI portfolios in H1 2025, up from 1.7% at end-2023.

- **Central Huijin:** Reallocated within dividend stocks, boosting aviation but cutting shipbuilding and securities.

- **Social Security Funds:** Shifted from anti-fragmentation plays to tech, adding autos, media, and computers. - Top buys: Passenger vehicles, solar, and gaming. - Top sells: Fluorochemicals and auto parts.

- **QFII/RQFII:** Increased banking and renewable energy exposure, reducing metals, healthcare, and electronics.

**Risks:** Potential data discrepancies due to lagged reporting and top-20 holding limitations.

*Note: Allocations are based on disclosed top-10 shareholder data and may not reflect full portfolios.*