With the release of the third quarter reports of listed companies, the dynamic of insurance fund holdings in the third quarter has also been revealed. According to Wind data, as of now, insurance funds have increased their holdings in 68 stocks and decreased their holdings in 73 stocks in the third quarter. The stocks with increased holdings are mainly distributed in industries such as computers and mechanical equipment, while the stocks with decreased holdings are mainly in the pharmaceutical and electronics industries. In addition, the industries with significantly increased holdings by insurance funds are the food and beverage, communication, and transportation industries, while the industries with significantly decreased holdings are the coal and steel industries. Among them, the stock with the highest increase in holdings is Wanda Information, belonging to the computer industry, and the stock with the highest decrease in holdings is Baiyang Pharmaceuticals. The stocks with the highest increase in holdings in terms of holdings market value are Guizhou Maotai (600519.SH) and China Telecom (601728.SH), while the stocks with the highest decrease in holdings market value are Yankuang Energy (600188.SH) and Zhongxin Special Steel (000708.SZ). Zhao Ling, a senior investment consultant at Jufeng Investment Advisory, told Caixin reporters that insurance funds have overall reduced their holdings in high dividend stocks, which have performed strongly this year, and increased their holdings in some high-quality stocks that have underperformed the market this year. Insurance funds switch positions based on the high and low levels of individual stocks to achieve a return from the mean reversion of individual stocks. Baiyang Pharmaceuticals, Yankuang Energy, and Zhongxin Special Steel were significantly reduced in holdings Caixin reporters noted that Baiyang Pharmaceuticals (301015.SZ), Yankuang Energy, and Zhongxin Special Steel were significantly reduced in holdings by insurance funds in the third quarter. Specifically, Baiyang Pharmaceuticals' 2024 mid-year report showed that Taikang Life Insurance Limited - Traditional - General Insurance Products, Taikang Life Insurance Limited - Universal - Personal Universal Products, and Taikang Life Insurance Limited - Dividend - Personal Dividend were newly listed as one of the top ten circulating shareholders of the stock, with holdings of 3.4983 million shares, 3.2861 million shares, and 3.0044 million shares respectively. As of the end of the third quarter of 2024, the specific holdings of the above-mentioned insurance funds in Baiyang Pharmaceuticals were not detailed, but the overall holdings decreased by 9,283,839 shares. Regarding Yankuang Energy, in the third quarter of 2024, insurance funds completely exited the top ten circulating shareholders of Yankuang Energy, reducing their holdings from 39.9205 million shares to 0 shares, and the holding percentage from 0.88% to 0%. Industry insiders believe that the withdrawal of insurance funds may reflect market concern about the short-term performance decline of Yankuang Energy and a cautious attitude towards the overall prospects of the coal industry. Although the coal industry remains in a tight balance in the medium to long term, market willingness to hold Yankuang Energy in the short term is low. As for Zhongxin Special Steel, in the third quarter of 2024, China Life and New China Insurance both reduced their holdings in Zhongxin Special Steel, with decreases in market value, percentage of shares held, and number of shares held. China Life's reduction was relatively large, with a decrease in market value of 107.4425 million yuan, a decrease in the percentage of shares held by 0.16%, and a decrease in the number of shares held by 8.0023 million. New China Insurance's reduction was relatively small, with a decrease in market value of 32.5297 million yuan, a decrease i... Continue Reading: https://www.dailymax.com/dailymax?lang=en"At the end of the second quarter, the valuation percentile of Yankuang Energy in the past ten years was 80.99%, while that of Guizhou Maotai was 7.19%," Zhao Ling said.This article is reprinted from "Caixin Media", GMTEight Editor: Chen Xiaoyi.