[Advances and retreats, differentiated allocation of insurance funds to bank stocks] On November 11, new changes occurred in the allocation of insurance funds to bank stocks. According to incomplete statistics from reporters on November 10, since this year, insurance institutions’ investment in banking stocks has been significantly divided: on the one hand, small and medium-sized insurance companies such as Harmony Health Insurance and Fude Life Insurance have sold bank stocks; on the other hand, large insurance companies such as China Life and Ping An Life have bought bank stocks. Generally speaking, small and medium-sized insurance companies mainly sold shares of urban and rural commercial banks, while large insurance companies mainly bought shares of large state-owned banks. According to some industry insiders, for insurance institutions of different sizes, due to the different quality of their own assets and liabilities, the institutions will have large differences in investment strategies and investment rhythms. In the future, insurance capital is still expected to increase its allocation to banks and other dividend-yielding assets, but after bank stocks generally experience rising valuations, insurance capital institutions will be more diligent in choosing investment targets. (Shanghai Securities News)