According to the Zhitong Finance APP, Minsheng Securities has released a research report stating that since the beginning of the year, the policy has been positively oriented. Following the State Council Information Office meeting, policies such as reserve requirement ratio cuts and interest rate reductions are gradually being implemented, which is expected to boost market sentiment and promote continuous valuation recovery. Insurance funds' "long money" continues to enter the market, and the equity investment side is expected to fully benefit from the long-term value growth of quality listed companies. On the brokerage side, trading activity has increased, and the efforts to stabilize the market have strengthened, promoting the smooth operation of the capital market, with the trend of brokerage performance recovery expected to continue. In terms of insurance, it is recommended to focus on China Pacific Insurance (601601.SH), New China Life Insurance (601336.SH), Ping An Insurance (601318.SH), China Life Insurance (601628.SH), and China Property & Casualty Insurance. In terms of securities, it is recommended to pay attention to leading brokerages such as China Galaxy (601881.SH), CITIC Securities (600030.SH), and Huatai Securities (601688.SH), while also focusing on financial institutions such as ZhongAn Online, Hong Kong Stock Exchange, and LianLian Digital. The main views of Minsheng Securities are as follows: Leading insurance funds are establishing private equity funds to explore new forms of equity investment and secondary market stock investment. On June 3, China Pacific Insurance officially established the Taibao Zhanxin M&A Fund and a private securities investment fund, focusing on strategic emerging industries and private securities investment, with a total scale reaching 50 billion yuan. Recently, in the context of promoting the entry of medium- and long-term funds into the market and the pilot program for long-term investment by insurance funds, leading large insurance companies are exploring equity investment to support industrial development and secondary market stock investment to support the equity market through private funds. From the total scale of 50 billion yuan for the two private funds established by Taibao, one fund, the Taibao Zhanxin M&A Private Fund, has a target scale of 30 billion yuan, with an initial scale of 10 billion yuan, mainly focusing on key areas of Shanghai's state-owned enterprise reform and modernization of the industrial system, helping to promote the development of Shanghai's strategic emerging industries and strengthen key industries. The other fund, Taibao Zhiyuan No. 1 Private Securities Investment Fund, has a target scale of 20 billion yuan, mainly responding to the national reform pilot for expanding the establishment of private securities investment funds by insurance institutions, focusing on high-quality targets in the secondary market and stocks with stable dividends and high yields to strengthen stock investment, which is expected to effectively respond to the downward trend of long-end interest rates and help stabilize the capital market. As an important institutional investor, insurance funds, supported by policies and the objective trend of declining interest rates, are expected to improve the long-term investment portfolio structure by increasing secondary market stock investments through private funds, solidifying the dividend foundation of dividend insurance, and potentially becoming true "patient capital," enhancing asset-liability levels. The bank believes that leading insurance companies, which have piloted earlier, have large capital volumes and complete investment systems, are likely to benefit more in the long run. In May, the number of new A-share accounts continued to grow year-on-year, and the implementation of reserve requirement ratio cuts and interest rate reductions is expected to promote fund entry into the market. According to data released by the Shanghai Stock Exchange, in May 2025, there were 1.56 million new A-share accounts, of which 1.5484 million were individual investors and 7,147 were institutional investors. At the beginning of this year, theme investments such as DeepSeek drove trading activity in the secondary market, with new A-share accounts exceeding 3 million in March; in April, market enthusiasm cooled somewhat due to tariff frictions, with new A-share accounts decreasing by 37.22% month-on-month In May, the number of new accounts opened decreased month-on-month due to holiday factors. Compared to the 1.27 million new accounts opened in May 2024, the number of new accounts in May 2025 increased by 22.86% year-on-year. From the perspective of the number of accounts opened in each month of 2024, the 1.56 million accounts opened in May this year is higher than the number in the last six months of last year, while the market sentiment was low in August last year, resulting in the number of accounts opened being at a low point in recent years. Against the backdrop of a declining base, the bank believes that the number of accounts opened in the Shanghai market in Q2-Q3 this year is still expected to maintain year-on-year growth. With the implementation of the reserve requirement ratio and interest rate cuts, the market's liquidity easing pattern is expected to continue, increasing the allocation value of high-dividend and high-elasticity stocks. The introduction of incremental policies will also help accelerate the process of fundamental recovery and enhance the willingness of funds to enter the market. Risk Warning: Policies may be less than expected, capital market volatility may increase, residents' wealth growth may be less than expected, and long-term interest rates may decline more than expected