1. Funds holding insurance securities and pharmaceutical stocks include Tianfu Medical, Yifangda Medical, Rongtong Medical Industry and other medical and biological theme funds. Almost all funds will use financial stocks such as insurance, securities and banks as configuration varieties, while medical theme funds will hold heavy positions in pharmaceutical stocks.

2. Insurance securities in a broad sense should include all insurance-related financial assets and marketable securities. According to this caliber, insurance securities can be divided into two parts. One part is a policy issued by an insurance company with dual functions of insurance and savings investment (mainly in life insurance activities); The other is an insurance risk restructuring product with financing function. Narrow sense of insurance securities mainly refers to the second kind. Its basic feature is to transfer the underwriting risk to the capital market, and use the funds in the capital market to support the insurance business through securities issuance. Although the former case also has the properties of securities, such as investable, including financial risks, risky interests and standardized characteristics. , does not constitute insurance securities in the sense of "securitization".