Traditional electromagnetic interference–shielding materials are predominantly electrically conductive, posing short-circuit risks when applied in highly integrated electronics. To overcome this dilemma, we propose a microcapacitor-structure model comprising conductive fillers as polar plates and intermediate polymer as a dielectric layer to develop insulating electromagnetic interference–shielding polymer composites. The electron oscillation in plates and dipole polarization in dielectric layers contribute to the reflection and absorption of electromagnetic waves. Guided by this, the synergistic nonpercolation densification and dielectric enhancement enable our composite to combine high resistivity, shielding performance, and thermal conductivity. Its insulating feature allows for direct potting into the crevices among assembled components to address electromagnetic compatibility and heat-accumulation issues.