Insurance asset research nearly 1,900 times this year, with more focus on STAR Market and ChiNext Board individual stocks

Our reporter Yang Xiaohan

As an important representative of “patient capital” in the A-share market, the allocation trends of insurance funds have attracted widespread market attention. According to Wind Information, as of March 22, when this article was published, insurance institutions (including insurance companies and insurance asset management firms) have conducted nearly 1,900 investigations into A-share listed companies this year, focusing on dividend assets, STAR Market, and ChiNext stocks.

Experts interviewed stated that looking ahead, it is expected that by 2026, insurance fund research will trend toward higher quality, with a focus on new productive forces, ESG (Environmental, Social, and Corporate Governance), and the silver economy, shifting from “information gathering” to “industry empowerment.”

Research Frequency

Compared to the same period last year, it has decreased

Since the beginning of this year, insurance companies have conducted a total of 896 investigations into A-share listed companies. Among them, China Yangtze Insurance Pension Co., Ltd., Taiping Insurance Pension Co., Ltd., China Life Pension Co., Ltd., PICC Pension Co., Ltd., and Ping An Pension Co., Ltd. ranked the top five with 65, 60, 56, 50, and 49 investigations respectively.

In terms of insurance asset management companies, there have been a total of 1,001 investigations into A-share listed companies this year. Taiming Asset Management Co., Ltd., Huatai Asset Management Co., Ltd., New China Asset Management Co., Ltd., PICC Asset Management Co., Ltd., and China Life Asset Management Co., Ltd. led with 128, 108, 85, 73, and 66 investigations respectively.

Comparing the data, the total number of investigations by insurance funds into A-share listed companies this year is 1,897, which is a decrease compared to the same period last year. In recent years, the frequency of insurance fund investigations has been steadily declining, with 30,300 times in 2023, 22,300 times in 2024, and 18,400 times in 2025.

Regarding this trend, Long Ge, Deputy Director of the Innovation and Risk Management Research Center at the University of International Business and Economics, told the Securities Daily that the continuous decline in investigation frequency in recent years does not indicate a weakening of investment willingness but rather a shift toward precision and efficiency in investment strategies. As the market reaches a consensus on long-term trends in key sectors like hard technology, insurance funds have reduced broad, scattershot investigations. Meanwhile, in a low-interest-rate environment with regulatory encouragement for long-cycle assessments, insurance funds are increasingly focusing on in-depth research of high-dividend assets and tend to shift from short-term trading to long-term allocation, making their investigation activities more concentrated.

Expected Focus

On fields like new productive forces

From the perspective of the sectors investigated by insurance funds, they mainly focus on industries such as industrial machinery, electronic components, electronic equipment and instruments, auto parts and equipment, integrated circuits, and Western medicine. Additionally, since the beginning of this year, there has been increased attention to stocks related to the STAR Market and ChiNext.

Wind Information data shows that this year, insurance companies have investigated a total of 434 stocks on the STAR Market and ChiNext, accounting for 54.18% of all investigated stocks; insurance asset management firms have investigated 472 such stocks, accounting for 51.87%. Both proportions are over half and have increased compared to the same period last year.

Regarding the investment style and preferences of insurance funds, Long Ge said that their research areas tend to show a clear “dumbbell” strategy. One end focuses on high-dividend, stable cash flow assets to match liabilities and secure definite returns; the other end targets sectors representing the country’s industrial upgrade, such as hard technology and high-end manufacturing. This characteristic stems from their large capital scale, long-term horizon, and pursuit of absolute stability, requiring a balance between current yields and long-term growth.

In recent years, insurance funds have gradually increased their allocation to equity markets. According to the State Administration of Financial Supervision, by the end of last year, the total balance of insurance funds invested in stocks and securities investment funds by life and property insurance companies was about 5.7 trillion yuan, an increase of approximately 1.6 trillion yuan from the end of 2024, a growth of 38.9%.

Regarding the future direction of equity asset allocation by insurance funds, Tian Lihui, Professor of Finance at Nankai University, told the Securities Daily that it is expected that by 2026, insurance fund research will become more stable and high-quality, with a focus on the “Three New” main lines: First, focusing on fields related to new productive forces, increasing research on cutting-edge sectors such as artificial intelligence, quantum technology, and commercial space; second, “going global” strategies will become standard, with a focus on companies’ overseas capacity expansion and geopolitical risk hedging; third, integrating ESG concepts with the silver economy, and incorporating them into routine research and evaluation systems. Meanwhile, the implementation of long-term assessment mechanisms will promote insurance funds to be more willing to “invest and hold long,” upgrading research from “information collection” to “industry empowerment,” truly serving as a stabilizer and innovation booster in the capital market. Research is expected to focus on identifying technological commercialization inflection points, supply chain positioning, and companies’ global competitiveness, thereby truly realizing the value discovery function of “patient capital.”