Insurance capital has shown a strong focus on the technology and high-end manufacturing sectors.
As a major institutional investor in the A-share market, insurance capital has been highly active and extensive in its research since April 2026.
According to statistics compiled by Times Finance, as of April 27, insurance institutions (including insurance asset management companies and insurance companies) had conducted surveys of 271 listed companies within the month. A total of 125 insurance capital institutions participated, with the cumulative number of surveys reaching 1,048, indicating a high level of market attention from insurance capital at this stage.
Among them, professional insurance asset management companies were the main force in conducting surveys, with leading institutions such as Sunshine Asset Management and Huatai Asset Management being particularly active. The research direction closely followed the main themes of technology and high-end manufacturing, with the electronic components industry becoming a hotspot. This sector covered 15 listed companies, attracting a total of 136 survey instances from institutions. Industry leaders like Luxshare Precision Industry Co.,Ltd. (002475.SZ) and Shennan Circuits Co., Ltd. (002916.SZ) received密集 attention.
At the individual stock level, leading companies such as Eoptolink Technology Inc.,Ltd. (300502.SZ) and Luxshare Precision were surveyed by multiple insurance capital institutions, and the surveyed companies demonstrated strong stock price performance. As of April 27, the share price of Huate Gas Co., Ltd. (688268.SH) had doubled since the beginning of April. Other stocks like Uxun Co., Ltd. (688807.SH), Yongding Co., Ltd. (600105.SH), and Sijia Photonics Co., Ltd. (688313.SH) also saw gains exceeding 70% during the month.
Yang Delong, Chief Economist and Fund Manager at Qianhai Kaiyuan Fund, pointed out that this year's stock market is characterized by a divergent行情, meaning not all stocks present opportunities. He recommended a barbell strategy for the year. One end of the barbell focuses on the technological innovation sector, particularly areas highlighted in the "15th Five-Year Plan," such as chips and semiconductors, computing power and algorithms, humanoid robots, solid-state batteries, and commercial aerospace. The other end of the barbell targets heavy-asset, low-elimination-rate sectors, which represent the infrastructure of the AI era, including non-ferrous metals, coal, chemicals, photovoltaics, energy storage, and power grid equipment. "These sectors will not be replaced by AI; instead, their importance will be enhanced in the AI era, which is also the main theme of this market adjustment," Yang stated.
The electronic components sector was particularly favored.
In terms of industry distribution, insurance capital's research focus was highly concentrated on technology and high-end manufacturing.
Specifically, the electronic components industry (Wind industry classification) became a "sweet spot" for insurance capital surveys. Wind data shows that this sector ranked first among all industries with a total of 136 survey instances, covering 15 listed companies. As of April 27, six of the surveyed companies had seen their stock prices rise by more than 30% during the month, indicating a correlation between survey热度 and market performance. Leading companies like Luxshare Precision, Shennan Circuits, and Crystal Optoelectronics Co., Ltd. (002273.SZ) each received密集 surveys from over 15 insurance capital institutions.
Beyond electronic components, other high-end manufacturing and technology sectors such as industrial machinery (83 survey instances), electronic equipment and instruments (52 survey instances), and integrated circuits (50 survey instances) were also among the most surveyed, showing broad insurance capital interest across multiple sectors. Notably, within the oil and gas equipment and services industry, although insurance capital only surveyed one company, Jereh Oilfield Services Group Co., Ltd. (002353.SZ), the survey volume reached 25 instances, reflecting insurance capital's exploration of investment opportunities in niche segments of the energy equipment field.
At the individual stock level, insurance capital surveys were primarily focused on leading companies within their industries, and the surveyed targets generally possessed high growth potential. Eoptolink topped the list, having been surveyed by 29 insurance capital institutions. Luxshare Precision (28 institutions) and Jereh Group (25 institutions) ranked second and third, respectively. Among the top ten most popular stocks surveyed by insurance capital, electronic components companies occupied four spots, further highlighting the sector's appeal.
From a market performance perspective, many of the highly surveyed stocks demonstrated significant price elasticity, with high-growth sectors standing out. As of April 27, Huate Gas from the industrial gas sector led the gains, with its stock price doubling (up 100%) since the start of April, making it the best performer among the surveyed companies for the month. Uxun Co., Ltd. from the integrated circuit sector, and Yongding Co., Ltd. and Sijia Photonics from the communication equipment sector, saw gains of 80.98%, 74.91%, and 74.61% respectively during the month. Furthermore, among the 65 stocks with survey热度 greater than or equal to 5 instances, 12 stocks saw gains exceeding 30%.
Professional insurance asset management companies were the primary force conducting surveys.
In terms of institutional activity, professional insurance asset management companies were the absolute main force in conducting research. As of April 27, Sunshine Asset Management Co., Ltd. led the industry with 76 surveys covering 73 individual stocks. Other leading institutions like Huatai Asset Management (46 surveys), Taikang Asset Management (46 surveys), and PICC Asset Management (40 surveys) followed closely. Insurance asset management companies accounted for 80% of the top ten most active surveying institutions.
In terms of market board selection, insurance capital surveys showed a distinct preference for the Shenzhen market. According to Wind data, as of April 27, the 125 insurance capital institutions participating in surveys had surveyed 379 individual stocks on the Shenzhen Main Board (Note: the same listed company might be surveyed by multiple institutions, so this "number of surveyed stocks" includes重复 counts), making it the core focus with a 36.58% share. The ChiNext Board followed closely, with 348 surveyed stocks, accounting for 33.59% of the total. Combined, these two boards represented over 70% of the survey activity. In contrast, the proportion of surveyed stocks on the STAR Market, Shanghai Main Board, and Beijing Stock Exchange was relatively lower.
Yang Delong analyzed that the ChiNext Board, as a cradle for technological innovation giants, has strong wealth效应 and its performance hit historical highs earlier than the Shanghai Composite Index. He particularly noted recent reforms deepening the ChiNext Board, including the introduction of a fourth set of IPO standards to better support technological innovation companies, allowing promising but currently unprofitable companies to list. If a company has annual revenue exceeding 200 million yuan, possesses certain growth potential, and has significant R&D investment, it can list on the ChiNext. This is expected to bring more high-quality technological innovation targets to the board and provide investors with more choices.
Regarding future allocation directions, Yang Delong stated that opportunities in the technological innovation sector remain plentiful. For example, although optical modules led gains again recently after significant increases over the past year, short-term adjustments are possible due to profit-taking pressure. Sectors with strong earnings performance remain the market's focus. Besides the technology sector, Yang believes another main theme for 2026 could be undervalued traditional blue-chip stocks, which serve as infrastructure for the AI era. These sectors, such as non-ferrous metals, power equipment, and coal and other energy-related fields, will not be replaced by AI and hold significant importance in the AI era.
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