Insurance institutions have maintained a steady pace of corporate surveys. Wind data reveals that across the year thus far, these entities, including insurance companies and their asset management arms, have collectively conducted 10,185 research visits to A-share listed companies.
When examining the targets, the focus has been heavily weighted toward hard-tech sectors, including electronic components, industrial machinery, and integrated circuits. Industry experts suggest that these areas align with national strategic objectives, offer vast room for industrial expansion, hold significant growth potential, and are encouraged by regulators, which drives insurance funds to increase their allocation in these fields.
Current data indicates that insurance firms have carried out 4,663 surveys this year. Among them, China Life Pension Insurance Co., Ltd., Taiping Pension Insurance Co., Ltd., Ping An Annuity Insurance Co., Ltd., Changjiang Pension Insurance Co., Ltd., and PICC Pension Insurance Co., Ltd. lead in survey frequency with 441, 333, 296, 237, and 185 visits, respectively.
Insurance asset management companies have executed 5,522 surveys in total. Taikang Asset Management Co., Ltd. tops this list with 559 visits, followed by Huatai Asset Management Co., Ltd. (501), Sunshine Asset Management Co., Ltd. (413), New China Asset Management Co., Ltd. (402), and PICC Asset Management Co., Ltd. (349).
Aggregating both categories, the total of 10,185 surveys marks a 26.5% decrease compared to the same time last year, continuing a downward trend observed in recent years. Historical annual figures for insurance capital surveys of A-share firms stood at 30,300 in 2023, 22,300 in 2024, and 18,400 in 2025.
Yang Fan, General Manager of Beijing PaiPaiWang Insurance Agency Co., Ltd., commented that these survey activities reflect a structural shift that signals a profound change in asset allocation logic. The decline in frequency stems from three key factors: first, in a low-interest-rate climate, insurance capital is concentrating on high-dividend and other high-certainty income assets; second, as regulators have clarified room for equity allocation, investment strategies have become more precise; and third, consensus around trends in certain tech growth sectors has reduced the need for dispersed research.
Notably, pension insurance companies stand out with a more active survey pattern and higher visit counts. Yang Fan explained that their long-duration capital and stability requirements necessitate in-depth research to uncover core assets capable of generating steady, long-term returns. Additionally, as key players in the third pillar of the pension system, they must build differentiated portfolios, leading to a more engaged research approach.
The surveyed targets are predominantly in the hard-tech space. The industries drawing the highest number of research visits include electronic components, industrial machinery, integrated circuits, electronic equipment and instruments, electrical components and equipment, medical devices, and western pharmaceuticals. Among the most-watched stocks are Zhongji Innolight, Bank of Shanghai, Eoptolink Technology, Yuanjie Semiconductor, Huaqin Technology, Victory Giant Technology, Montage Technology, Shennan Circuits, China Resources Microelectronics, and Crystal Optoelectronics.
Yang Fan noted that insurance capital demonstrates a clear value orientation, prioritizing quality companies that offer a blend of stability, growth potential, and anti-cyclical strength. Such assets provide sustainable income sources while effectively resisting market volatility, making them an ideal fit for the long-term liability characteristics of insurance funds.
Zhou Jin, a financial services consulting partner at Tianzhi International, explained why insurers are focusing on hard-tech. In the current environment of low interest rates and an asset shortage, tech growth enterprises that align with national strategy, require patient capital, and offer substantial appreciation potential have become some of the most compatible allocation choices for insurance funds. From an industrial standpoint, high-end manufacturing, hard-tech, and new quality productive forces are long-term state-supported directions with high industry ceilings and ample room for long-term value growth. From the insurers' own perspective, their long-term nature drives a search for assets that deliver sustained returns, and regulators have lowered risk factors for tech stock investments, offering encouragement under solvency rules. This gives insurers added motivation to bolster their allocations.
Looking ahead, Zhou Jin believes the industry's barbell-style balanced strategy will persist. On one end, high-dividend blue-chip stocks will serve as a core position to lock in stable cash flows; on the other, selected leaders in hard-tech and new quality productive forces will be chosen to capture long-term growth, with dynamic rebalancing between the two ends. Concurrently, insurers will stay attuned to industry trends, ramp up investment research efforts, internalize ESG investment standards, and continuously refine their asset allocation to navigate across market cycles.
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