Insurance funds conducted 1,287 A-share investigations at the start of the year: Taikang Asset Management conducted the most, with TianShun Wind Power, Shanghai Bank, and others receiving attention.

Insurance funds’ equity asset allocation accelerates significantly.

According to the State Financial Supervision and Administration Bureau, by the end of Q4 2025, the total funds used by insurance companies reached nearly 38.5 trillion yuan, a 15.70% increase from the beginning of the year. Equity allocation remains at a historic high, with stock investments totaling about 3.73 trillion yuan, nearly 10% of total funds used, up 1.30 trillion yuan (53.81%) from the end of 2024 (2.43 trillion yuan).

This trend is expected to continue. Recently, the China Banking and Insurance Asset Management Industry Association released the 2026 asset allocation outlook survey results. In terms of major asset classes, stocks and securities investment funds are the most favored domestic investment assets for insurance institutions in 2026, with most planning to slightly increase their A-share holdings.

According to data, as of February 26, insurance companies and insurance asset management firms have conducted 1,287 surveys of A-share listed companies this year. Compared to 2,242 surveys in the same period last year, enthusiasm has sharply declined. The surveyed companies and industry distribution show particular interest in new energy sectors, especially wind power, AI industry chains, and other tech fields. Banks like Shanghai Bank (601229.SH) also received intensive research from insurers.

2026 Insurance Funds Continue to Favor Equity Markets

As of February 26, 2026, 1,603 insurance asset management products disclosed their latest net values, with over 95% (1,525 products) recording positive returns this year.

The highest annualized return among these products is from CITIC Prudential Asset Management, approaching 500%. The lowest is from Great Wall Wealth Insurance Asset Management, at -29.72%. Both are ordinary stock-type products.

Most of the top-performing insurance asset management products this year are stock or equity-type products. Overall, insurers are generally optimistic about the equity market in 2026.

“A bull market is expected to continue in 2026, with macroeconomic and micro-enterprise profits gradually recovering,” said a senior executive from a leading insurance asset management subsidiary to Jiemian News. “Based on short, medium, and long-term assessments, we expect a combination of short and medium-term upward trends and long-term downward trends, with overall corporate profits showing moderate recovery.”

Regarding market performance in 2026, an executive from a joint-venture life insurance company’s asset management center told Jiemian News, “Currently, the outlook remains relatively optimistic. There is both active and passive participation. In a low-interest-rate era, non-standard assets are gradually exiting the stage, and not investing in products with options will hinder achieving investment return goals.”

“Overall, the equity market in 2026 is expected to gradually rise, but increased volatility and rotation, along with diverging consensus, could lead to potential market fluctuations,” said an investment department staff member at an internet insurance company.

“From a timing perspective, the first half of 2026 is expected to outperform the second half, especially before April. The core attack phase may occur from late January to mid-April,” added the senior executive from the leading insurance asset management subsidiary.

Insurance Companies Busy with Research: AI, Wind Power, and Banks

So, which listed companies have insurers been researching since the beginning of the year?

Data shows that Taikang Asset Management conducted the most surveys, totaling 87, with the top three companies being Semiconductor Microelectronics (688380.SH), World (688028.SH), and Jinshi Resources (603505.SH).

Jiemian News found that, within industry categories, Taikang Asset Management’s most researched companies are in industrial machinery, with nine companies, followed by electronic components and integrated circuits, with eight each.

Huatai Asset Management and Xinhua Asset Management have also conducted 68 and 60 surveys respectively this year. According to data, Huatai’s most followed stocks are Jemei Technology (002859.SZ), Guoguang Shares (002749.SZ), and Yuntu Holdings (002539.SZ). They focus mainly on fertilizer and agricultural chemicals, and electronic components. Xinhua’s top stocks are Shanghai Bank, Guoneng Rixin (301162.SZ), and Borui Communication (600880.SH). Their industry distribution shows a focus on regional banks, with 10 surveyed this year, followed by industrial machinery.

Among 132 surveyed insurance companies and asset managers, the top three most followed stocks are TianShun Wind Power (002531.SZ) and Shanghai Bank, each favored by 15 and 14 companies respectively, and Guoneng Rixin, favored by nine. Regional banks are always popular as high-dividend assets; besides Shanghai Bank, Nanjing Bank (601009.SH), Suzhou Bank (002966.SZ), and Hangzhou Bank (600926.SH) have also been surveyed by 10, 8, and 7 companies respectively this year.

Guoneng Rixin and TianShun Wind Power are both in the new energy sector. The former provides software and IT services for the new energy industry, while the latter has been deeply involved in wind power for twenty years, covering wind and offshore equipment manufacturing, development, construction, and operation of wind farms.

From a stock perspective, 20 listed companies have been surveyed by at least ten insurance companies or asset managers this year. Among them, AI data company Huitian Ruisheng (688787.SH) has been surveyed 24 times, making it the most frequently researched listed company this year.

In the wind power sector, Daikin Heavy Industry (002487.SZ) and TianShun Wind Power have each been surveyed by 19 insurers. Daikin specializes in wind power equipment manufacturing, with products covering offshore and onshore wind turbines, towers, transition segments, foundations, large monopiles, and deep-sea jackets.

Gaojin Securities reports that, under the global shortage of electricity driven by AI data centers and electrification, wind power—being the renewable energy source with the lowest levelized cost of electricity—may maintain high demand in the medium to long term.

Similarly, Zhongji Xuchuang (300308.SZ), an AI industry chain company providing high-speed optical interconnect solutions and a leader in optical modules on the A-share market, has been surveyed 17 times by insurers this year.

According to the China Banking and Insurance Industry Association’s survey results, in 2026, insurance institutions favor stocks related to the STAR Market 50, CSI 300, CSI A500, and ChiNext. They are optimistic about industries such as electronics, non-ferrous metals, electrical equipment, computers, communications, pharmaceuticals, and chemicals. They focus on themes like chips and semiconductors, national defense and military industry, AI computing power, robotics, energy metals, commercial aerospace, high-dividend stocks, biotech and innovative drugs, and companies’ globalization and overseas expansion. They believe that corporate profit recovery and liquidity environment are the main factors influencing the A-share market.

“From an investment structure perspective, under the baseline scenario, technology and advanced manufacturing will form the two main investment themes, aligning with the macro narratives of new and old kinetic energy conversion and capacity cycle reversal,” said a senior executive from a leading insurance asset management subsidiary to Jiemian News.