Insurance funds conducted over 4,700 research visits in the second half of the year, with Taikang Asset Management being the "most active".

Insurance funds are accelerating their layout in the equity market under policy guidance. Since the second half of 2025 (as of October 20), the enthusiasm of insurance institutions for researching listed companies has been continuously climbing, with the cumulative number of research visits exceeding 4,700.

Judging from the performance of institutions, leading asset management companies and pension insurance companies have become the main forces. For example, Taikang Asset Management, Dajia Asset Management, Huatai Asset Management, etc. top the list in terms of the number of research visits. Among them, Taikang Asset Management has conducted more than 280 research visits; institutions such as Ping An Pension, Changjiang Pension, and Taiping Pension have each carried out more than 100 research visits.

In terms of industries, technology and medicine have become the "two main lines", and manufacturing upgrading is favored. In the pharmaceutical and biological industry, innovative pharmaceutical companies such as Maiwei Biotech - U (688062.SH) and Borui Pharmaceutical (688166.SH) have been researched multiple times; there have also been "multiple breakthroughs" in hard technology, and companies such as Jingsheng Electromechanical (300316.SZ) and Inovance Technology (300124.SZ) have become high - frequency research targets for insurance funds. In addition, in the traditional field, bank stocks remain the core for high - dividend allocation. Jiangsu Bank, Shanghai Bank, and Zijin Bank have each been researched by insurance funds more than 10 times.

An investment professional from a large insurance asset management company told Time Finance that as a "wind vane" for long - term funds, the research tracks of insurance fund institutions reflect to some extent the new logic of asset allocation, which may attract the market's attention to the flow of funds in the fourth quarter. In addition, in a low - interest - rate environment, the inclination of insurance funds towards technology and manufacturing not only provides long - term capital for real - economy enterprises but also alleviates the pressure of interest rate spread losses on insurance companies.

Research by insurance fund institutions shows differentiation, with leading asset management companies and pension insurance companies as the main forces

Since the second half of 2025 (as of October 20), the enthusiasm of insurance companies and insurance asset management companies for researching A - share listed companies has been continuously rising. The total number of research visits has exceeded 4,700, and the research footprints have widely covered multiple core sectors such as the Shenzhen Main Board, ChiNext, and STAR Market. In terms of sector distribution, the number of research visits to the Shenzhen Main Board, ChiNext, and STAR Market has each exceeded 1,000, and the combined proportion of the three exceeds 70%, significantly higher than that of the Shanghai Main Board.

In this wave of research, some individual stocks have shown strong market performance after being visited by insurance funds. Stocks such as Zhongji Innolight (300308.SZ), Taotao Vehicle (301345.SZ), Xinyisheng (300502.SZ), and Tonglian Precision (688210.SH) have all seen their stock prices double.

In terms of institutional participation, the research tracks of leading insurance asset management companies are particularly prominent, forming a distinct "first echelon". Taikang Asset Management ranks first with 287 research visits, followed by Dajia Asset Management with 208 visits and Huatai Asset Management with 187 visits. More notably, the research scope of these three institutions is relatively wide, covering more than 70 Wind industries, from electronic components to medical devices, from semiconductors to chemicals, providing extensive coverage of the market.

"This is a strategic adjustment of insurance fund asset allocation in a low - interest - rate environment. As the returns of fixed - income assets continue to be under pressure, insurance funds urgently need to diversify their layout to navigate through the economic cycle. Cross - industry and all - field research is precisely aimed at screening out targets with both growth potential and certainty in different sectors to build a balanced investment portfolio and increase overall returns," the above - mentioned investment professional from the insurance asset management company analyzed to Time Finance.

In addition to leading asset management companies, pension insurance companies also show high enthusiasm for research. Ping An Pension ranks first with 171 research visits, followed by Changjiang Pension, Taiping Pension, and China Life Pension, with the number of research visits all exceeding 100.

Among them, Ping An Pension's research targets cover both "large - cap and small - cap stocks" and "multiple sectors". It has visited technology giants with a market value of over 100 billion yuan such as Shenghong Technology (300476.SZ) and Inovance Technology (300124.SZ), and also paid attention to small - market - value companies in niche sectors on the Beijing Stock Exchange such as Oufu Egg Industry (920371.BJ) and Yizhi Konjac (920273.BJ). The top three stocks that Ping An Pension pays the most attention to are Shenghong Technology, Focuslight Technologies (300203.SZ), and Maiwei Biotech - U.

Medicine and technology become the core areas for research, and bank stocks remain the focus

If we break down the research data from an industry perspective, the "two - main - line" characteristics of technology and medicine are extremely prominent among the companies researched by insurance fund institutions.

The enthusiasm of insurance funds for researching the pharmaceutical and biological field has always remained high. Since the second half of 2025 (as of October 20), research on listed companies in the medical and health field has covered nearly 150 companies. Among them, Maiwei Biotech - U tops the list of attention in this field with 26 research visits. The number of research visits to Livzon Group (000513.SZ), Borui Pharmaceutical, and Jiuzhou Pharmaceutical (603456.SH) has also each exceeded 15. More notably, innovative pharmaceutical companies such as Borui Pharmaceutical, Mengke Pharmaceutical - U (688373.SH), and Jiuzhou Pharmaceutical have all made it onto the list of "top three most - watched stocks" of many insurance fund institutions.

An industry insider told Time Finance that this choice is highly consistent with the nature of insurance funds. The pharmaceutical and biological industry, especially the innovative drug sector, is characterized by "large upfront investment and long cycle". It takes an average of more than 7 years from clinical trials to market launch, and there is significant short - term profit pressure. The characteristics of insurance funds, such as long average duration and strong stability, can precisely match this long - term investment demand. Coupled with the improvement in the approval efficiency of domestic innovative drugs in 2025 and the gradual fading of the impact of centralized procurement, leading to a recovery in profits, the allocation value of the pharmaceutical sector has become more prominent.

The hard - technology field shows a spreading trend of "multiple breakthroughs", with photovoltaic equipment and the electronics industry becoming the focus of research. The number of research visits to targets such as Jingsheng Electromechanical, Inovance Technology, Yidong Electronics (301123.SZ), and Hikvision (002415.SZ) has each exceeded 20.

The chief economist and fund manager of Qianhai Kaiyuan Fund told Time Finance that currently, China's economy is in a period of transformation, vigorously developing new - quality productive forces and cultivating more emerging industries. Finding a second growth curve is very important. The 15th Five - Year Plan is being formulated, and technology innovation fields such as humanoid robots, solid - state batteries, low - altitude economy, intelligent driving, innovative drugs, new energy, computing power and algorithms, and chip semiconductors, which have performed strongly this year, are expected to be included in the 15th Five - Year Plan and receive strong policy support. This direction is also the key area for promoting further economic growth in the future.

While pursuing growth sectors, insurance funds have not abandoned defensive allocations in traditional fields, and the dumbbell strategy of "technology growth + high dividends" is clearly evident. "The characteristics of high dividends and low volatility of bank stocks are highly consistent with the liability - side needs of insurance funds," the above - mentioned investment professional from the insurance asset management company told Time Finance. This kind of allocation is an inevitable choice to balance profitability and safety.

Different from the previous preference of insurance funds for state - owned large - bank stocks, the latest research data reveals new changes. Since the second half of 2025, 17 banks have been researched by insurance funds. Among them, Jiangsu Bank tops the list with 17 research visits, and the number of research visits to Shanghai Bank and Zijin Bank has also exceeded 10. Compared with the "standard - configuration nature" of state - owned large banks, the intensive research on regional banks may be more due to their sensitive capture of the vitality of the local economy.

This article is from the WeChat public account "Time Finance APP" (ID: tf - app), author: He Xiulan, published by 36Kr with authorization.