Insurance funds optimize equity allocation in the first quarter, with pan-technology and new energy becoming the core themes

◎ Reporter He Kui

As more than a thousand A-share listed companies disclose their Q1 2026 earnings reports, the roadmap for insurance funds reallocating stocks is gradually becoming clearer.

Wind data shows that in the first quarter of this year, nearly 200 listed companies had changes in their top ten circulating shareholder lists involving insurance holdings. According to Shanghai Securities News, as of the close on April 27, among the listed companies that have already disclosed their first-quarter reports this year, more than 50 companies saw increased insurance holdings, with a higher number in sectors like technology and electricity; additionally, insurance funds newly entered the top ten circulating shareholders of over 110 listed companies.

Specifically, in the first quarter of this year, more than 10 listed companies in the hardware equipment and electrical equipment industries saw new insurance holdings in their top ten circulating shareholder lists, including companies like Shen Nan Circuit, Huace Navigation, Oriental Cable, and Ketai Power.

As a market indicator, insurance fund reductions also attract market attention. In the first quarter, the pharmaceutical and medical industry saw a relatively high number of listed companies with reduced insurance holdings, totaling nine. Wind data shows that in the first quarter, companies such as BGI Genomics, Fangsheng Pharmaceutical, Lepu Medical, Sanxin Medical, and Yingke Medical experienced reductions by insurance funds.

Industry insiders believe that the increased market volatility in the A-share market in the first quarter of this year, along with continuous rebalancing by insurance funds, indicates differing investment views among various insurance institutions regarding industries and individual stocks. However, overall, under the backdrop of residents moving their savings, the insurance industry’s liability-side premium income is expected to continue growing, and insurance funds still have ample “ammunition” to increase holdings in equity assets.

The latest data from the China Banking and Insurance Regulatory Commission shows that in the first quarter of this year, life insurance companies achieved approximately 1.93 trillion yuan in original insurance premium income, a year-on-year increase of about 7.89%.

Looking ahead to the full year of 2026, most insurance fund institutions still believe the market offers structural investment opportunities. “In equity market investments, our judgment is that ‘there is hope for oscillating upward, but it’s more like a structural bull market rather than a broad-based rally,’” said Qian Li, a macro strategy researcher at Taiping Pension Investment Research Department, to Shanghai Securities News. This year, when analyzing industries, it’s not advisable to simply chase the hottest sectors but to prioritize those with verifiable prosperity, sustainable policies, and valuations that can still bear.

Regarding specific investment opportunities, a senior equity investment officer at a large Shanghai-based insurance institution told reporters that their annual strategy mainly favors two main lines: “pan-technology + advanced manufacturing (mainly new energy).” In terms of allocation strategy, they maintain an overweight position in the new energy chain and adopt a tactical approach of buying on dips in the pan-technology sector.

“The subsequent operations are mainly based on trading congestion and PEG valuation levels to make investment decisions. Currently, computing power may need some relief from trading congestion, and the new energy chain’s trading and valuation levels are relatively reasonable,” said the senior investment officer.

While seizing market investment opportunities, insurance institutions are also highly attentive to the uncertainties brought by changes in the domestic and international environment. In Qian Li’s view, the biggest risk in equity investment today is not missing opportunities but misinterpreting policy improvements as full profit recovery. Many industries have already seen valuation repairs in advance, but earnings recovery is still underway. If performance does not meet expectations, the market could experience phased retreats.

External disturbances should not be underestimated either. Qian Li emphasizes the need to be especially cautious of risks related to tariffs, oil prices, and overheated trading. For investors, this means adhering to bottom-line thinking, avoiding chasing pure themes, using high leverage sparingly, and paying more attention to cash flow, dividend capacity, and earnings realization.