险企：寻找超额收益 增配科技股

Core Insights - Insurance capital is increasingly favoring technology stocks, with nearly half of the companies that saw increased holdings in Q3 being in the tech sector [1][2] - The performance of technology stocks in the A-share market has significantly outpaced other sectors, leading to positive investment returns for insurance companies [2][3] Group 1: Insurance Capital Movements - As of October 22, nearly 100 listed companies experienced changes in insurance capital holdings, with notable increases in companies like China Telecom and China Mobile [1] - The new entries in the top ten circulating shareholders predominantly feature technology companies, including Pinggao Electric and Hikvision [1] Group 2: Performance and Returns - Insurance companies are expected to report strong earnings for Q3, with China Life projecting a 50% to 70% increase in net profit [2] - The strong performance of the technology sector has established a favorable long-term market trend, prompting insurance capital to increase equity asset allocations [2] Group 3: Market Dynamics - Recent market adjustments have alleviated trading congestion in the technology sector, with valuations returning to more attractive levels [3] - The TMT sector's trading congestion has decreased, indicating a potential for better investment opportunities in technology stocks [3]