Hua Xia Shi Bao·2025-11-04 09:58Core Viewpoint - The A-share market has shown a strong upward trend in Q3 2023, driven by favorable policies and capital inflows, with insurance funds playing a crucial role in market dynamics [2] Group 1: Insurance Fund Investment Strategies - Insurance funds have maintained a strong preference for traditional "anchor" bank stocks, demonstrating a commitment to stable returns and high dividend assets [2][4] - There has been a significant increase in the allocation towards technology growth sectors such as electronics and computers, indicating a strategic shift towards economic transformation and industrial upgrading [2][8] - The "cash flow and growth" strategy reflects the asset allocation wisdom of insurance funds in the current market environment, potentially revealing future capital flows and market style preferences [2] Group 2: Performance and Holdings of Insurance Companies - Major insurance companies like China Life, China Ping An, and China Pacific have reported an increase in total investment returns, ranging from 5.2% to 8.6% year-on-year [4] - By the end of Q3, insurance funds were among the top ten shareholders in 633 A-share listed companies, with a total holding value exceeding 650 billion yuan, marking a growth of over 6% from mid-2023 [4][5] - The overall number of shares held by insurance funds in bank stocks increased significantly by 8.36 billion shares, with a market value growth of over 6.4 billion yuan despite a decline in the bank sector index [5][6] Group 3: Specific Stock Movements - Postal Savings Bank emerged as a standout stock for insurance funds in Q3, with a notable increase of 2.189 billion shares held by Ping An Life, making it one of the top ten shareholders [5][6] - Other banks like Industrial and Commercial Bank of China and Nanjing Bank also saw increased holdings from insurance funds, reflecting a trend of deepening investment in the banking sector [5][6] - Insurance funds are not only increasing their stakes but also seeking deeper involvement in governance, as seen with Hongkang Life's nomination of a director candidate at Su Nong Bank [6] Group 4: Focus on Technology Growth Stocks - The electronics sector saw the largest increase in holdings by insurance funds, with a rise of nearly 11.8 billion yuan and an increase of 15.6 million shares [8] - The number of computer industry companies in which insurance funds are among the top ten shareholders rose from 17 to 23, with a market value increase of over 1.2 billion yuan [9] - The investment in technology stocks is seen as a response to the macroeconomic environment and a strategic move to capture future growth potential, particularly in the context of the AI wave [9][10] Group 5: Adjustments in Other Sectors - Insurance funds have significantly reduced their holdings in sectors such as public utilities, construction materials, and transportation, indicating a reassessment of traditional cyclical industries [10] - This reduction reflects insurance funds' judgment on the economic outlook and policy impacts on certain sectors, showcasing their role as long-term investors and value discoverers in the capital market [10]