In the first quarter, insurance funds ranked among the top ten shareholders of circulating shares in 641 listed companies.

Wind information data shows that as of the end of the first quarter, insurance funds collectively held heavy positions in 641 A-shares, an increase of 24 stocks compared to the 617 at the end of 2025, with a net increase of approximately 4.24 billion shares. Looking at the changes in heavy positions, insurance funds increased their holdings in bank stocks and entered the top ten largest circulating shareholders of several high-end manufacturing industry listed companies. Industry insiders believe that increasing equity assets is a strategic choice for insurance funds to enhance long-term investment returns and match liability costs. Looking ahead, the overall allocation of equity assets by insurance funds is expected to steadily increase, with a focus on solidifying "ballast" with high dividend assets in the allocation model, supplemented by growth stocks and other targets to enhance income elasticity.