In 2025, insurance funds made over 30 stake acquisitions, setting a new record, with bank H-shares becoming the "heavy investment area."

According to the information disclosure system of the China Insurance Industry Association, as of the end of 2025, the number of times insurance funds have made significant investments has exceeded 30 times within the year, a significant increase compared to previous years, setting a new high in frequency in recent years. From 2021 to 2023, the number of significant investments by insurance funds each year was in single digits, while in 2024 it rebounded to 20 times.

From an industry distribution perspective, financial stocks remain the absolute core direction for insurance fund investments. There were a total of 15 significant investments by insurance funds involving listed financial companies within the year, mostly concentrated in H-share targets. At the same time, public utility or quasi-public utility assets such as water, electricity, environment protection, and new energy have also frequently entered the investment scope of insurance funds. These targets generally possess characteristics such as relatively stable cash flow, clear dividend expectations, and lower valuation centers. (The Paper)