Insurers Appear as Top-10 Shareholders in 618 A-Share Firms in Q2, with 1.6 Trillion RMB in Holdings

In the second quarter of 2026, the number of insurers appearing on the top-10 circulating shareholder lists of A-share listed companies decreased. Semi-annual report data show that insurers appeared on the top-10 circulating shareholder lists of 618 listed companies, down 18 from 636 in the first quarter. Anhui Heli attracted the most insurer attention, with insurers occupying five seats on its top-10 circulating shareholder list, involving China Life, Taiping Life, PICC, and Taikang Insurance. Excluding insurers' holdings in themselves and their subsidiaries, the listed company with the largest insurer-held market value was SPD Bank, with holdings exceeding 57 billion RMB, of which Fude Life Insurance held more than 50 billion RMB.

By industry, among companies where insurers appeared on top-10 circulating shareholder lists, hardware equipment, chemicals, and electrical equipment had the most, with 57, 49, and 42 companies respectively. Automobiles and parts, and machinery each had nearly 40 companies. In terms of holdings market value, insurer funds mainly flowed to high-dividend bank stocks. As of September 4, insurers' total holdings as top-10 circulating shareholders in the 618 companies amounted to about 1.6 trillion RMB. Excluding insurers' holdings in themselves, nearly half of the funds were invested in 28 bank stocks. China Ping An had the highest insurer-held market value due to its stake in subsidiary Ping An Bank. Apart from that, insurers' holdings in SPD Bank, Industrial Bank, China Merchants Bank, and Agricultural Bank ranked the top four, at 57.156 billion RMB, 50.456 billion RMB, 40.156 billion RMB, and 35.514 billion RMB respectively. Among these, the 40.156 billion RMB in China Merchants Bank came entirely from Hexie Health Insurance, and the 35.514 billion RMB in Agricultural Bank came entirely from Ping An Life.

High-dividend public utility stocks also attracted insurers. Insurers appeared on the top-10 circulating shareholder lists of 29 public utility companies. Excluding insurers' own holdings, the market value accounted for nearly 10%. China Yangtze Power and China National Nuclear Power had the highest combined holdings, at 37.194 billion RMB and 10.565 billion RMB respectively. The home appliance sector accounted for 4.44% of total holdings market value, involving nine listed companies. Among them, insurers held the most in Midea Group, with a total market value of 32.756 billion RMB, with holders including China Life, Ping An Life, and Taiping Life. Insurers' holdings in Gree Electric were nearly 5 billion RMB, with holders including Ruize Life, China Post Life, and Sunshine Life.

In the second quarter, insurers newly became top-10 circulating shareholders of 280 listed companies. Ping An Life and Taiping Life newly became top-10 circulating shareholders of Midea Group, with combined holdings exceeding 17 billion RMB, the highest among the 280 companies with new insurer shareholders. They were followed by China National Nuclear Power, SPD Bank, Kweichow Moutai, and China Construction Bank. By industry, insurers newly became top-10 circulating shareholders of chemical, electrical equipment, and machinery companies the most, with 26, 25, and 21 companies respectively. In terms of new insurer holdings market value, banks, home appliances, public utilities, and hardware equipment had the largest amounts.

Among these, in the second quarter, insurers newly became top-10 circulating shareholders of five bank stocks, including SPD Bank, China Construction Bank, Postal Savings Bank, Bank of China, and Ping An Bank. Home appliance stocks included Midea Group and Hisense Home Appliances. In the public utility sector, insurers newly entered 13 listed companies, with the largest holdings in China National Nuclear Power, Funeng Co. , and Huadian International, at 8.4 billion RMB, 2.2 billion RMB, and 2.1 billion RMB respectively. In the hardware equipment sector, the largest new holdings were in Shennan Circuits, Luxshare Precision, and Tianfu Communication, each exceeding 1 billion RMB.

In the second quarter, a total of 189 listed companies saw insurers exit their top-10 circulating shareholder lists, with no bank stocks among them. The largest reduction in insurer holdings was Hexie Health Insurance reducing its stake in Goldwind, with previous holdings exceeding 3 billion RMB, about 115 million shares. This was followed by Zhongke Feice, Raytron Micro, and Yingliu Shares. By industry, hardware equipment, chemicals, and machinery saw the most portfolio adjustments. In terms of the previous market value of reduced insurer holdings, electrical equipment, hardware equipment, semiconductors, and machinery had the largest combined amounts.

Specifically, in the electrical equipment sector, besides Goldwind, Dongfang Electric, XJ Electric, Megmeet, and Sunwoda were also among the top in reduced insurer holdings. In hardware equipment, technology stocks such as Oulutong, Torch Electronics, USI, Changying Precision, and Jiemao Technology were at the forefront. In the semiconductor sector, ten listed companies saw insurers exit their top-10 shareholder lists, including Zhongke Feice, Raytron Micro, and Jingyi Equipment. In the machinery sector, 16 listed companies, including Yingliu Shares, Envicool, Zhongchuang Zhiling, and Xinqianglian, all saw insurers exit their top-10 circulating shareholder lists.