The trend of A-share institutional research has changed significantly. Insurance institutions holding trillions of long-term funds are quietly changing the direction of their positions.
The survey data was released in May. Hundreds of insurance investors went to major listed companies to visit on-site. High-end technology and advanced manufacturing have become the most popular research tracks in the market. Inovance Technology, the leader in industrial automation, even welcomed 30 insurance investors to visit in one go, ranking first in the monthly survey.
Judging from the monthly survey statistics, more than 200 listed companies received on-site insurance fund research in May.
The overall frequency of surveys has been slightly adjusted compared to last month, but funding preferences are highly unified, with resources heavily tilted towards hard-core technology and high-end equipment manufacturing.
The list of subdivided industries is clear at a glance. The four major fields of electronic components, industrial machinery and equipment, electrical accessories, and semiconductor chips firmly occupy the top four in the survey.
Aerospace, information technology, and semiconductor equipment follow closely behind.
Looking back at some of the traditional cyclical and inefficient consumption sectors that were previously popular, the enthusiasm for insurance fund research has dropped significantly, and the long-term capital layout ideas are very clear.
In terms of individual stocks, the stocks at the top of the list are all from the high-end manufacturing industry chain.
Inovance Technology is far ahead with 30 insurance companies visiting, followed by Shenghong Technology, Shennan Circuit, and Montage Technology, each receiving more than 20 insurance companies for research.
Most of the listed companies that can be shortlisted for insurance capital are leaders in subdivisions, possess exclusive technical barriers, and have strong certainty of performance growth.
Among the companies surveyed, Inovance Technology is the well-deserved popularity leader in May.
In addition to 30 insurance institutions conducting door-to-door surveys, the total number of visits from institutions across all categories exceeded 400. Small-scale discussions have been upgraded to large-scale collective research meetings, and attention has been increasing month by month.
Basically all major insurance factions participated in the survey.
In the pension insurance sector, leading institutions such as China Life Pension, Ping An Pension, and Taiping Pension conduct frequent surveys and include industrial automation and PCB industry chain leaders in their key tracking lists; insurance asset management is the main force in the research, with Taikang Asset and Huatai Asset ranking among the top in the industry in terms of frequency of surveys. They all focus on on-site research on Inovance’s technology, and Ping An Asset Management and PICC insurance funds have successively entered the market, forming a situation where insurance funds are grouped together to find out the bottom line.
In the on-site survey session, the agency’s questions focused on three core issues, which are also the key to determining the company’s subsequent growth.
First, the pace of recovery of the industrial automation industry.
With the implementation of AI industrialization, energy storage expansion, and mass production of humanoid robots, the triple demand continues to expand industry growth, coupled with the acceleration of domestic alternative procurement, the industry fundamentals continue to recover.
Second, corporate orders and production capacity are released.
Price adjustments for products previously affected by fluctuations in raw materials were implemented smoothly, production capacity was gradually released in the second quarter, and all efforts were made to digest the backlog of orders on hand.
Third, the progress of new product research and development.
The company has increased the research and development of precision components such as screws and pneumatic components, and simultaneously deployed AI industrial supporting products. The implementation of new projects is expected to create a second growth curve.
Many investors wonder why insurance funds, which have always preferred stable blue-chip, low-volatility targets, are gathering together in high-growth technology manufacturing?
The essence is the resonance of the three factors of insurance capital attributes, market environment, and industrial policies.
The funding cycle fits perfectly. The insurance funding and liability cycle is generally as long as 20 to 30 years. It is difficult to pursue long-term and stable compound interest and it is difficult to play short-term games.
The semiconductor and automation equipment industries have long R&D cycles and strong growth sustainability, which exactly match the long-term layout needs of insurance funds.
In an environment where fixed-income financial management income continues to decline, high-quality manufacturing leaders have become a key allocation of insurance funds to increase investment income.
Policies continue to guide the flow of funds to entities, supervision continues to optimize insurance equity investment rules, lengthen the performance appraisal cycle of institutions, relax investment restrictions in the field of science and technology, and guide trillions of insurance flows to industries related to new productivity.
Various policies to support high-end manufacturing and domestically produced independent and controllable products have been implemented one after another, and the dividends of track policies continue to be realized.
The fundamentals of the industry have been steadily improving. Currently, high-end manufacturing is in a triple dividend cycle of domestic substitution + industrial upgrading + emerging industry empowerment. Leading companies have deep moats and outstanding performance resistance to fluctuations. They not only meet the requirements for stable risk control of insurance capital, but also share the industry’s long-term expansion dividends.
Industry institutional analysts generally have the same view: the research direction of insurance funds has strong reference value, the logic of long-term capital layout will not change in the short term, and technology and high-end manufacturing are still the main lines of the mid- to long-term market.
On the one hand, the pace of implementation of industries such as AI applications, robot industrialization, and domestic chip breakthroughs is steadily accelerating, and the industry’s growth logic has not changed; on the other hand, insurance funds pursue long-term investment, and research is only a pre-entry move, and positions will be established in batches in the future.
Those segment leaders with hard-core technologies, full orders, and steady performance growth will most likely continue to receive financial support in the future.
It is not difficult to see from the insurance capital survey data in May that the investment logic of A-share funds is shifting from short-term theme speculation to fundamental value investment. Medium- and long-term investment opportunities in the hard-core manufacturing track are gradually being tapped by trillions of long-term funds.
