Insurance capital of hundreds of billions "hidden large accounts" surface

The "stockholding" actions of insurance funds are becoming bolder.

When we shift our perspective to the top ten shareholders of listed companies, we find an interesting phenomenon: the scale of holdings by a single insurance fund account is already comparable to that of a medium-sized public offering institution.

Statistics from a third party on the shareholdings of listed companies show that "China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L-CT001 Shanghai" is a representative of this trend as a "low-key major player."

As of the end of the third quarter of 2025, this traditional insurance fund account managed by China Life Asset Management has appeared in the top ten shareholders of 142 A-share listed companies. Among them, over 100 companies have a single stock holding market value exceeding 100 million yuan, with total holdings surpassing 100 billion yuan.

What is even more noteworthy is that this scale and breadth is merely a corner of China Life's equity investment landscape, far from the full picture. If taken as a sample window, it may reflect the asset allocation ideas and practical paths of insurance funds in the current market environment.

This is a trend that cannot be overlooked.

60 Billion Holding "Base"

If we lay out the top ten holdings of China Life's traditional insurance account, we find it resembles a distribution map of the underlying arteries of the Chinese economy:

China Unicom, China Telecom, Zijin Mining, Industrial and Commercial Bank of China, China CITIC Bank, Yili Group, Hikvision, Daqin Railway, China Mobile, Nanjing Bank.

Telecommunications, banking, consumption, resources, railways... Behind each direction points to high certainty in cash flow and dividend capability.

The most eye-catching aspect is the gathering of the three major operators: the aforementioned product holds over 10.37% of the circulating shares of China Unicom, corresponding to a holding market value of 17.55 billion yuan; China Telecom has a holding of 7.596 billion yuan; and China Mobile stands at 2.85 billion yuan.

This bet on "computing power + infrastructure + dividends" makes operators almost exist as "equity-like bonds" in the eyes of insurance funds.

Financial stocks are also a core base.

It holds 5.528 billion yuan in Industrial and Commercial Bank of China, 5.15 billion yuan in China CITIC Bank, and 2.807 billion yuan in Nanjing Bank. While bank stocks have limited appeal in the eyes of many trading funds, they are cash cows, dividend reservoirs, and a natural match for the long-term liabilities of insurance. The logic of low valuation, high dividend, and stable returns is very insurance-like.

The biggest highlight appears in Zijin Mining.

This fund, as a new shareholder in the third quarter, held a market value of 7.38 billion yuan, directly ranking third among the top ten. Zijin has continuously delivered performance over the past few years, and its stock price has nearly doubled in the past year; at this moment, China Life's sudden "appearance" is worth pondering.

It is worth noting that China Life has not limited its resource bets to the mining sector.

The holding in Daqin Railway remains at 3.579 billion yuan, but its presence forms a complete logic of energy transportation chain, namely resource extraction plus capacity assurance.

In addition, Yili Group enters the top ten with 5.019 billion yuan, being the only consumer company on the list. Compared to the high volatility of new consumer stocks, this choice aligns more with the logic of matching insurance liabilities From these holdings, it can be seen that this is not a list chasing hot spots, but a set of "quasi-public asset bottom positions."

"Spinal Layer" Beneath the Base

If the top ten holdings constitute the "foundation" of China Life's traditional insurance equity portfolio, then the next batch of stocks with a market value of over 1 billion yuan forms its "spinal layer."

The list of companies in this part includes: China Shenhua, China State Construction, WH Group, Sungrow Power, Weichai Power, Sinopec, Wanda Information, Yutong Bus, China Merchants Highway, Suzhou Bank, Beijing Energy Holding, Bank of China, Kaiying Network, Top Group, and AVIC Shenyang Aircraft.

Compared to the "base layer" of telecommunications, banking, resources, and railways, this layer presents two obvious characteristics:

The aforementioned companies span energy, construction, consumer goods, heavy-duty truck power, bus manufacturing, and military equipment. These are not in the same industry track, but they are all in functional segments of China's major industrial chains, belonging to the type of enterprises that "can make money and generate cash flow."

Among this group of companies, some are held continuously; some have increased positions; and some have reduced positions. Taking food and consumer manufacturing companies as an example: WH Group has been reduced, but Yili remains rooted in the upper portfolio and has been increased, indicating that China Life does not adopt a one-size-fits-all approach to consumer stocks.

After reviewing the 25 selected stocks in China Life's portfolio with holdings exceeding 1 billion yuan, the following clues can be gleaned:

The top ten holdings resemble the "national base" of this insurance capital portfolio, controlling the core lifeline; the subsequent holdings connect the industrial chain, technological segments, supply capabilities, and cash flow.

Long-term Allocation of "Capillaries"

Looking further at the key holdings of this China Life product—from the 26th to the 100th—this part of the holdings has a market value range of approximately 100 million to 1 billion yuan (as shown in the long image at the end of the article).

Although these are not the "main characters" of the portfolio, they form a typical "large capital capillary network," with three distinct characteristics.

First, this portfolio is equivalent to the "map of the Chinese economy."

This layer of holdings covers electricity, manufacturing, chemicals, military components, pharmaceuticals, consumer goods, building materials, media, environmental protection, port logistics, transportation highways, and public utilities... more granular slices of the Chinese industry can be seen.

Theoretically, large-scale funds like insurance capital do not rely on "betting on which windfall," but rather "landmark" the core industrial chain.

Second, the companies that have increased positions or entered the portfolio are concentrated in the following industries: electricity and new energy chain, equipment and military components, transportation and logistics hubs, digital industries and tool software companies, food, pharmaceuticals, and consumption.

At this point, the overall picture of the capital distribution of this insurance capital portfolio emerges:

The 1st to 10th are "core assets"

The 11th to 25th are "industrial backbone"

The 26th to 100th are the "capillary network"

To put it more vividly: the base is stable, the spine supports, and the capillaries run smoothly. This is precisely the key element of investment allocation for large-scale funds

Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk