Changjiang Securities stated that as of June 20, 2025, there were 19 times insurance institutions raised stakes, with 9 times in bank stocks, of which 7 times were in Hong Kong bank stocks. In terms of the scale of holdings, the reference holding Market Cap of insurance institutions in A-share banks reached 265.78 billion yuan; among the 7 Hong Kong bank stocks with higher weights in the Hang Seng Financial Index, insurance.Institutional holdingsMarket Cap exceeds 560 billion yuan, accounting for about 20% of the total shareholding in insurance stocks, indicating relatively high concentration.
Key points of the report
This year, insurance stake-raising continues the heated momentum of last year, and in terms of sector and industry characteristics, the number of stake-raising in Hong Kong stocks and banks is higher than in previous periods. As of June 20, 2025, the total number of insurance stake-raising occurrences is 19 times, involving 16 companies, among which Hong Kong stocks were raised 13 times; looking at the industry distribution, among the 19 stake-raising occurrences this year, 9 were in bank stocks, including 7 in Hong Kong banks. According to the disclosure data of the top ten shareholders in the 2025 first quarter reports of listed companies (excluding related party holdings), statistics show that the reference Market Cap for banks entering the top ten shareholders of listed companies reached 265.78 billion yuan. Selecting the 7 bank stocks with higher weights in the Hang Seng Financial Index, from the perspective of institution types, the insurance institutions in these 7 bank symbols have a reference holding Market Cap exceeding 560 billion yuan.
Report Overview
The wave of insurance stake-raising continues in 2025
This year, insurance stake-raising continues the heated momentum of last year, and in terms of sector and industry characteristics, the number of stake-raising in Hong Kong stocks and banks is higher than in previous periods. As of June 20, 2025, the total number of insurance stake-raising occurrences is 19 times, involving 16 companies, among which Hong Kong stocks were raised 13 times; looking at the industry distribution, among the 19 stake-raising occurrences this year, 9 were in bank stocks, including 7 in Hong Kong banks.
From the perspective of heavily weighted stocks, the Banks' Hold Positions.
A-share heavy holdings situation:
Based on the disclosure data of the top ten shareholders in listed companies' Q1 2025 reports (excluding related parties' holdings), the distribution of insurance heavy stocks in terms of Industry looks relatively unchanged in marginal changes, while the holdings of Banks, Transportation, and Telecommunications Business have increased, and the Public Utilities and New Energy sectors have slightly decreased, with the CSI SWS Food & Beverage index continuing to trend downward in hold percentage. According to the statistics of insurance institutions entering the top ten shareholders of listed companies, as of the end of the first quarter, the Banks' reference Hold Positions market cap was 265.78 billion Yuan.
Hong Kong Banks' heavy holdings situation:
Selecting the top 7 bank stocks by weight from the Hang Seng Financial Index, we analyze the global shareholder holdings situation disclosed as of June 20, 2026. In terms of institution types, the total market cap of the various institutions holding the 7 bank symbols is combined, with insurance institutions holding a reference market cap of over 560 billion Yuan on the relevant symbols, and the market cap excluding general legal persons accounts for more than 58%. According to the first quarter data of the 2025 insurance investment balance, the total market cap of insurance companies' stocks is approximately 2.8 trillion Yuan, with the 7 individual stocks' market cap occupying about 20% of the insurance stock portfolio weight, indicating a relatively high concentration.
Report Text
The wave of insurance stake-raising continues in 2025
Insurance shareholding means that when insurance funds hold more than 5% of the shares of a listed company, it must be disclosed as required by law, and each additional 1% shareholding beyond the disclosure threshold also requires disclosure. This year, insurance shareholding has continued last year's hot momentum, and based on the characteristics of sectors and Industries, the number of shareholding in Hong Kong stocks and Banks exceeds that of previous periods.
This year, the number of stake acquisitions of Hong Kong stocks exceeded that of A-shares.
From the perspective of industry distribution, among the 19 stake acquisitions this year, 9 were in bank stocks, with 7 stake acquisitions in Hong Kong bank stocks.
Considering the shareholding amount after the stake acquisition, based on the closing price on June 20, 2025, the market cap held amounts to 116.94 billion yuan, of which the market cap for banks is 74.633 billion yuan, accounting for over half.
From the perspective of heavily held stocks, what is the proportion of banks?
From another perspective, according to the disclosed data of the top ten shareholders in listed companies' Q1 2025 reports (excluding holdings from related parties), in terms of the industry distribution of heavily held stocks by insurance, the latest marginal changes in heavily held industries show that the proportion of holdings in sectors such as banks, transportation, telecommunications, etc., has increased, while public utilities and new energy have slightly decreased, and the food and beverage sector continues to trend down in its holding proportion.
According to the statistics of the top ten shareholders' insurance Institutions before entering the listed company, as of the end of the first quarter, the Banks' reference Hold Positions Market Cap was 265.78 billion yuan.
If penetrating to the shareholders' Institutions of the Hong Kong Banks, statistics can be performed through the information disclosed by the Stock Exchange regarding the holders of Hong Kong stocks, roughly analyzing the insurance Institutions' holdings in Hong Kong Banks.
Selecting the top 7 bank stocks by weight in the Hang Seng Financial Index, analyzing the global Shareholder Hold Positions as of June 20, 2025, using Company A as an example, the shareholder proportions are generally shown in the table below.
According to the type of Institutions, the cumulative market value of the Hold Positions of various types of Institutions in the 7 bank symbols is shown in the figure below.
As of recently, the insurance Institutions have a reference Hold Positions Market Cap exceeding 560 billion yuan in the relevant symbols, with the market cap proportion exceeding 58% excluding general legal entities, which may reflect the insurance industry's preference for Hong Kong financial stocks from the side.
According to the data for the first quarter of 2025, the total Market Cap of insurance companies' Hold Positions in Stocks is approximately 2.8 trillion. The Market Cap of the aforementioned 7 stocks accounts for about 20% of the weight of the existing insurance Stocks, indicating a relatively high concentration.
Author of this article: Chen Jiemin, source: Changjiang Securities, original title: "How Much Banks Have Insurances Bought?"
