Wallstreetcn analysis indicates that Chinese insurance funds are exploring diversified asset allocation in response to yield pressure under low interest rates. In addition to traditional stock investments, insurance funds have begun to participate in growth enterprise investments that have completed multiple rounds of financing through methods such as PE funds and S funds. They are also flowing into infrastructure, mature operating assets, and REITs, aiming to obtain continuous and predictable cash flow to reduce reliance on single stock price fluctuations and better match the duration requirements of long-term liabilities. For example, before CXMT listed on the STAR Market, six insurance-affiliated institutions, including Hexie Health and China Life Investment, collectively subscribed for 2.385 billion yuan, achieving a floating profit of over 100 billion yuan after the listing.