Hard technology enterprises, including Changxin Technology, Unitree Robotics, and Photonics Innovations, have recently undergone a significant surge in IPOs within emerging sectors of high-quality productive forces, such as AI and high-end chips. This surge has been marked by the frequent and unprecedented involvement of insurance capital investors. According to available statistics, over 30 insurance capital institutions have already taken early positions in these hard technology ventures through private equity funds. Driven by both policy directives and the need for diversified asset allocation, trillions in insurance capital are now forming an investment trend characterized by two-way penetration into both primary and secondary markets. This trend has positioned insurance capital as an indispensable source of long-term financial support for leading hard technology firms. By the end of June 2026, the utilization balance of insurance funds had surpassed RMB 40 trillion.