Stocks backed by aggressive, cash-rich insurance funds have become the newest names to woo investors in the A-share market.

Shares in Shenzhen-listed glass manufacturer CSG Holding Co Ltd, for instance, jumped by the 10 percent trading limit on Tuesday while wind power company Xinjiang Goldwind Sci & Tech Co Ltd saw its share price surge by 7.97 percent.

Their similarity comes in that both have been recent targets of insurance funds, that have been eagerly buying up what they consider to be undervalued stocks.

During the fourth quarter of this year, at least 30 listed companies - mostly in real estate, financial services, alternative energy, food and healthcare - have attracted strong interest from insurance funds.

Any acquisition of more than 5 percent of a stock prompts a listed company to notify the sale with the stock exchange.

Private conglomerate Baoneng Group's recent high-profile purchase of 22.45 percent of China's largest residential developer China Vanke Co Ltd through its insurance subsidiary, has also helped fuel investor enthusiasm for stocks linked to large insurance funds.

Any market move by an insurance fund is now likely to be closely followed by speculative investors aiming to make a quick profit by betting on other stocks held by insurance firms.

Anbang Insurance Group Co Ltd, best-known for its high-profile purchase of New York's famed Waldorf Astoria hotel in 2014, has been highly acquisitive of late, buying shares ranging from real estate to traditional Chinese medicine.

Kong Lingchao, an analyst at Guosen Securities Co, said that the low-interest rate environment has prompted insurance companies to increase their exposure to higher-yield equities.

"Interest rates have been dropping and there has been a shortage of high-yield assets available on the market amid the slowing economy.

"Insurance companies are under increasing pressure to raise investment returns to hold onto clients," he said.

Undervalued blue-chip stocks with a wide range of shareholders, offering high dividends and good cash flow have been most targeted, analysts say.

Chen Jie, an analyst at GF Securities Co Ltd, said insurance companies have also been given more leeway on the equities allowed within their investment portfolios, after the insurance regulator raised the proportion from 25 to 30 percent of total assets.

Their recent shopping spree of undervalued stocks has also prompted the regulator to issue a notice requiring insurance firms to conduct stricter stress tests on their assets and liabilities.