Core Viewpoint - Insurance funds are increasingly engaging in shareholding actions, with a notable rise in the frequency of such activities compared to the previous year [4]. Group 1: Recent Shareholding Actions - On August 11, Ping An Insurance purchased 1.7414 million shares of China Pacific Insurance at an average price of HKD 32.07 per share, increasing its stake from 4.98% to 5.04%, triggering a shareholding action [1]. - On August 12, Ping An Insurance further increased its stake in China Life Insurance to 5.04%, also triggering a shareholding action [2]. - On August 13, China Pacific Insurance announced its shareholding action in Dongyangguang Pharmaceutical, while Minsheng Insurance increased its stake in Zheshang Bank, triggering shareholding actions [3]. Group 2: Frequency and Trends - As of the report date, insurance funds have engaged in 28 shareholding actions this year, significantly surpassing the 20 actions recorded for the entire previous year [4][7]. - The increase in shareholding actions is attributed to multiple factors, including policy benefits, regulatory improvements, and the need for stable returns and asset optimization [7]. Group 3: Market Reactions and Implications - The recent shareholding actions by Ping An Insurance have led to a strong market response, with China Pacific Insurance's A-shares rising by 4.87% and H-shares by 4.71% as of August 14 [6]. - Analysts suggest that the actions reflect a re-evaluation of the insurance sector's value and indicate growing confidence in the industry's fundamentals [6]. Group 4: Future Outlook - The trend of insurance funds engaging in shareholding actions is expected to continue, supported by ongoing policy benefits and a favorable market environment [9]. - The diversification of shareholding methods, including participation in IPOs and asset swaps, highlights the flexibility and long-term investment focus of insurance funds [8].

Core Viewpoint - The implementation of the new Company Law in China has led insurance companies to abolish their supervisory boards, transitioning towards a more streamlined and efficient governance model [1][3]. Group 1: Changes in Governance Structure - China People's Property Insurance Company announced it will no longer have a supervisory board following the revision of its articles of association [1]. - China Pacific Insurance Group and other insurance institutions have also decided to abolish their supervisory boards, with their supervisory functions being transferred to the audit committee of the board [2][3]. - The new Company Law allows companies to set up an audit committee within the board to exercise the powers previously held by the supervisory board, eliminating the need for a supervisory board [3]. Group 2: Implications of Abolishing Supervisory Boards - The audit committee, typically composed of independent directors, is expected to enhance financial oversight and compliance compared to traditional supervisory boards [4]. - The concentration of supervisory functions within the audit committee may reduce internal coordination complexities and improve decision-making efficiency [4]. - However, potential challenges include information asymmetry and insufficient time for independent directors to fulfill their supervisory roles effectively [4]. Group 3: Future Considerations - The transition away from supervisory boards raises questions about maintaining effective oversight and balancing decision-making efficiency with power checks [4]. - As more insurance companies adjust their governance structures in line with the new Company Law, the industry will gain insights into creating a more scientific and efficient governance system [4].

港交所近日披露信息显示，中国平安于8月12日买入中国人寿H股950万股，耗资2.13亿港元。中国平安 对中国人寿H股持股3.75亿股，持股比例上升为5.04%，触发举牌。 (责任编辑：孟茜云) 根据港交所披露信息，8月11日，中国平安增持中国太保H股174万股，耗资5583.89万港元。中国平安持 有中国太保H股股份占其H股总股本的比例为5.04%，触发举牌。 据悉，今年以来，中国平安在资本市场动作频频。该公司及其一致行动人多次举牌银行股，包括农业银 行H股、邮储银行H股、招商银行H股等。对于相继举牌中国太保H股、中国人寿H股，中国平安方面表 示，相关投资属于财务性投资，是险资权益投资组合常规操作。 来源：中国银行保险报 朱艳霞 ...

Group 1 - The core viewpoint of the news is that China Ping An Insurance has increased its stake in China Pacific Insurance, indicating a trend of "insurance companies buying insurance" and reflecting a strategic shift towards high-dividend asset allocation [1][2] - China Ping An acquired approximately 1.74 million shares of China Pacific Insurance at a price of HKD 32.07 per share, totaling around HKD 55.84 million, resulting in a 5.04% ownership stake that triggered a regulatory notice [1] - The investment is characterized as a financial investment, aligning with the trend of insurance stocks being redefined as "alternative dividend assets," with China Pacific Insurance's current dividend yield at 3.5%, significantly higher than long-term bond yields [2] Group 2 - The report from Guosen Securities highlights that the increase in stake signals a medium to long-term valuation recovery potential for insurance stocks, with China Pacific Insurance's H-shares having risen 42.4% since 2025 and a current P/EV ratio of 0.73 [2] - The investment reflects a broader trend in the industry where insurance companies are increasingly viewing their peers as viable investment opportunities, as evidenced by a similar case in 2019 when China Life Insurance increased its stake in China Pacific Insurance [2]

8 月份以来，保险举牌再度进入密集阶段，两周内举牌次数高达 6 次，举牌仍然偏向于港股，从买银行扩散至消费及保险板块。如中国平安增持 中国太保（H）、中国人寿（H）值，触发举牌。 值得关注的是，这是险资时隔六年再度举牌险企。 这一事件有何意义？对红利投资来说意味着什么？ 长江证券指出，险资举牌保险H股，本质是对高股息资产的旺盛需求下，资金从传统红利向其他高股息领域扩散。 回顾红利资产历史行情，行业轮动氛围四个阶段： 与此同时，港股红利表现开始强于A股红利，本质上是待配资金较多，对高股息稳健型资产配置需求较为刚性，但A股红利配置仓位提升后符合需 求的资产稀缺，红利扩散逻辑演绎，资金从传统红利向其他高股息领域扩散。 第一阶段，2021Q4-2022Q3，煤炭红利领涨红利指数； 第二阶段2022Q4-2023Q1，运营商接棒； 第三阶段，2023Q3-2024Q1，煤炭、高速、水电普涨； 第四阶段，2024H2至今，银行行情启动，相对收益持续。 此外，港股红利低波ETF（520550）具有全市场最低费率（综合费率0.2%），可有效降低持有成本，同时每月进行评估分红。通过单一个股5%的 权重上限实现风险分散，剔除阶段 ...

Core Viewpoint - China Ping An has significantly increased its holdings in Agricultural Bank and China Life H shares, spending approximately HKD 465 million in total [2][3]. Group 1: Investment Activities - On August 13, Ping An Life purchased 26.515 million shares of Agricultural Bank H shares at an average price of HKD 5.5041 per share, totaling about HKD 146 million, raising its stake from 13.99% to 14.08% [4]. - On the same day, Ping An Life also acquired 14.067 million shares of China Life H shares at an average price of HKD 22.7439 per share, costing approximately HKD 319 million, increasing its holding from 4.99% to 5.18% [4]. - On August 18, Ping An Life disclosed its previous acquisition of China Pacific Insurance H shares on August 11, raising its stake from 4.97% to 5.1% [4]. - Throughout 2023, Ping An has actively increased its stakes in various banks and insurance companies, including Postal Savings Bank, China Merchants Bank, and others [5]. Group 2: Market Trends - The insurance capital has shown a high-frequency trend in acquiring H shares of banks and insurance companies, with over 30 instances of acquisitions this year, focusing on undervalued, high-dividend, and stable performance sectors [8]. - As of the end of Q2, the total balance of insurance funds reached CNY 36.23 trillion, a 3.73% increase from Q1, with stock investments rising to CNY 3.07 trillion, an 8.9% increase from CNY 2.81 trillion in Q1 [8].

二、中国太平洋人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年8月14日，邯郸金融监管分局发布批复称，《中国太平洋人寿保险股份有限公司河北分公司关于 中国太平洋人寿保险股份有限公司曲周支公司变更营业场所的请示》（冀太保寿〔2025〕174号）收 悉。经审核，现批复如下： 一、同意中国太平洋人寿保险股份有限公司曲周支公司将营业场所变更为：河北省邯郸市曲周县人民路 南侧中兴大街（原前进大街）西侧中央国际生活广场写字楼9层20-21室。 ...

截至2025年8月19日 10:18，中证红利低波动100指数(930955)上涨0.10%，成分股洋河股份(002304)上涨4.64%，农业银行(601288)上涨2.02%，邮储银行 (601658)上涨1.98%，天士力(600535)上涨1.88%，中粮糖业(600737)上涨1.31%。红利低波100ETF(159307)多空胶着，最新报价1.09元。拉长时间看，截至 2025年8月18日，红利低波100ETF近2周累计上涨1.02%，涨幅排名可比基金2/5。 流动性方面，红利低波100ETF盘中换手0.55%，成交676.08万元。拉长时间看，截至8月18日，红利低波100ETF近1月日均成交2094.09万元，居可比基金前 2。 截至2025年8月19日 10:18，恒生港股通高股息率指数(HSSCHKY)盘中震荡。成分股方面涨跌互现，海丰国际(01308)领涨2.92%，中国海外发展(00688)上涨 1.84%，农业银行(01288)上涨1.68%；信义玻璃(00868)领跌2.28%，中国财险(02328)下跌2.03%，中国电信(00728)下跌1.72%。港股红利ETF博时(5136 ...

智通财经APP获悉，根据2025年8月18日披露数据，中国电信（00728）、绿色动力环保（01330）、中 国神华（01088）位居港股通持股比例前3位，分别为74.69%、69.88%、68.38%。此外，中国人寿 （02628）、南方恆生科技（03033）、信达生物（01801）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+24.16亿元、+12.98亿元、+9.84亿元;快手-W（01024）、盈富基金（02800）、安踏体 育（02020）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-27.47亿元、-25.56亿 元、-16.11亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） 3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 快手-W(01024) | -27.47亿元 | -3727.86万股 | | 盈富基金(02800) | -25.56亿元 | -9961.30万股 | | 安踏体育(02020) | -16.11亿元 | -1728. ...

Core Viewpoint - Insurance funds have resumed cross-holding in the industry after six years, with China Ping An increasing its stakes in China Pacific Insurance and China Life Insurance, indicating a strategic financial investment approach [2][4]. Group 1: Investment Activities - China Ping An increased its holdings in China Pacific Insurance by approximately 1.74 million shares at an average price of 32.07 HKD per share, totaling around 55.84 million HKD, raising its stake to 5.04% [5]. - On August 12, Ping An Life further acquired 3.66 million shares of China Pacific Insurance at an average price of 33.29 HKD, bringing its total holdings to 140 million shares, or 5.1% of the issued H shares [5]. - Ping An Asset Management also bought 1.1 million shares of China Pacific Insurance at an average price of 32.28 HKD, increasing its total holdings to 138 million shares, or 5% of the issued H shares [5]. - Additionally, on August 12, China Ping An acquired 9.5 million shares of China Life Insurance, raising its total stake to 5.04% [5]. Group 2: Market Performance - As of August 18, China Life Insurance's H shares rose by 2.87% to 25.06 HKD, while China Pacific Insurance's H shares increased by 1.75% to 37.28 HKD [3]. - Year-to-date, China Pacific Insurance's H shares have surged over 50%, with a trailing twelve months (TTM) dividend yield of 3.22%, while China Life Insurance's H shares have risen over 70% with a TTM dividend yield of 2.92% [6]. Group 3: Industry Insights - The resurgence of insurance funds in cross-holding reflects confidence in the recovery and long-term value of the insurance sector, as indicated by the strong performance of H shares in both A-share and Hong Kong markets [4][6]. - The current market environment, characterized by declining interest rates, has prompted insurance companies to seek stable returns through long-term value investments [7][10]. - Regulatory encouragement for long-term capital investment has further opened up opportunities for insurance funds in the capital markets [10].