中国平安接连举牌中国人寿H股和中国太保H股，释放出险资对保险行业基本面改善的积极信号。这是 自2019年以来，险资首次举牌上市保险公司，距上次中国人寿举牌中国太保H股已时隔6年。 新华财经上海8月18日电（记者王淑娟）"扫货"银行股的同时，时隔六年，险企再次出手举牌同业。近 期，中国平安相继增持中国太保H股、中国人寿H股，触发举牌。 对此举动，中国平安回应称，相关投资属于财务性投资，是险资权益投资组合的常规操作。以险资为代 表的中长期资金入市仍在持续进行，分析认为，在政策鼓励险资作为中长期资金入市的背景下，未来险 资权益配置将持续扩大，有望持续提振市场情绪。 险资举牌险企释放积极信号 根据港交所披露的信息，中国平安于8月12日增持中国人寿H股950万股，持股比例由4.91%增至5.04%。 此前一日，中国平安增持中国太保H股174.14万股，以平均每股32.07港元的价格买入，持股比例由 4.98%增至5.04%。据悉，在具体操作上，中国平安通过旗下子公司平安人寿持有中国太保H股13809万 股，子公司平安养老持有200万股。 自2024年第二季度突破30万亿元大关后，保险公司资金运用规模继续高歌猛进。金融监 ...

Group 1 - On August 11, China Ping An purchased 1.7414 million shares of China Pacific Insurance (H shares) at an average price of HKD 32.0655 per share, totaling approximately HKD 55.8387 million [2] - Following the acquisition, China Ping An's stake in China Pacific Insurance increased from 4.98% to 5.04% [3] - The total number of issued shares for China Pacific Insurance (H shares) is 2.7753 billion [3] Group 2 - In August 2019, China Life disclosed a similar stake increase in China Pacific Insurance, raising its holding from 4.87% to 5.04%, which triggered a disclosure requirement [4] - During a March 2025 earnings conference, China Ping An's CFO indicated a positive outlook for the equity market and plans to increase equity allocation while balancing growth sectors and high-dividend stocks [4]

Core Viewpoint - The insurance industry is experiencing steady growth in key indicators, driven by sustained savings demand and the implementation of the "bank-insurance integration" policy, leading to a notable increase in both bond and equity allocations in investment strategies, particularly emphasizing a "barbell" strategy [2][5]. Group 1: Insurance Industry Performance - As of mid-2025, the total assets of the insurance industry grew by 9.2% year-on-year, with total premium income increasing by 5.1% [2]. - The growth in premium income is primarily driven by life insurance, with a reported growth rate of 5.4% for personal insurance companies in the first half of the year, a significant increase from 3.3% in the previous month [2]. Group 2: Investment Allocation - By the end of Q2 2025, the balance of insurance funds reached 36.23 trillion yuan, marking a year-on-year increase of 17.39% and a quarter-on-quarter increase of 3.7% [2][3]. - The allocation of insurance funds remains heavily focused on bonds, which account for over 51% of the total investment, with a bond balance of 17.87 trillion yuan, reflecting a record high [4]. - The stock balance for life and property insurance companies reached 3.07 trillion yuan, representing an increase of 47.57% compared to the previous year, with a net increase of 640.6 billion yuan in the first half of the year [3][4]. Group 3: Market Trends and Strategies - The low interest rate environment has led to an "asset shortage," prompting insurance companies to increase their allocation to equity assets and expand long-term investment trials [3]. - Regulatory support for insurance funds to enter the market has facilitated this trend, allowing for continued investment through shareholding and private fund establishment [3]. - The "barbell" strategy is becoming more pronounced, with insurance funds increasing both bond and equity allocations, particularly in high-dividend sectors such as banks and public utilities [5].

民生证券指出，年初至今政策定调积极，财政政策更加积极，叠加货币政策适度宽松，有望持续提振市 场情绪。政策鼓励保险作为中长期资金入市，权益配置有望持续扩大，举牌范围拓展至保险股，有望提 升投资收益率并推动保险股价值重估，人身险预定利率调降有望降低险企负债成本。 内险股继续走高，截至发稿，中国人寿(02628)涨3.86%，报25.3港元；众安在线(06060)涨3.67%，报 19.75港元；中国太保(02601)涨2.57%，报37.58港元；中国平安(02318)涨1.13%，报58.25港元。 消息面上，近期中国平安增持中国太保H股约174万股，增持后持有太保H股比例达5.04%，同时增持中 国人寿H股约2.13亿港元，增持后持有国寿H股比例达5.04%，均达到举牌条件。招商证券指出，险资举 牌持续升温，时隔六年再现举牌同业，在提升投资组合回报的同时，也反映出对保险板块基本面修复和 长期价值的信心。 本文源自：智通财经网 ...

民生证券指出，年初至今政策定调积极，财政政策更加积极，叠加货币政策适度宽松，有望持续提振市 场情绪。政策鼓励保险作为中长期资金入市，权益配置有望持续扩大，举牌范围拓展至保险股，有望提 升投资收益率并推动保险股价值重估，人身险预定利率调降有望降低险企负债成本。 内险股继续走高，截至发稿，中国人寿（601628）(02628)涨3.86%，报25.3港元；众安在线(06060)涨 3.67%，报19.75港元；中国太保（601601）(02601)涨2.57%，报37.58港元；中国平安（601318）(02318) 涨1.13%，报58.25港元。 消息面上，近期中国平安增持中国太保H股约174万股，增持后持有太保H股比例达5.04%，同时增持中 国人寿H股约2.13亿港元，增持后持有国寿H股比例达5.04%，均达到举牌条件。招商证券指出，险资举 牌持续升温，时隔六年再现举牌同业，在提升投资组合回报的同时，也反映出对保险板块基本面修复和 长期价值的信心。 ...

消息面上，近期中国平安增持中国太保H股约174万股，增持后持有太保H股比例达5.04%，同时增持中 国人寿H股约2.13亿港元，增持后持有国寿H股比例达5.04%，均达到举牌条件。招商证券指出，险资举 牌持续升温，时隔六年再现举牌同业，在提升投资组合回报的同时，也反映出对保险板块基本面修复和 长期价值的信心。 民生证券指出，年初至今政策定调积极，财政政策更加积极，叠加货币政策适度宽松，有望持续提振市 场情绪。政策鼓励保险作为中长期资金入市，权益配置有望持续扩大，举牌范围拓展至保险股，有望提 升投资收益率并推动保险股价值重估，人身险预定利率调降有望降低险企负债成本。 智通财经APP获悉，内险股继续走高，截至发稿，中国人寿(02628)涨3.86%，报25.3港元；众安在线 (06060)涨3.67%，报19.75港元；中国太保(02601)涨2.57%，报37.58港元；中国平安(02318)涨1.13%，报 58.25港元。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector, indicating a positive outlook for the industry over the next 6 to 12 months [2]. Core Insights - The insurance sector's total investment balance reached 36.23 trillion yuan by the end of Q2 2025, with a year-on-year growth rate of 17.4%, marking the fifth consecutive quarter of improvement [5]. - The asset allocation shows a continued increase in bond investments, with a slight slowdown in growth, while stock allocations have improved for five consecutive quarters [5][6]. - The report highlights that the insurance industry is not as negatively impacted as the market perceives, with valuations reflecting the pressures on both assets and liabilities [5]. Summary by Sections Industry Overview - The total market capitalization of the insurance industry is approximately 32,643.28 billion yuan, with a circulating market value of 32,637.15 billion yuan [2]. Investment Allocation - By the end of Q2 2025, the allocation of insurance funds was as follows: bank deposits (8.6%), bonds (51.1%), stocks (8.8%), securities investment funds (4.8%), long-term equity investments (7.9%), and other non-standard assets (18.2%) [5][6]. - The bond allocation has increased, but the growth rate has shown signs of slowing down, while stock allocation has seen a consistent rise [5]. Performance Metrics - The year-on-year growth rates for original premiums, net assets, and total assets as of June 2025 were 5.3%, 23.4%, and 16.1%, respectively, indicating improved operational performance [5]. - The solvency ratios for property and life insurance companies were reported at 240.6% and 196.6%, respectively, showing a recovery trend [5][18]. Investment Recommendations - The report suggests focusing on companies such as New China Life Insurance, Ping An Insurance, China Life Insurance, AIA, China Pacific Insurance, and China People’s Insurance, as they are expected to benefit from the current market conditions [5].

Core Viewpoint - The recent increase in stakes by China Ping An in China Life and China Pacific Insurance reflects a strategic move towards financial investments, aligning with the trend of insurance capital entering the equity market for long-term gains [1][3][5]. Group 1: Investment Activities - On August 12, China Ping An increased its holdings in China Life H-shares by 9.5 million shares at a price of HKD 22.41 per share, totaling HKD 213 million [1]. - Following this transaction, China Ping An's stake in China Life H-shares rose from 4.91% to 5.04%, triggering a mandatory disclosure [2]. - Additionally, on August 11, China Ping An purchased 1.7414 million shares of China Pacific Insurance H-shares at an average price of HKD 32.07 per share, amounting to HKD 55.88 million, increasing its stake from 4.98% to 5.04% [3]. Group 2: Market Context and Analysis - The increase in stakes is viewed as a financial investment strategy, indicating a shift to include insurance stocks in high-dividend configurations similar to bank stocks, supported by improved fundamentals in the insurance sector [3]. - The insurance industry is expected to benefit from multiple catalysts, including a surge in short-term premium income, narrowing interest margin risks, and improved investment return expectations [3]. - The number of stake increases by insurance capital has reached 27 this year, surpassing the total of 20 for the entire previous year, indicating a growing trend [5]. Group 3: Preference for Bank Stocks - China Ping An is also actively acquiring bank stocks, having reached a 15% stake in Postal Savings Bank H-shares, which also triggered a disclosure requirement [4]. - Bank stocks are favored due to their relatively stable performance and consistent dividends, aligning with the long-term, value-oriented investment strategy of insurance capital [5]. - Current valuations of bank stocks remain low historically, with attractive dividend yields, which are likely to continue drawing in long-term incremental capital [5].

Group 1: Market Performance - The Shanghai Composite Index rose 0.83% to 3696.77 points, while the Shenzhen Component increased by 1.6% to 11634.67 points, and the ChiNext Index surged 2.61% to 2534.22 points, driven by sectors such as brokerage and insurance [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 22,732 billion [1] - The brokerage sector saw significant gains, along with increases in semiconductor, non-ferrous metals, automotive, chemical, insurance, and real estate sectors [1] Group 2: AI and Computing Investment - AI computing investment is on the rise, with Elon Musk's xAI making Grok 4 available for free to users, while Apple plans to integrate OpenAI's GPT-5 into its upcoming iOS 26 [2] - CITIC Securities notes that the user penetration rate for AI large models is still low, indicating a growing capital expenditure potential as revenue from these models increases [2] Group 3: Optical Module Market - The demand for higher bandwidth in AI data centers is driving the growth of 1.6T optical modules, with 800G optical modules already showing high growth rates [3] - CITIC Securities predicts that the optical module industry will enter a prosperous cycle with significant volume and price increases from 2023 to 2026 [3] Group 4: Banking Sector Outlook - The banking sector shows stable fundamentals with narrowing interest margin declines and improving asset quality, according to regulatory data [4] - CITIC Securities anticipates a continued improvement trend in bank performance throughout the year, despite short-term market fluctuations [4] Group 5: Policy and Investment Initiatives - The National Development and Reform Commission emphasizes the need to support the healthy development of the private economy and plans to establish a national venture capital guidance fund [5][6] - The initiative aims to enhance financing support for small and micro enterprises and promote long-term investments in hard technology [6] Group 6: Major Corporate Transactions - China Shenhua plans to acquire multiple assets from the State Energy Group and Western Energy through a combination of issuing A-shares and cash payments [9] - The transaction includes 100% stakes in various energy and coal companies, with the A-shares expected to resume trading on August 18, 2025 [9] Group 7: Strategic Investments in Insurance - China Ping An has increased its stake in China Life Insurance by purchasing 9.5 million H-shares, bringing its total holdings to 375 million shares, which is 5.04% of the voting shares [10] - This investment is characterized as a financial investment and part of the routine operations of insurance capital equity investments [10]

Group 1 - The insurance industry reported a total original premium income of 3.7 trillion yuan in the first half of the year, representing a year-on-year growth of 5.1% [3] - The total assets of insurance companies reached 39.2 trillion yuan, an increase of 3.3 trillion yuan from the beginning of the year, reflecting a growth of 9.2% [3] - The comprehensive solvency adequacy ratio of the insurance industry stood at 204.5%, with the core solvency adequacy ratio at 146.5% [3] Group 2 - The initial review directory for commercial insurance innovative drugs was released, including five CAR-T therapies among 121 drugs [4] - The directory covers various tumor drugs and includes new drugs approved in China this year [4] Group 3 - China Ping An has made financial investments by acquiring shares in China Pacific Insurance and China Life Insurance, increasing its holdings to 5.04% and 5.04% respectively [5][6] - The "Car Insurance Good to Insure" platform has insured over 880,000 new energy vehicles, providing coverage of 888.95 billion yuan [7] Group 4 - The Ministry of Finance and other departments announced a 1% interest subsidy for loans to service industry entities [8] - A similar 1% interest subsidy was also announced for eligible personal consumption loans [9] Group 5 - China Taiping reported original premium income of 314.59 billion yuan in the first seven months, a year-on-year increase of 5.48% [18] - Zhong An Online reported original premium income of 19.917 billion yuan in the first seven months, reflecting a year-on-year growth of 5.82% [19] Group 6 - Nine insurance groups participated in the subscription of TCL Technology's private placement, with a total subscription amount of 157.27 billion yuan [30] - New China Life Insurance has added five new quality cooperative elderly care communities, bringing the total to 40 [31]