Group 1 - The core viewpoint of the article highlights the increasing trend of insurance capital stake acquisitions, with a notable example being Taiping Asset's acquisition of a 5% stake in Shanghai Airport, marking the first instance of such activity in 2026 [1] - In 2025, the number of stake acquisitions by insurance capital reached 41, a significant increase from 20 in 2024, setting a near ten-year high, second only to the historical peak in 2015 [1] - The current wave of stake acquisitions differs from previous ones, primarily driven by two considerations: the emphasis on high dividend stocks in a low-interest-rate environment and the strategy of long-term equity investments in high-quality targets with stable ROE to optimize asset structure [1] Group 2 - The trend of frequent stake acquisitions by insurance capital is expected to continue in 2026, driven by the same two investment logic considerations [1] - Other funds are focusing more on low-volatility dividend strategies, as exemplified by the low-volatility dividend index (H30269.CSI), which selects securities with stable dividends, high dividend yields, and low volatility [1] - As of January 13, the one-year dividend yield of the low-volatility dividend index was 4.45%, with the Huaxia low-volatility dividend ETF (159547) being the lowest fee ETF tracking this index [1]

Core Viewpoint - The trend of insurance capital "shareholding" is expected to continue into 2026, driven by the focus on high dividend stocks and the need for long-term equity investments to enhance return on equity (ROE) [2][18]. Group 1: Recent Trends in Insurance Capital Shareholding - In 2025, insurance capital shareholding reached 41 instances, a significant increase from 20 in 2024, marking a new high in the past decade [2][3]. - The current wave of shareholding differs from the past, as it is influenced by a low interest rate environment and the need for stable cash returns through high dividend stocks [5][14]. - Analysts indicate that the demand for high dividend and high ROE stocks will persist, suggesting that the shareholding trend will continue [18]. Group 2: Characteristics of the Current Shareholding Wave - The shareholding activities are more diversified compared to previous years, with "Ping An" leading with 15 instances, primarily targeting bank and insurance stocks [11][12]. - Bank stocks were the most favored, being targeted 17 times, accounting for 41.5% of total shareholding instances in 2025 [13][14]. - The average dividend yield of the targeted companies was approximately 5.0%, higher than previous waves, indicating a preference for high-yield investments [15]. Group 3: Investment Strategies and Regulatory Environment - The new accounting standards implemented in 2023 require insurance companies to choose between FVTPL and FVOCI for stock investments, influencing their investment strategies [6][7]. - The regulatory environment has encouraged long-term capital market participation, enhancing the attractiveness of shareholding for insurance companies [7][18]. - The investment strategy includes a focus on high ROE assets, particularly state-owned enterprises with stable business models, to improve the overall ROE of insurance capital [17].

Core Viewpoint - China Pacific Asset Management has increased its stake in Shanghai Airport, raising its shareholding from 2.09% to 5.00%, triggering a mandatory tender offer [1][2]. Group 1: Shareholding Changes - On January 9, China Pacific Asset Management acquired over 70 million A-shares of Shanghai Airport through block trading [1]. - Following this transaction, the total shareholding of China Pacific Asset Management and its affiliate, Taiping Life, increased to 124 million shares [1][2]. - The increase in shareholding was funded by insurance funds managed by China Pacific Asset Management [4]. Group 2: Trading Details - The block trades on January 9 had a total transaction value of 2.14 billion yuan, with a trading price of 29.55 yuan per share, reflecting a 9.99% discount compared to the previous closing price [2][3]. - Three block trades were executed on that day, with the largest transaction involving 40.39 million shares [3]. Group 3: Financial Performance of Shanghai Airport - For the first three quarters of 2025, Shanghai Airport reported a revenue of 9.71 billion yuan, a year-on-year increase of 5.69%, and a net profit of 1.63 billion yuan, up 35.98% [8][9]. - The significant profit growth was attributed to increased air traffic at both Pudong and Hongqiao airports [8]. Group 4: Industry Context - The insurance sector has been active in equity acquisitions, with 41 instances of insurance capital increasing stakes in listed companies since 2025 [5]. - The trend of insurance capital acquisitions is expected to continue, focusing on companies with stable dividend cash flows and mature business models [8].

Core Viewpoint - The announcement details a significant equity change involving Shanghai International Airport Co., Ltd., where Taibao Asset increased its shareholding from 2.09% to 5.00% through a block trade, without altering the controlling shareholder or actual controller of the company [2][5]. Group 1: Equity Change Details - On January 9, 2026, Taibao Asset completed the acquisition of 72,424,000 A-shares, raising its total holdings from 51,991,684 shares to 124,415,684 shares [2][3]. - The increase in shareholding was funded by insurance funds managed by Taibao Asset on behalf of Taibao Life Insurance [3]. Group 2: Stakeholder Information - Taibao Asset and Taibao Life Insurance are subsidiaries controlled by China Pacific Insurance (Group) Co., Ltd., and they have a concerted action relationship as per the regulations of the China Securities Regulatory Commission [2][3]. Group 3: Regulatory Compliance - The equity change does not lead to a change in the company's controlling shareholder or actual controller [5]. - The equity change is in compliance with relevant regulations, including the Securities Law and the Measures for the Administration of the Acquisition of Listed Companies [5].

Core Viewpoint - Pacific Asset Management Co., Ltd. acquired 72,424,000 shares of the company's A-shares through block trading, increasing its stake from 2.09% to 5.00% in total with China Pacific Life Insurance Co., Ltd. as a concerted actor [1] Group 1 - The total shares held by Pacific Asset Management and China Pacific Life Insurance after the acquisition amount to 124,415,684 shares [1] - The funding for the increased shareholding comes from insurance funds managed by China Pacific Asset Management [1] - There are no restrictions on share rights, and the company does not rule out the possibility of further increasing or decreasing its shareholding within the next 12 months [1]

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.23% on January 12, with CITIC Offshore Helicopter leading the gains. The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1]. Group 1: Stock Performance - CITIC Offshore Helicopter (000099) closed at 22.36, up 4.24% with a trading volume of 401,400 shares and a transaction value of 886 million yuan [1]. - Xiamen Airport (600897) closed at 17.47, up 1.22% with a trading volume of 82,500 shares and a transaction value of 143 million yuan [1]. - China Eastern Airlines (600115) closed at 6.00, up 0.33% with a trading volume of 1,101,000 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 18.41 million yuan from institutional investors, while retail investors had a net inflow of 25.28 million yuan [2]. - Major stocks like Hainan Airlines (600221) experienced a net inflow of 77.03 million yuan from institutional investors, but a net outflow of 49.07 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net outflow of 9.17 million yuan from institutional investors, while retail investors contributed a net inflow of 469,890 yuan [3].

上市公司名称：上海国际机场股份有限公司 股票上市地点：上海证券交易所 股票简称：上海机场 上海国际机场股份有限公司 简式权益变动报告书 权益变动性质：股份增加 签署日期：2026 年 1 月 声 明 1、本报告书系信息披露义务人依据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上市公司收购管理办法》、《公开发行证券的公司信息披 露内容与格式准则第 15 号—权益变动报告书》及其他相关法律、法规及部门规 章的有关规定编写。 2、本报告书已全面披露了信息披露义务人在上海机场拥有权益的股份变动 情况。截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少在上海机场拥有权益的股份。 股票代码：600009 3、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 信息披露义务人一：太平洋资产管理有限责任公司 注册地址：中国(上海)自由贸易试验区世纪大道 100 号 39 楼 通讯地址：中国(上海)自由贸易试验区世纪大道 100 号 39 楼 信息披露义务人二：中国太平洋人寿保险股份有限公司 注册地址：上 ...

证券代码：600009 证券简称：上海机场 公告编号：临 2026-001 上海国际机场股份有限公司 关于股东权益变动的提示性公告 重要内容提示： | 权益变动方向 | 比例增加☑ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 2.09% | | | | 权益变动后合计比例 | 5.00% | | | | 是否触发强制要约收购 | 是□ | 否☑ | | | 义务 | | | | 本次权益变动不会导致公司控股股东及实际控制人发生变化 一、本次权益变动基本情况 2026 年 1 月 12 日，公司收到通知，信息披露义务人太保资产通 过大宗交易方式于 2026 年 1 月 9 日完成本次权益变动，增加公司 72,424,000 股 A 股股份，合计持股数量由 51,991,684 股增加至 124,415,684 股，持股比例由 2.09%增加至 5.00%。现将其有关权益 变动情况公告如下： 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 2 太保寿险的保险资金，根 ...

上海机场公告称，2026年1月9日，信息披露义务人太保资产通过大宗交易方式，增持公司72,424,000股 A股股份。其合计持股数量由51,991,684股增至124,415,684股，持股比例由2.09%增至5.00%。太保资产 和太保寿险属一致行动人，增持资金源于太保资产受托管理的保险资金。本次权益变动不会使公司控股 股东及实际控制人改变。 ...

上海机场1月9日大宗交易平台共发生3笔成交，合计成交量7242.40万股，成交金额21.40亿元。成交价格 均为29.55元，相对今日收盘价折价9.61%。从参与大宗交易营业部来看，机构专用席位共出现在3笔成 交的买方或卖方营业部中，合计成交金额为21.40亿元，净买入21.40亿元。 证券时报·数据宝统计显示，上海机场今日收盘价为32.69元，下跌0.43%，日换手率为0.57%，成交额为 3.79亿元，全天主力资金净流出893.43万元，近5日该股累计下跌0.21%，近5日资金合计净流入6586.60 万元。 1月9日上海机场大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | 业部 | | | 4039.03 | 119353.34 | 29.55 | -9.61 | 机构专 | 国泰海通证券股份有限公司上海长宁 | | | | | | 用 | 区江苏路证券营业部 | | 2089.15 | 61734.38 | 29 ...