Di Yi Cai Jing·2025-05-15 12:48Core Viewpoint - The enthusiasm of insurance capital for equity stakes remains strong in 2023, with 13 instances of shareholding reported in less than five months, compared to 20 instances in the entire previous year [2][3] Group 1: Insurance Capital Activity - In 2023, insurance capital has shown a preference for bank stocks, with 6 out of 13 shareholding instances involving banks, primarily in the H-share market [2][4] - China Ping An has emerged as the most active insurer, accounting for 4 of the 13 shareholding instances, indicating a continued focus on bank stocks since late last year [4][5] - The trend of insurance capital favoring H-shares has persisted, with 10 out of 13 instances involving H-share companies [5][6] Group 2: Underlying Logic of Shareholding - The current wave of shareholding is driven by the need to compensate for declining interest income in a low-interest-rate environment and the impact of new accounting standards on net profit [2][11] - The average return on equity (ROE) for companies targeted in this wave of shareholding is approximately 9.52%, with an average dividend yield of 4.09%, the highest among the three waves of shareholding [10][12] - The preference for high-dividend stocks, particularly in the banking sector, is seen as a strategy to mitigate the pressures of low interest rates [9][11] Group 3: Future Outlook - Analysts predict that the enthusiasm for shareholding by insurance capital is likely to continue into 2025, driven by factors such as increased sales of dividend insurance and regulatory easing [14] - The strategic focus on high-dividend stocks, especially in the banking and public utility sectors, is expected to remain a key area of interest for insurance capital [14]