2 1 Shi Ji Jing Ji Bao Dao·2025-08-04 12:56Core Insights - Insurance funds have made a total of 21 stake acquisitions in A-shares and H-shares as of August 4, surpassing the total for the entire previous year [2][4] - Major insurance companies involved include China Life, Ping An Life, and Taikang Life, with acquisitions spanning banks, energy, and public utility sectors [2][3] - The trend is driven by a combination of high dividend yields and new accounting standards that allow for smoother profit fluctuations [4][6] Stake Acquisitions - The insurance institutions that have made stake acquisitions this year include China Life, Ping An Life, Xinhua Insurance, and others [2] - Notable targets for these acquisitions include Agricultural Bank of China, Postal Savings Bank, and various energy companies [2][3] - Hong Kong-listed companies are particularly favored due to lower valuations and higher dividend yields [3] Investment Drivers - The decline in interest rates has increased investment pressure on insurance companies, prompting them to seek stable long-term returns through stake acquisitions [4][5] - The new accounting standards encourage insurance companies to invest in high-yield stocks to reduce profit volatility [6][7] Regulatory Environment - The Chinese government has implemented policies to extend the assessment period for state-owned insurance companies, allowing for a more stable investment approach [7][8] - Recent regulations have increased the upper limit for equity asset allocation, providing more room for insurance funds to invest in the stock market [9] Long-term Investment Strategy - Insurance funds are increasingly seen as a stabilizing force in the market, aligning with national strategies and supporting economic development [7][9] - The establishment of private equity funds by insurance companies aims to enhance their long-term investment capabilities and deepen their engagement with capital markets [9]