险资又举牌了，今年已达22次

Core Insights - The insurance industry is increasingly engaging in stock acquisitions, with a total of 22 instances of shareholding increases reported this year, indicating a sustained trend from the previous year [1][2][4] Group 1: Investment Activity - Hongkang Life has acquired a 5% stake in Honghua Smart Energy through the Hong Kong Stock Connect, triggering a mandatory disclosure [1][2] - Prior to the acquisition, Hongkang Life held approximately 181.17 million shares, representing 4.99% of the company's equity, which increased to 181.63 million shares post-acquisition [2] - The market value of Hongkang Life's holdings in Honghua Smart Energy is approximately RMB 660 million, accounting for 1.31% of its total assets as of Q2 2025 [2] Group 2: Sector Preferences - Public utilities are a favored sector for insurance capital, alongside banking, energy, transportation, environmental protection, and electric equipment, characterized by low valuations, high dividend yields, and stable dividends [3][4] - Analysts have noted that leading companies in urban gas services, such as Honghua Smart Energy, exhibit significant revenue growth and are expected to achieve a net profit peak in 2024 [2][3] Group 3: Investment Strategy - The trend of insurance capital increasing shareholdings is driven by the pursuit of stable cash flows and dividend income, as insurers face significant asset reallocation pressures [4] - The shift in accounting standards and increased investment pressures have led to a new wave of share acquisitions, with a focus on long-term stable investment returns [4] - High-dividend assets are seen as resilient over time, aligning with the long-term investment goals of insurance companies [4]