险资年内完成22次举牌，银行、公用事业成重点布局方向

Group 1 - The core viewpoint is that insurance capital has been increasingly active in the secondary market, with 22 instances of shareholding increases reported by the China Insurance Industry Association as of August 8, surpassing the total for the previous year [1] - The targeted sectors for increased holdings are concentrated in banking, public utilities, energy, transportation, and environmental protection, characterized by reasonable valuations, stable dividend returns, and high operational certainty [1][3] - Hongkang Life's recent purchase of Honghua Smart Energy H-shares, exceeding a 5% stake, exemplifies this trend [1] Group 2 - Public utilities have become a focal point for insurance companies, with Honghua Smart Energy being a recent example, projecting over HKD 21.3 billion in revenue for 2024, alongside improvements in net profit and earnings per share [3] - The banking sector is also a key area for insurance capital, with institutions like Ping An Life and Xinhua Insurance increasing their stakes in banks such as China Merchants Bank and Agricultural Bank of China, attracted by the high dividend yield and low valuation in the H-share market [3] - The frequency of shareholding increases and the number of participating insurance institutions have significantly risen this year, with multiple companies, including China Life and Ruizhong Life, disclosing shareholding announcements [3] Group 3 - In terms of fund utilization, some of the targeted shares are classified as FVOCI assets to smooth profit fluctuations, while others are included as long-term equity investments measured by the equity method [4] - The core logic behind these strategies is to secure high-dividend, low-volatility, and sustainably operating quality assets, enhancing the stability of insurance companies' investment portfolios [4] - This asset allocation approach is particularly beneficial in addressing the pressures on the asset side in a low-interest-rate environment [4]