险资持续扫货银行H股，高股息资产配置吸引力仍存

Group 1 - Hongkang Life Insurance has increased its stake in Zhengzhou Bank's H-shares from less than 5% to 14.03% as of August 5, following its previous acquisition [1] - Insurance capital, particularly from the Ping An Group, has shown strong interest in increasing holdings in H-share listed banks, including Postal Savings Bank and China Merchants Bank, with significant purchases occurring from late July to early August [1] - Ping An Life Insurance and other subsidiaries purchased 9.357 million shares of Postal Savings Bank at an average price of HKD 5.51 per share, raising their stake to 15.02% [1] Group 2 - As of August 8, the stock prices of Postal Savings Bank, China Merchants Bank, and Zhengzhou Bank have increased by 27%, 31%, and 40% respectively since the beginning of the year, with the price-to-book ratios of the latter two banks currently below 1 [2] - The decline in interest rates and policies encouraging long-term capital inflow into the market have made bank stocks attractive to insurance capital due to their high dividend yields and low volatility [2] - New tax regulations on government bonds and financial bonds are expected to increase tax costs, making high-dividend equity assets more appealing to long-term funds like insurance capital [3] Group 3 - Other sectors with high dividend yields and stable performance, such as utilities and energy, may also attract insurance capital, providing stable dividend income to meet their absolute return requirements [3]