银行股等高股息资产获险资青睐

Core Viewpoint - The recent acquisition of 1 million shares of Zheshang Bank H-shares by Minsheng Life Insurance triggered a stake increase to 5%, marking the seventh listed bank targeted by insurance capital this year [1][2]. Group 1: Company Actions - Minsheng Life Insurance purchased 1 million shares of Zheshang Bank H-shares at an average price of HKD 2.77 per share, totaling approximately HKD 2.77 million [1]. - Prior to this acquisition, Minsheng Life held 295 million shares of Zheshang Bank H-shares, representing 4.98% of the bank's total issued H-shares [1]. - Zheshang Bank, established in August 2004, is the 13th listed bank in China with both A and H shares, appealing to insurance capital due to its high dividend assets [1]. Group 2: Industry Trends - From 2022 to 2024, Zheshang Bank's cash dividends were reported at CNY 4.466 billion, CNY 4.504 billion, and CNY 4.284 billion, with dividend payout ratios of 37.79%, 31.98%, and 30.12% respectively [2]. - Insurance capital has increasingly targeted high-dividend bank stocks, with a total of seven banks, including Agricultural Bank of China and Postal Savings Bank, being acquired this year [2]. - The trend of insurance capital buying into state-owned and national joint-stock banks is driven by low interest rates, the appeal of high dividend assets, and regulatory encouragement for long-term capital market entry [2]. Group 3: Analyst Insights - Analysts note that the current A-share bank sector has a dividend yield of about 4%, while H-shares offer even more significant yield advantages, attracting insurance capital [3]. - The implementation of new accounting standards for small and medium-sized insurance companies starting January 2026 is expected to further increase capital inflow into the banking sector [3]. - Regulatory guidance for new premium inflows and the need to enhance equity allocation in existing assets are likely to provide substantial incremental funds for bank stocks, suggesting potential valuation recovery [3].