险资举牌催化非银行情，港股通非银ETF（513750）盘中涨超3%

Group 1 - China Ping An has increased its stake in China Pacific Insurance (CPIC) H-shares, acquiring 1.74 million shares at an average price of HKD 32.07 per share, totaling HKD 55.83 million, raising its holding to 5.04% of CPIC's total H-share capital, triggering a stake increase notification [1] - This marks the first instance of a major insurance company cross-holding in the sector since China Life's stake increase in CPIC in 2019, indicating a recognition of the long-term value of high-dividend financial assets by insurance capital [1] - The current dividend yield advantage of domestic insurance companies in the Hong Kong stock market is significant, with companies like New China Life, Sunshine Insurance, and Ping An H-shares all exceeding a 5% dividend yield [1] Group 2 - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) tracks the CSI Hong Kong Stock Connect Non-Bank Financial Index, focusing on insurance (64.5% weight), securities (15.2%), and the Hong Kong Stock Exchange (13.3%) [2] - The top three holdings, including China Ping An, AIA Group, and the Hong Kong Stock Exchange, each have a weight exceeding 13%, with the top ten stocks accounting for 78.19% of the index [2] - As of August 13, the index's price-to-earnings ratio (TTM) stands at 10.3 times, below the five-year average, indicating good valuation attractiveness [2] Group 3 - The ETF supports T+0 trading and is not subject to QDII quota restrictions, providing an efficient way for investors to access non-bank financial assets in Hong Kong [2] - Multiple favorable factors are converging for the non-bank financial sector, including a reduction in preset interest rates alleviating pressure on insurance margins, record-high margin financing driving interest income growth for brokerages, and improved liquidity from new IPO regulations benefiting the Hong Kong Stock Exchange [2] - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) is seen as a crucial tool for capturing industry opportunities due to its scarcity, high elasticity, and convenient trading mechanism [2]