险资继续横扫，中国平安出手！

Core Viewpoint - China Ping An has increased its holdings in Agricultural Bank and China Life H-shares, reflecting a trend of insurance capital aggressively buying bank and insurance H-shares [1][2]. Group 1: Investment Activities - On August 13, Ping An Life purchased 26.515 million shares of Agricultural Bank H-shares at an average price of HKD 5.5041 per share, totaling approximately HKD 146 million, raising its stake from 13.99% to 14.08% [2]. - On the same day, Ping An Life also acquired 14.067 million shares of China Life H-shares at an average price of HKD 22.7439 per share, costing around HKD 319 million, increasing its holding from 4.99% to 5.18% [2]. - Ping An Life disclosed on August 18 that it had previously increased its stake in China Pacific Insurance H-shares from 4.97% to 5.1% on August 11 [2]. Group 2: Market Trends - Since the beginning of the year, Ping An has been actively acquiring bank and insurance stocks, having made multiple purchases in Postal Savings Bank, China Merchants Bank, Agricultural Bank, China Life, and China Pacific Insurance H-shares [3]. - Insurance capital has shown a preference for bank and insurance H-shares, with over 30 instances of stake increases this year, focusing on undervalued, high-dividend, and strong performance sectors [4]. Group 3: Insurance Capital Allocation - The scale and proportion of insurance capital allocated to stock assets have reached their highest levels in recent years, with a reported balance of 36.23 trillion yuan in insurance fund utilization by the end of Q2, a 3.73% increase from Q1 [5]. - The funds allocated to stocks increased to 3.07 trillion yuan, an 8.9% rise from 2.81 trillion yuan in Q1, indicating a net purchase of approximately 640 billion yuan in the first half of the year, a 78% increase compared to the previous half [5].