长期资金“压舱石”策略凸显两家险企再度增持银行H股

Group 1 - Insurance funds continue to increase their holdings in bank stocks, viewed as a "ballast" for long-term investments, with Ping An Life recently increasing its stake in Agricultural Bank of China H-shares by 26.515 million shares, raising its total holdings to 4.329 billion shares, which exceeds 14% of the total H-shares [1] - From February 17 to August 13, Ping An Life has cumulatively increased its holdings in Agricultural Bank of China H-shares by approximately 2.84 billion shares, with a total expenditure of around 14 billion Hong Kong dollars based on average transaction prices [1][2] - As of August 13, Agricultural Bank of China H-shares and Zhengzhou Bank H-shares have seen year-to-date increases of nearly 29% and 40%, respectively [2] Group 2 - Seven listed banks have been targeted by insurance capital for stake increases in 2025, including Ping An Life's three rounds of stake increases in China Merchants Bank H-shares and Postal Savings Bank H-shares, and three rounds by Hongkang Life in Zhengzhou Bank H-shares [2] - The non-bank team at Minsheng Securities suggests that with the long-end interest rates declining and encouraging insurance capital to enter the market, insurance funds will focus more on equity targets with stable cash flows and dividend income, prioritizing "absolute returns" [2][3] - The banking sector's performance indicators are showing upward recovery, with a notable decrease in non-performing loan ratios to 1.49%, indicating ongoing risk improvement [2][3]