Zheng Quan Shi Bao Wang·2025-10-15 15:29Core Viewpoint - China Ping An and its subsidiaries continue to increase their holdings in bank stocks, particularly in China Merchants Bank and Postal Savings Bank, reflecting a strategic investment approach in the banking sector [1][2][3]. Group 1: Investment Activities - On October 10, China Ping An increased its holdings in China Merchants Bank by purchasing 2.989 million H-shares, raising its total holdings to 781 million shares, which accounts for 17% of the bank's H-shares [1]. - On the same day, China Ping An acquired 6.416 million H-shares of Postal Savings Bank, bringing its total holdings to 3.379 billion shares, representing 17.01% of the bank's H-shares [2][5]. - Since the beginning of the year, China Ping An has consistently bought shares in China Merchants Bank, increasing its holdings from 230 million shares in January to over 780 million shares in October [3]. Group 2: Broader Investment Strategy - China Ping An has adopted a "bulk buying" strategy for bank stocks, indicating a strong confidence in the sector's performance [3]. - The company has also been actively purchasing shares in Agricultural Bank and other financial institutions, with significant increases in their holdings [4][5]. - As of February 14, China Ping An held 15.699 billion shares of Industrial and Commercial Bank, representing 18.08% of its H-shares [6]. Group 3: Market Context and Trends - The insurance sector has seen a significant increase in stock holdings, with a reported 2.87 trillion yuan in stock value held by life insurance companies as of June, marking a 26.69% increase from the beginning of the year [8]. - Insurance companies have made 30 stake acquisitions this year, the highest since 2021, driven by a low-interest-rate environment and the need for high-yield assets [9]. - Regulatory changes have facilitated the entry of long-term capital into the market, allowing companies like China Ping An to invest in stable, high-dividend stocks [10]. Group 4: Future Outlook - The low-interest-rate environment and supportive policies are expected to lead to a continued increase in the equity asset allocation by insurance companies [12]. - China Ping An aims to enhance its equity allocation while managing risks effectively, indicating a positive outlook for the equity market [12]. - The recovery of the capital market has positively impacted the investment returns of insurance companies, contributing to their profitability [13].