Mei Ri Jing Ji Xin Wen·2025-10-29 06:27Group 1 - The core viewpoint of the articles highlights that insurance capital has reached a record high in shareholding activities this year, with 31 instances of stake acquisitions, surpassing the previous peak in 2020 and reaching the highest level since records began in 2015 [1] - Ping An Asset Management has increased its stake in China Merchants Bank H-shares to 18.04% by purchasing 3.278 million shares, indicating that the underlying client is likely to be insurance capital [1] - Analysts suggest that the insurance capital strategy has transitioned from a "buy-and-hold" phase (1.0) to a more selective and balanced approach (2.0) [1] Group 2 - This year, insurance capital has made 24 stake acquisitions, primarily in the financial and public utility sectors, with additional investments in electrical equipment, information technology, and healthcare [1] - Low valuations and high dividend yields are significant reasons for the selection of investment targets by insurance capital, as exemplified by the Agricultural Bank of China H-shares, where Ping An's average purchase price increased from HKD 4.2257 at the beginning of the year to HKD 5.6306 by October 20 [1] - The dividend yield of Agricultural Bank of China H-shares has decreased from 5.95% at the beginning of the year to around 4.4%, but it still offers a favorable spread compared to current life insurance product interest rates [1] Group 3 - Ping An's investment style is characterized as a "sweeping" approach, focusing solely on financial stocks, including Postal Savings Bank H-shares, China Merchants Bank H-shares, Agricultural Bank of China H-shares, China Pacific Insurance H-shares, and China Life H-shares [2] - Other companies exhibit a more diversified selection style, as seen with Great Wall Life's stake acquisitions in China Water Affairs, Datang Renewable, Qinhuangdao Port, and New天绿能, spanning public utilities and transportation sectors [2] - For investors looking to emulate insurance capital strategies, a focus on H-share banks can be achieved through the Hong Kong Stock Connect Financial ETF, which has a 60% weight in H-share banks, while those seeking a diversified style may consider the Hong Kong Central State-Owned Enterprises Dividend ETF [2]