无视举牌红线，“扫货王”长城人寿“在赌”什么？

Core Viewpoint - The frequent equity stakes taken by Great Wall Life Insurance are driven by the need to match high-dividend assets under new accounting standards and to alleviate liability pressure amid an "asset shortage" and low interest rates [1][2][15]. Group 1: Regulatory Actions - On December 9, Hebei Securities Regulatory Bureau issued a warning letter to Great Wall Life for failing to halt trading and disclose information after acquiring 5% of Xintian Green Energy shares [2][3][16]. - The company has been labeled as the "stock market scavenger king," having made 12 equity stakes in A-share and H-share companies since June 2023, including Zhejiang Jiaokao and Wuxi Bank [2][5][14]. Group 2: Investment Strategy - Great Wall Life's aggressive equity investment style reflects its strategy to invest in companies with long-term growth and stable dividend capabilities, especially in a low-interest-rate environment [7][21]. - The new financial instrument standards allow insurance companies to classify equity stakes as "measured at fair value with changes recognized in other comprehensive income," which helps mitigate profit statement volatility [21][22]. Group 3: Financial Performance - In 2024, Great Wall Life reported a significant revenue increase to 26.585 billion yuan, a 37.21% year-on-year growth, and a net profit of 517 million yuan, marking a turnaround from losses [8][22]. - The investment income reached 4.262 billion yuan, doubling from the previous year, with a projected investment income of 3.502 billion yuan for the first three quarters of 2025, reflecting a 24.65% increase [8][22]. Group 4: Liability Pressure - The launch of the Great Wall Golden Qilin whole life insurance product, which offers a guaranteed interest rate of 3.0%, has attracted significant market interest, leading to substantial new investment premiums [9][23]. - However, the high-yield insurance products have increased investment pressure on the asset side, necessitating the expansion of investment channels to cover liability costs [9][23]. Group 5: Compliance Risks - Great Wall Life has faced regulatory penalties for compliance issues, including fines for providing benefits outside of insurance contracts and other violations [11][25]. - The company's premium income has shown signs of weakness, with a 1.35% decline in signed premiums for 2024 and a 12.46% drop in the first three quarters of 2025 [11][25]. Group 6: Capital and Debt Pressure - As of the third quarter, the core solvency ratio and comprehensive solvency ratio of Great Wall Life were 102.21% and 153.84%, respectively, indicating a decline from the previous quarter and below industry averages [12][26]. - The company faces debt repayment pressures with bonds maturing in 2026, which could lead to increased interest expenses if redemption rights are not exercised [12][26].