四度举牌持股升至20%，平安人寿150亿增量资金背后的红利算盘

Group 1 - The core viewpoint of the news is that insurance capital is increasingly investing in H-shares, with Ping An Life's stake in Agricultural Bank of China exceeding 20%, reflecting a broader trend of insurance companies seeking stable dividend-paying assets in a low-interest-rate environment [1][5] - In 2025, insurance capital's acquisition frequency and scale are expected to continue to rise, driven by regulatory changes and the need for stable cash flows to match liabilities [5][4] - The preference for dividend assets is driven by the dual pressures on insurance companies' balance sheets, with a rising proportion of dividend insurance necessitating stable cash flows and the ongoing "asset shortage" due to declining long-term bond yields [2][4] Group 2 - Ping An's investment principles emphasize reliable operations, expected growth, and sustainable dividends, with Agricultural Bank of China exemplifying these criteria through its strong profit performance [3] - Regulatory guidance requiring large state-owned insurance companies to allocate 30% of new premiums to A-shares starting in 2025 is expected to alleviate concerns about short-term market fluctuations [4] - High dividend strategies remain the primary choice for insurance capital until there is a fundamental shift in the interest rate environment, with potential future interest in technology and advanced manufacturing sectors as investment horizons extend [6]