从5%到20%！平安人寿四度举牌农行H股，银行股为何受青睐？

Core Viewpoint - Ping An Life has disclosed that it will increase its stake in Agricultural Bank of China H-shares to 20% by December 30, 2025, triggering a mandatory disclosure under Hong Kong market rules [1]. Group 1: Investment Activities - This marks the fourth time Ping An Life has increased its stake in Agricultural Bank H-shares, having previously surpassed 5%, 10%, and 15% in February, May, and August 2025 respectively [4]. - In addition to Agricultural Bank, Ping An Life has also acquired shares in Postal Savings Bank and China Merchants Bank, with holdings reaching 5.01%, 10%, 15%, and 20% at various points in 2025 [6]. - Overall, in 2025, insurance capital made a total of 35 stake increases, the highest since 2016, indicating a growing trend in insurance investments [5][8]. Group 2: Reasons for Preference in Bank Stocks - Insurance companies are favoring bank stocks due to their average dividend yield exceeding 5%, which is significantly higher than the cost of liabilities (approximately 2% to 2.5%), making them attractive as "quasi-fixed income" assets [7]. - The new financial instrument standards allow high-dividend bank stocks to be classified in a way that stabilizes profit and loss statements, further encouraging investment [7]. - The stable performance and dividend consistency of bank stocks align with the long-term investment strategies of insurance companies, which seek value and stability [7]. Group 3: Future Outlook - The trend of insurance capital actively participating in equity markets is expected to continue, driven by low interest rates and regulatory support for long-term investments [8][10]. - Analysts suggest that the demand for bank stocks will persist, with insurance companies likely to focus on stable dividend-paying stocks and those with strong return on equity (ROE) [9][10]. - The stock prices of major insurance companies have shown significant increases in 2025, reflecting market confidence in the insurance sector's fundamentals [10].