去年险资举牌增至41次

Core Viewpoint - Ping An Life Insurance has increased its stake in both Agricultural Bank of China and China Merchants Bank, triggering regulatory thresholds for shareholding, reflecting a recovery in market confidence and the impact of supportive measures [1][2]. Group 1: Investment Activities - In 2025, Ping An Life increased its holdings in Agricultural Bank of China by approximately 95.58 million shares, reaching a total of about 6.181 billion shares, representing 20.10% of the bank's H-shares [2]. - On December 31, 2025, Ping An Life also increased its stake in China Merchants Bank by about 14.01 million shares, totaling around 922 million shares, which is 20.07% of the bank's H-shares [2]. - The total number of shareholding increases by insurance funds in 2025 reached 41 times, with a significant focus on bank stocks, indicating a trend towards increased equity investment by insurance capital [3]. Group 2: Market Trends and Analysis - The trend of insurance capital increasing its stake in bank stocks is attributed to the low interest rates in the bond market and the need for reallocation of assets, leading to a preference for high-dividend, low-volatility bank stocks [2][3]. - In 2025, 34 out of 41 shareholding increases by insurance funds were in H-shares, which are generally perceived to be undervalued compared to A-shares, providing higher dividend yields and potential returns [3]. - Experts suggest that the behavior of insurance capital in increasing stakes is likely to continue and become more normalized, focusing on high-quality companies with core competitiveness and reasonable valuations [4].