一年四度“举牌”，平安看中了招行什么？

Core Viewpoint - Ping An Life has significantly increased its stake in China Merchants Bank (CMB), reaching 20.07% of CMB's H-shares by December 31, 2025, triggering regulatory disclosure requirements. This move is driven by the potential for long-term equity investment accounting benefits and high dividend yields from CMB [1][3][9]. Investment Activity - Ping An Life has made four separate acquisitions of CMB H-shares throughout 2025, starting with an initial purchase of 1.89 million shares for approximately 72.54 million HKD, reaching a 5% stake by January 10, 2025. Subsequent purchases increased its stake to 10%, 15%, and finally 20% by the end of the year [3][4]. - As of the end of 2025, Ping An Life holds approximately 922 million shares of CMB H-shares, with a book value of 43.96 billion CNY, up from 8.09 billion CNY at the time of the first acquisition [4]. Financial Implications - The net asset value of Ping An Life's holdings in CMB is approximately 50.75 billion CNY, exceeding its book value by 4.19 billion CNY. If Ping An Life appoints a director to CMB, it could recognize around 6.79 billion CNY in non-operating income [2][10]. - The trend of insurance capital appointing directors to banks has been increasing, with several insurance companies, including Dajia Life and Xinhua Life, making similar moves to enhance their influence and financial reporting [2][10]. Market Context - CMB has been experiencing declining performance metrics, with revenue growth slowing significantly since 2022. The bank's revenue growth fell from 14.04% in 2021 to 4.08% in 2022, and further into negative territory in 2023 and 2024 [5][6]. - The retail banking sector, which is crucial for CMB, has seen a decrease in profitability due to lower net interest margins and a decline in retail loan demand. The average cost of retail deposits has risen, while the average yield on retail loans has decreased, leading to a higher cost-to-income ratio [5][6]. Accounting Considerations - The new accounting standards allow insurance companies to classify equity investments at fair value, which can stabilize reported earnings. This has led to a preference for high-dividend stocks like CMB, as dividends can be recognized as investment income without affecting profit and loss statements [7][8]. - The potential for recognizing significant non-operating income through equity method accounting is a key driver for insurance companies like Ping An Life to increase their stakes in banks, especially those trading below book value [9][10].