Di Yi Cai Jing·2026-01-13 12:38Core Viewpoint - The trend of insurance capital "shareholding" is expected to continue into 2026, driven by the focus on high dividend stocks and the need for long-term equity investments to enhance return on equity (ROE) [2][18]. Group 1: Recent Trends in Insurance Capital Shareholding - In 2025, insurance capital shareholding reached 41 instances, a significant increase from 20 in 2024, marking a new high in the past decade [2][3]. - The current wave of shareholding differs from the past, as it is influenced by a low interest rate environment and the need for stable cash returns through high dividend stocks [5][14]. - Analysts indicate that the demand for high dividend and high ROE stocks will persist, suggesting that the shareholding trend will continue [18]. Group 2: Characteristics of the Current Shareholding Wave - The shareholding activities are more diversified compared to previous years, with "Ping An" leading with 15 instances, primarily targeting bank and insurance stocks [11][12]. - Bank stocks were the most favored, being targeted 17 times, accounting for 41.5% of total shareholding instances in 2025 [13][14]. - The average dividend yield of the targeted companies was approximately 5.0%, higher than previous waves, indicating a preference for high-yield investments [15]. Group 3: Investment Strategies and Regulatory Environment - The new accounting standards implemented in 2023 require insurance companies to choose between FVTPL and FVOCI for stock investments, influencing their investment strategies [6][7]. - The regulatory environment has encouraged long-term capital market participation, enhancing the attractiveness of shareholding for insurance companies [7][18]. - The investment strategy includes a focus on high ROE assets, particularly state-owned enterprises with stable business models, to improve the overall ROE of insurance capital [17].