SIA(SH:600009) Huan Qiu Lao Hu Cai Jing·2026-01-15 10:30Core Viewpoint - China Pacific Life Insurance Co., Ltd. (CPIC Life) has increased its stake in Shanghai International Airport Co., Ltd. to 5% through a block trade, marking the first significant investment by domestic insurance capital in 2026 [1] Group 1: Investment Details - On January 9, CPIC Life acquired 72.424 million shares of Shanghai Airport, raising its total holdings to approximately 124 million shares, which represents 5% of the company's A-share capital [1] - Prior to this acquisition, CPIC Life and its affiliates held 51.9917 million shares, equating to a 2.09% stake [1] - The total expenditure for this increase in stake is estimated at around 2.366 billion yuan, based on the closing price of 32.67 yuan per share on January 9 [1] Group 2: Strategic Rationale - The decision to increase the stake in Shanghai Airport aligns with the long-term investment preferences of insurance capital, as the airport possesses a monopolistic location advantage and a growing flow barrier, ensuring stable operations and strong cash flow [1] - Additionally, with the return of international consumption, the non-aviation business of Shanghai Airport is becoming increasingly valuable, indicating a high certainty of long-term growth [1] Group 3: Historical Context - In 2025, CPIC was active in the insurance capital market, making significant investments across various sectors including pharmaceuticals, finance, and infrastructure [2] - CPIC Life and CPIC Property Insurance passively acquired shares in Dongyang Sunshine Pharmaceutical through a stock conversion process, resulting in a combined holding of 754.6 million shares, or 6.70% of the company [2] - CPIC Asset Management also holds stakes in Shanghai Lingang (5.33%) and Hu Nong Commercial Bank (5.81%), which were built through gradual increases prior to 2025 [2]