SIA(SH:600009) 2 1 Shi Ji Jing Ji Bao Dao·2026-01-19 09:45Core Viewpoint - Insurance capital has begun to actively participate in equity investments, with the first significant move in 2026 being the acquisition of shares in Shanghai Airport by Taiping Asset Management, marking a continuation of the trend of insurance capital increasing its stake in high-dividend sectors [2][3]. Group 1: Insurance Capital Movements - On January 9, 2026, Taiping Asset Management increased its stake in Shanghai Airport from 2.09% to 5%, acquiring 72.424 million A-shares through block trading [3]. - The total number of insurance capital acquisitions reached 41 in 2025, more than doubling from 20 in 2024, marking the second-highest annual total in history [2][6]. - The trend of insurance capital acquiring stakes is expected to continue, particularly in sectors like banking and public utilities that offer high dividends [2][6]. Group 2: Investment Rationale - Shanghai Airport's monopoly advantage and strong cash flow align with insurance capital's preference for stable, income-generating assets in a low-interest-rate environment [3][4]. - The investment strategy of insurance capital is increasingly driven by the OCI (Other Comprehensive Income) approach, focusing on stable dividend yields rather than short-term capital gains [7]. - Analysts suggest that the preference for high-dividend stocks is a response to declining yields in traditional fixed-income assets, making stable cash flow assets more attractive [4][7]. Group 3: Market Trends and Future Outlook - The ongoing low-interest-rate environment is expected to sustain the demand for high-dividend stocks, with insurance capital actively seeking opportunities in this area [8]. - The energy sector, particularly companies like Chenzhou International, is gaining attention due to innovative operational models and cost advantages in maintenance services [8][9]. - The overall trend indicates that insurance capital will continue to focus on sectors with strong dividend yields and stable cash flows, providing a stabilizing influence in the capital markets [5][8].