Guo Ji Jin Rong Bao·2026-02-12 16:52Core Viewpoint - The insurance capital is actively increasing its stakes in undervalued insurance stocks, indicating a strategic shift towards long-term stable returns and improved investment yields [1][4][5]. Group 1: Investment Activities - On February 10, Ping An Life announced that it had acquired 10% of China Life's H-shares, triggering a mandatory disclosure under Hong Kong regulations [1]. - Ping An Life previously reached a 5% stake in China Life's H-shares on August 12, 2025, and has since continued to increase its holdings, including significant purchases of 12.68 million shares and 44.09 million shares in late August 2025 [4]. - In addition to China Life, Ping An Life has also increased its stake in China Pacific Insurance, raising its ownership from 4.98% to 5.04% through a purchase of 174.14 million shares at an average price of HKD 32.0655 per share [4]. Group 2: Market Trends and Insights - Analysts suggest that the trend of insurance capital acquiring undervalued stocks is driven by the need for stable dividend yields and the desire to match assets with liabilities effectively [5][6]. - The investment strategy of Ping An emphasizes a "three criteria" principle: reliable operations, expected growth, and sustainable dividends, which guides their long-term investment decisions [5]. - The demand for insurance capital to acquire stocks is expected to continue into 2026, with a focus on both high dividend yield and high return on equity (ROE) targets [6][7].