保险行业周报（20250506-20250509）：2025年险资举牌达14起，或持续青睐优质红利资产-20250513

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - In 2025, insurance capital has made 14 stake acquisitions, showing a preference for high-quality dividend assets. The insurance index rose by 2.89%, outperforming the market by 0.89 percentage points [1][3]. - The report highlights that insurance capital's stake acquisitions are primarily concentrated in H-shares, with 12 out of 14 occurring in this category. The preference for H-shares is attributed to their attractive discount rates and dividend yields [3]. - The report suggests that the current low interest rates and regulatory support for long-term investments will continue to drive insurance capital's market participation [2][3]. Summary by Sections Market Performance - The insurance index increased by 2.89%, with individual stock performances varying significantly. Notable gains were seen in ZhongAn (+6.95%), Taibao (+6.63%), and AIA (+5.94%) [1]. - The 10-year government bond yield is at 1.63%, reflecting a slight increase of 1 basis point from the previous week [1]. Recent Developments - The Financial Regulatory Bureau announced plans to expand the pilot scope for long-term insurance investments by an additional 60 billion yuan and to adjust the risk factors for stock investments [2]. - In the first four months of 2025, over 10 million new energy vehicle insurance policies were issued [2]. Stake Acquisitions - As of May 9, 2025, insurance capital has made 14 stake acquisitions, with a notable focus on bank stocks and public utilities [3]. - The majority of the acquired stocks exhibit high dividend characteristics, with only three stocks having a dividend yield below 3% [3]. Investment Recommendations - The report recommends a focus on companies with strong dividend yields and suggests that the insurance sector may see a valuation recovery due to regulatory support and strategic adjustments in investment assumptions [3]. - Current price-to-earnings (PE) and price-to-book (PB) ratios for key companies are provided, with Ping An rated as "Strong Buy" and others like China Life and China Pacific rated as "Recommended" [8].