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大举入市!7月已有7家险资出手
证券时报·2025-08-02 00:08

Core Viewpoint - The continuous entry of insurance capital into the market is evident, with multiple insurance companies actively purchasing shares of various listed companies, particularly in the banking sector, indicating a strong confidence in the long-term prospects of these assets [1][14]. Group 1: Recent Insurance Capital Activities - On July 25, Hongkang Life purchased 30.386 million shares of Zhengzhou Bank H-shares at an average price of 1.3788 HKD per share, increasing its holding to 10.45% [2][3]. - On July 28, Ping An Asset Management bought 3.7425 million shares of China Merchants Bank H-shares, raising its holding to 16.03% [2]. - Within a month, seven insurance companies have made multiple purchases involving eight different stocks, showcasing a trend of increased investment activity [3]. Group 2: Significant Purchases by Insurance Companies - On July 9, Taikang Life participated as a cornerstone investor in the IPO of Fengjian Technology, investing 25 million USD for an 8.69% stake [4]. - On July 16, Ping An bought 1.2532 million shares of China Telecom H-shares at an average price of 5.7 HKD, increasing its holding to 5.00% [5]. - On July 22, Ping An Life acquired 22.909 million shares of Postal Savings Bank H-shares, raising its stake to 14.10% [6]. Group 3: Trends in Insurance Capital Investments - As of July 30, insurance companies have made 21 significant share purchases in 2025, surpassing the total for the previous three years combined, marking a five-year high [6]. - The banking sector remains a favored investment area for insurance capital, with companies like Ping An and Xinhua Life heavily investing in bank stocks [8][12]. - Ping An has reportedly spent over 100 billion HKD on bank stocks this year, with current holdings valued at over 260 billion HKD [8]. Group 4: Investment Rationale and Market Conditions - The low interest rate environment and the need for high-yield quality assets have driven insurance companies to increase their equity investments [10][12]. - Insurance companies prefer stable, high-dividend stocks, particularly in the banking sector, due to their solid operational fundamentals and liquidity [12][13]. - The trend of increasing equity investment is seen as a strategy to enhance investment returns amid changing accounting standards and declining long-term bond yields [13][14].