外资加仓中国！挪威央行成内资险企第五大股东

Core Viewpoint - Foreign capital is continuously increasing its investment in China, with notable examples such as Norges Bank's significant stake in ZhongAn Online, reflecting a broader trend of foreign investment in Chinese assets driven by various favorable economic factors [1][6][11]. Group 1: Foreign Investment in ZhongAn Online - Norges Bank increased its holdings in ZhongAn Online by 1.3481 million shares at an average price of HKD 17.7718, totaling HKD 23.958 million, raising its stake to 5.07% of H-shares and 4.92% of total shares, making it the fifth largest shareholder [1][4]. - Following the increase in holdings by Norges Bank, the top five shareholders of ZhongAn Online are now China Ping An, Shenzhen Jiadexin Investment Co., Ant Group, Tencent, and Norges Bank [3][4]. - Ant Group reduced its stake in ZhongAn Online from 10.01% to 7.63% after selling 33.7548 million shares, while Tencent also reduced its holdings, leading to a reconfiguration of the major shareholders [3][4]. Group 2: Performance and Market Position - ZhongAn Online's total insurance premium income for the first half of the year was RMB 13.918 billion, a year-on-year increase of 5.3%, and it is projected to reach RMB 33.417 billion in total premiums for 2024, representing a growth of 13.3% [5]. - The company has improved its ranking in the domestic property insurance industry to eighth place based on total premiums [5]. Group 3: Factors Driving Foreign Investment in China - The attractiveness of Chinese assets to foreign investors has increased due to several factors, including a robust domestic economy with a GDP growth of 5.3% year-on-year and a significant contribution from domestic demand [7][8]. - The ongoing opening and deepening of financial markets, such as the optimization of interconnectivity mechanisms like Stock Connect and Bond Connect, have made it easier for foreign capital to participate [7][8]. - The current valuation of Chinese assets is appealing, with the MSCI China Index trading at a forward P/E ratio of 12.5, significantly lower than the 28 times of the Nasdaq, prompting a shift of global capital towards emerging markets [8][11]. Group 4: Investment Trends and Preferences - Foreign capital is showing a preference for both stocks and bonds, with a net increase of USD 10.1 billion in domestic stocks and funds in the first half of 2025, reversing a two-year trend of net selling [10]. - There is a notable focus on high-dividend assets, particularly in sectors like banking, electricity, and utilities, as well as growth areas such as semiconductors, new energy vehicles, and AI computing [10].