券商中国·2025-10-29 04:41Core Viewpoint - The insurance capital's stake acquisition has reached a record high in 2023, indicating a shift in investment strategy from aggressive buying to selective investment [1][4][8]. Group 1: Stake Acquisition Trends - Insurance capital has made 31 stake acquisitions this year, surpassing the previous high in 2020 and marking the highest since records began in 2015 [1][4]. - Among the 13 insurance companies involved, China Ping An's Ping An Life led with 12 acquisitions, while China Postal Life followed with 3 [4][5]. - The latest acquisition was by China Postal Life, which increased its stake in China Tonghao H-shares to approximately 5.17% [4]. Group 2: Investment Strategies - Analysts suggest that the insurance capital's investment strategy has transitioned from a "buy-and-hold" approach to a more balanced and selective strategy [3][8]. - The focus of investments has been primarily on undervalued stocks with high dividends, particularly in the financial and public utility sectors [6][8]. - China Ping An's investment style is characterized by continuous buying and holding of financial stocks, while other companies like Great Wall Life have a more diversified selection [6][7]. Group 3: Market Outlook and Future Strategies - The insurance capital is expected to accelerate its allocation towards dividend stocks, with an estimated increase of nearly 320 billion yuan in 2025 [8]. - The shift towards dividend stocks is seen as a response to rising valuations and a narrowing selection of viable stocks [8]. - The industry is also adjusting product structures to enhance the proportion of equity assets in response to low interest rates and regulatory encouragement [8][9].