平安人寿，第4次举牌招行H股！

Core Viewpoint - Ping An Life has increased its stake in China Merchants Bank (CMB) H-shares to 20%, reflecting a trend of insurance funds actively investing in bank stocks due to their high dividend yields in a low-interest-rate environment [2][4][8]. Group 1: Investment Actions - Ping An Life has made its fourth announcement regarding its stake in CMB H-shares, now holding 20% of the total H-share capital [2][3]. - Previously, Ping An Life had announced similar increases in its stake in Agricultural Bank of China (ABC) H-shares, also reaching 20% [4][8]. - The investment in CMB H-shares amounts to a book value of approximately 43.956 billion yuan, representing 0.78% of the total assets as of the last quarter [4]. Group 2: Regulatory Context - According to regulations, any entity holding more than 5% of a commercial bank's shares must obtain approval from the financial regulatory authority [9]. - The increase in stakes by Ping An Life in both CMB and ABC indicates a strategic move to secure high-yield assets amid a scarcity of investment opportunities [8]. Group 3: Market Reactions - The President of CMB has expressed welcome for long-term capital investments, indicating that these investors do not seek board seats, which suggests a focus on financial investment rather than operational control [10][12]. - Long-term investments are seen as beneficial for stabilizing the stock valuation of CMB, reflecting confidence in the bank's management and future performance [11].