Core Insights - The article highlights the opportunity to enhance passive income through high-dividend stocks, specifically mentioning four stocks with forward annual dividend yields exceeding 12% as of October [1] Group 1 - The focus is on stocks that provide substantial dividend yields, which can be attractive for investors seeking passive income [1]

"下半年起，只要买入高股息股票，我们都优先考虑纳入FVOCI会计科目。"9月25日，一家保险公司的 权益投资部负责人杨建章向记者直言。 所谓FVOCI，是以公允价值计量且其变动计入其他综合收益的金融资产，其特点是相关股票股价涨跌无 需纳入保险公司当年利润报表，有助于增强保险公司利润报表的稳定性。 记者注意到，今年上半年，众多上市保险公司FVOCI会计科目项下的权益类资产规模均持续攀升。 例如，截至今年6月末，新华保险FVOCI项下权益类资产持有规模由今年年初的306.40亿元，增至374.66 亿元；中国人寿FVOCI项下股票持仓规模达到1402.6亿元，在其股票投资规模的占比升至22.6%。 东吴证券研究所联席所长孙婷认为，随着2026年新会计准则在保险行业全面实施，将进一步推动险资加 码FVOCI项下的股票配置。 中国人保副总裁才智伟表示，中国人保将持续稳步加大FVOCI会计科目下的股票配置力度。 一位大型保险公司权益资产投资经理告诉记者，他所在的保险公司正关注两大高股息股票的挖掘机会： 一是在"反内卷"政策实施、通胀回升、美联储重启降息的情况下，大宗商品上中游行业龙头上市公司的 现金流好转与分红金额增加 ...

随着2026年新会计准则在保险行业全面实施，将进一步推动 险资加码FVOCI项下的股票配置。 作者： 陈植 封图：图虫创意 "下半年起，只要买入高股息股票，我们都优先考虑纳入FVOCI会计科目。"9月25日，一家保险公 司的权益投资部负责人杨建章向记者直言。 所谓FVOCI，是以公允价值计量且其变动计入其他综合收益的金融资产，其特点是相关股票股价 涨跌无需纳入保险公司当年利润报表，有助于增强保险公司利润报表的稳定性。 记者注意到，今年上半年，众多上市保险公司FVOCI会计科目项下的权益类资产规模均持续攀 升。 FVOCI兴起 FVOCI的兴起，首先受到保险行业将在2026年1月全面执行新会计准则的影响。 在新会计准则里，金融资产主要被划分为三类，分别是以摊余成本计量的金融资产（AC）、以公 允价值计量且其变动计入其他综合收益的金融资产（FVOCI）、以公允价值计量且其变动计入当 期损益的金融资产（FVTPL）。 杨建章向记者表示，2023年起，上市保险公司陆续使用新会计准则。最初，保险公司发现大部分 股票等权益类资产无法通过SPPI（合同现金流特征）的固收类资产测试，就将它们计入FVTPL会 计科目。但保险公 ...

Core Viewpoint - The insurance industry is increasingly adopting FVOCI accounting for high dividend stocks to stabilize profit reports and enhance long-term dividend income [2][5][10] Group 1: FVOCI Accounting Adoption - FVOCI accounting allows insurance companies to measure financial assets at fair value without impacting annual profit reports, thus stabilizing profit volatility [2][5] - As of June 2023, major insurance companies have significantly increased their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [2][3] - The implementation of new accounting standards in 2026 is expected to further drive the allocation of insurance capital into FVOCI stocks [2][4] Group 2: Investment Strategies - Insurance companies are focusing on high dividend stocks, particularly in sectors benefiting from policies aimed at reducing competition and improving cash flow amid inflation [3][6] - The strategy includes identifying stocks with improved cash flow and dividend potential through bottom-up research methods [3][6] - The shift towards FVOCI is also aimed at addressing the mismatch between asset and liability durations, with many companies experiencing a duration gap of 4-7 years [6][10] Group 3: Market Dynamics and Challenges - The rise of FVOCI has led to a "double-edged sword" effect, where significant unrealized gains from FVOCI assets do not appear on profit statements, potentially obscuring the true performance of insurance companies [9][10] - This shift in accounting practices allows for a more stable assessment of insurance companies' core business performance, enhancing investor confidence [10] - The focus on long-term dividend income is changing the investment logic of insurance companies, moving away from short-term capital gains to a more stable income approach [10]

Core Viewpoint - China Ping An has significantly increased its holdings in both insurance and banking stocks since September, indicating a strong investment strategy in the financial sector [1][2][4]. Investment in Insurance Stocks - On September 11, China Ping An's subsidiary, Ping An Life, purchased 77.8092 million shares of China Pacific Insurance (China Taibao) H-shares, raising its holding from 8.47% to 11.28%, with an estimated investment of approximately HKD 2.5 billion [2][3]. - The buying spree began in August, with an initial purchase of 1.7414 million shares, which increased the holding to 5.04% [2]. - The total investment in China Taibao H-shares since August has exceeded HKD 5 billion, with a significant increase in holding percentage by 6.24 points [2][3]. - Ping An Life also increased its stake in China Life H-shares by acquiring 44.095 million shares for over HKD 1 billion, raising its holding to 8.13% [3]. Investment in Banking Stocks - China Ping An has continued to invest in banking stocks, purchasing 40.213 million shares of Agricultural Bank H-shares and 12.381 million shares of Postal Savings Bank H-shares, raising their holdings to 18.07% and 16.01%, respectively [4][5]. - The company has adopted a "bulk buying" strategy for both banking and insurance stocks, indicating a strong bullish outlook on these sectors [4][6]. - The total expenditure on banking stocks this year has surpassed HKD 100 billion [4]. Market Context and Strategy - The continuous increase in holdings reflects a broader trend of insurance companies entering the market, with a reported 26.69% increase in stock holdings by life insurance companies since the beginning of the year [6]. - The low interest rate environment and new financial regulations have prompted insurance companies to seek high-dividend stocks to enhance investment returns [6][7]. - Regulatory support has facilitated the entry of long-term funds into the market, allowing companies like China Ping An to focus on stable, high-dividend stocks [6][7].

Core Viewpoint - Reliable high-yield investments are considered essential in the current market environment and are expected to remain favorable in the coming years [1] Group 1 - High-yielders are characterized as reliable investment options that can provide consistent returns [1] - The demand for high-yield investments is anticipated to increase as investors seek stability and income generation [1] - The trend towards high-yield investments is likely to persist, indicating a shift in investor preferences towards safer, income-generating assets [1]

Core Viewpoint - China Ping An has been actively increasing its holdings in China Pacific Insurance (CPIC) and China Life Insurance, signaling a positive outlook on the insurance sector's fundamentals and a strategic shift towards high-dividend stocks amid low interest rates [1][3]. Group 1: Investment Activities - As of August 28, China Ping An's subsidiaries acquired a total of 10.72 million shares of CPIC at an average price of HKD 35.6922, raising their stake to 8.02% [2]. - Following this, on August 29, Ping An Life further increased its holdings in CPIC by 6.1 million shares, bringing its total stake to 7.14% [2]. - In total, since August, China Ping An has invested over HKD 3 billion in CPIC [2]. - Additionally, on August 28, Ping An Life spent over HKD 1 billion to acquire 4.41 million shares of China Life at an average price of HKD 23.5485, increasing its stake to 8.13% [3]. - By the end of August, China Ping An's total investment in China Life exceeded HKD 5 billion [3]. Group 2: Market Trends and Insights - The continuous increase in holdings by China Ping An reflects a broader trend of insurance companies entering the market, with a reported 25% increase in stock and fund investments by life and property insurance companies as of June [4]. - As of September 11, insurance companies have made 28 stake acquisitions in 2023, marking a new high since 2021 [4]. - Analysts suggest that the low interest rate environment and new accounting standards are driving insurance companies to increase their equity asset allocations [4]. Group 3: Future Outlook - Multiple insurance company executives have expressed optimism about the long-term value of A-shares, indicating plans to steadily increase equity asset allocations [7]. - China Life's Chief Investment Officer highlighted a focus on sectors such as technology innovation and advanced manufacturing for investment opportunities [7]. - The overall sentiment among insurance institutions remains positive for the A-share market, with a focus on high-dividend stocks and emerging industries [8].

Core Viewpoint - Insurance capital private equity funds are increasingly favoring "Chinese-character" stocks, particularly in sectors like banking, public utilities, and transportation, reflecting a preference for high-dividend, low-valuation stocks that offer stable returns and manageable risks [1][2][3]. Group 1: Investment Trends - As of June 30, insurance capital private equity funds held seven A-share stocks, with a notable preference for "Chinese-character" stocks [1][2]. - The three private equity funds managed by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. have maintained their positions in key stocks such as Yili Industrial, Shaanxi Coal and China Telecom [2]. - The investment strategy emphasizes stocks with high dividend yields and stable development, with specific stocks like Shaanxi Coal, China Shenhua, and China Petroleum showing dividend yields of 6.6%, 5.9%, and 5.28% respectively [3][4]. Group 2: Fund Performance and Strategy - The first phase of the Honghu Zhiyuan fund has completed its investment and achieved good returns, while the second phase is nearing completion [3]. - The third phase of the fund focuses on large A+H shares that meet specific criteria, including good governance and stable dividends, with the investment team showing significant improvement in stock selection capabilities [4]. - Insurance companies are increasingly prioritizing equity asset allocation, particularly in high-dividend stocks, to counterbalance the declining safety of fixed-income assets [6]. Group 3: Market Position and Holdings - As of June 30, insurance companies appeared in the top ten shareholders of 735 listed companies, holding a total of 927.4 billion shares, with a market value of approximately 1.57 trillion yuan [5]. - The top five holdings by insurance companies include Minsheng Bank, Shanghai Pudong Development Bank, China Unicom, Beijing-Shanghai High-Speed Railway, and Zheshang Bank [5]. - Insurance companies are optimistic about the A-share market in the second half of the year, focusing on sectors like technology innovation and advanced manufacturing for investment opportunities [6].

Core Viewpoint - The five major listed insurance companies in China reported significant growth in their investment portfolios and stock allocations as of June 30, 2025, reflecting a strategic shift towards long-term capital investment in equities [1][2][4]. Investment Performance - As of June 30, 2025, the total investment of the five major insurance companies reached 19.72 trillion yuan, a 7.52% increase from 18.34 trillion yuan at the end of 2024 [1]. - The total stock investment by these companies amounted to 1.846429 trillion yuan, marking a 28.71% increase from 1.434571 trillion yuan at the end of 2024 [2]. - China Ping An's stock investment reached 649.29 billion yuan, up 48.45% year-on-year, with a stock allocation ratio of 12.6% [2]. - China Life's equity financial assets accounted for 20% of its total investments, with stock and fund allocations of 620.14 billion yuan and 350.70 billion yuan, respectively [3]. Strategic Asset Allocation - Insurance companies are increasingly focusing on high-dividend value stocks and growth sectors such as technology and advanced manufacturing [4][6]. - The investment strategy emphasizes a balanced approach, maintaining a low duration gap between assets and liabilities while optimizing equity allocation [6][7]. - China Pacific Insurance is increasing its allocation to long-term interest rate bonds and innovative quality assets, including ABS and public REITs [7]. Market Response and Challenges - The insurance sector is responding to market volatility by employing strategies such as OCI accounts and FVOCI accounting classifications to mitigate the impact of market fluctuations on profits [4][8]. - Challenges include market volatility affecting solvency, accounting mismatches under new financial instrument standards, liquidity management, and the need for enhanced research capabilities in selecting high-dividend and growth stocks [8].

Core Insights - The five major insurance companies in A-shares reported a strong performance in the first half of 2025, with a total net profit attributable to shareholders of 178.19 billion yuan, representing a year-on-year growth of 3.7% [1][2] Group 1: Net Profit Performance - Among the five companies, Xinhua Insurance showed the highest growth rate with a year-on-year increase of over 30%, while China Ping An experienced a decline of 8.8% [2] - The net profit figures for the five companies in the first half of 2025 are as follows: China Ping An (68.05 billion yuan), China Life (40.93 billion yuan), China Pacific Insurance (27.88 billion yuan), China Reinsurance (26.53 billion yuan), and Xinhua Insurance (14.80 billion yuan) [2] Group 2: New Business Value Growth - The new business value, which reflects the expected future earnings from newly sold policies, saw significant growth across the board, with all companies achieving over 20% increases [3] - Xinhua Insurance achieved a new business value of 6.18 billion yuan, up 58.4% year-on-year, while China Ping An's new business value grew by 39.8% [3] Group 3: Cost Ratio Improvement - The comprehensive cost ratios for the "old three" property insurance companies (China Re, Ping An Property, and China Pacific Property) generally decreased, leading to improved underwriting profits [5] - China Re's comprehensive cost ratio was 95.3%, the best level in nearly a decade, while Ping An Property's ratio was 95.2%, down 2.6 percentage points year-on-year [5] Group 4: Investment Income - As of June 30, 2025, the total investment assets of the five major insurance companies reached 19.73 trillion yuan, a year-on-year increase of 7.52% [7] - The total investment return rates showed divergence, with China Pacific and China Life experiencing declines of 0.4 and 0.3 percentage points, respectively, while Xinhua Insurance and China Re saw increases of 1.1 and 1 percentage points [7] Group 5: Market Outlook - Looking ahead, companies are optimistic about the A-share market and plan to focus on sectors such as technology innovation, consumer manufacturing, and advanced manufacturing for investment opportunities [8] - The emphasis will be on high-dividend stocks to provide stable cash flow and enhance long-term returns [8]