Core Viewpoint - Insurance capital is actively increasing its stakes in listed companies, particularly in the public utility and banking sectors, indicating a strategic shift towards long-term investments in high-dividend stocks [1][6][7]. Group 1: Insurance Capital Activities - Lian An Life Insurance has increased its stake in Jiangnan Water, holding 46.9954 million shares, which is 5.03% of the total share capital, marking a long-term investment based on the company's value [1][2]. - In 2025, 14 listed companies have been targeted by insurance capital, including five banks, with China Merchants Bank being the only bank to be targeted three times [1][6]. - Longcheng Life Insurance has also increased its holdings in Qin Port and other companies, indicating a trend of insurance companies focusing on infrastructure and public utility investments [3][4]. Group 2: Investment Trends and Motivations - The average dividend yield of stocks targeted by insurance capital in 2024 is 4.6%, the highest in previous waves of acquisitions, reflecting a preference for stable cash returns in a low-interest-rate environment [7]. - Analysts suggest that insurance companies are looking for long-term equity investments to secure stable returns, driven by the need to match asset-liability durations and enhance cash flow through high-dividend stocks [7]. - The trend of insurance capital targeting bank stocks is attributed to their low volatility, high dividends, and favorable valuations, making them attractive investments [6][7].

Group 1 - The core viewpoint of the news is that bank stocks have reached new historical highs in 2025, with significant gains for investors who bought in 2015, indicating a strong performance in the banking sector [1] - Major banks such as Shanghai Pudong Development Bank, Huaxia Bank, and China Construction Bank have recently set historical highs, with the Shanghai Pudong Development Bank achieving this 24 times [1] - The Bank AH Preferred ETF (517900) has also shown strong performance, recently entering a continuous rise mode and surpassing its 5-day moving average, reflecting a stable upward trend [1] Group 2 - The Bank AH Preferred ETF has seen a significant increase in net inflows, with its scale growing over 570% since the beginning of the year, driven by strong demand from investors [3] - Insurance capital has been actively acquiring bank stocks, with 19 instances of insurance capital increasing holdings in 2025, nearly half of which are in bank stocks, highlighting the appeal of high dividend yields in the banking sector [3] - The current low interest rates for banks and 10-year government bonds have created a challenging environment for long-term capital, leading to a strong demand for high dividend, low valuation assets like bank stocks [3] Group 3 - The performance of the Bank AH Index has been impressive, with a 67.87% increase since the beginning of 2024, outperforming the China Securities Bank Index by over 12 percentage points [4] - The strategy of the Bank AH Index, which dynamically captures lower-valued stocks across A-shares and H-shares, has proven effective in generating excess returns [4] - The Bank AH Index has shown a significant rise in both the number of upward trading days and overall performance metrics compared to the China Securities Bank Index [5]

Core Viewpoint - Lian Life Insurance has increased its stake in Jiangnan Waterworks to 5.03%, indicating a long-term investment strategy based on the company's value and the insurance firm's asset allocation needs [1][3]. Group 1: Shareholding Changes - Jiangnan Waterworks announced that Lian Life Insurance acquired a total of 46.9954 million shares, raising its ownership from 4.91% to 5.03%, with an increase of 0.12% [1][3]. - The increase in shareholding does not trigger a mandatory takeover bid, and the control of Jiangnan Waterworks remains unchanged, with Jiangyin Public Asset Management Co. and Jiangyin Public Utilities Group as the largest shareholders [3]. Group 2: Investment Rationale - Lian Life Insurance stated that the share increase is driven by its own asset allocation needs and the perceived value of Jiangnan Waterworks, funded by its own resources [3]. - There is a possibility of further increasing the stake in Jiangnan Waterworks within the next 12 months, subject to compliance with existing laws and regulations [3]. Group 3: Industry Trends - Public utility companies like Jiangnan Waterworks have become increasingly attractive to insurance capital, with a notable example being Great Wall Life's previous stake increase to 5.21% and then 6.38% [5]. - Jiangnan Waterworks reported a revenue of 1.533 billion yuan in 2024, a year-on-year increase of 12.39%, and a net profit of 402 million yuan, up 24.31% [5]. - The company's net profit has shown consistent growth from 195 million yuan in 2018 to 400 million yuan in 2024, with dividends increasing from 0.7 yuan to 1.12 yuan per share [5].

市值仅50亿元的江南水务再次被险资举牌。 7月2日盘后，江南水务（601199.SH）发布公告称，公司收到股东利安人寿出具的《简式权益变动报告 书》。利安人寿已持有公司股份4699.54万股，占总股本的5.03%。 公告显示，利安人寿于7月通过二级市场增持江南水务110万股，在此之前持有4589.54万股，占总股本 的4.91%。 据悉，此次权益变动是利安人寿基于保险公司自身配置需求以及江南水务配置价值进行的长期投资，资 金来源于自有资金。 该股权变动为股东增持股份，不触及要约收购。江南水务的控制权也不会发生变化，江阴市公有资产经 营有限公司与江阴公用事业集团有限公司为江南水务并列第一大股东，仍为江南水务实际控制人。 公开资料显示，利安人寿成立于2011年7月，注册资本45.79亿元人民币，总部位于南京，现由江苏省国 际信托有限责任公司、深圳市为顺正新投资有限责任公司、雨润控股集团有限公司、江苏交通控股有限 公司等10家公司共同持股。 2024年年报显示，利安人寿的总资产达1249.86亿元，股东权益为83.01亿元，当年实现归母净利润 4764.91万元。 | 股东名称 | | 本次权益变动前 | | 本次 ...

Group 1 - Ping An Life increased its stake in China Merchants Bank H-shares to 15% after acquiring 6.2955 million shares on June 17, triggering the Hong Kong market's disclosure requirements [1] - This marks the third time in 2023 that Ping An Life has raised its stake in China Merchants Bank, having initially acquired 5% in January and then increasing it to over 10% in March with an investment of nearly 300 million HKD [1][2] - Overall, Ping An Life has accumulated nearly 500 million shares of China Merchants Bank H-shares this year, with total expenditures exceeding 20 billion HKD based on average transaction prices [2] Group 2 - Other insurance companies, such as Xinhua Insurance and Ruizhong Life, are also showing interest in bank stocks, indicating a broader trend among insurers [2] - The preference for listed banks is attributed to their stable operations, good liquidity, high dividend yields, and potential for capital appreciation, making H-shares particularly attractive due to their relative discount compared to A-shares [2] - As of June 25, 2023, China Merchants Bank H-shares have risen over 40% year-to-date, reaching a new high of 56.25 HKD, with a price-to-earnings ratio of 9.42 and a dividend yield of 7.22%, significantly higher than that of A-shares [2] Group 3 - For the full year 2024, China Merchants Bank is projected to achieve revenue of 337.488 billion CNY, a slight decline of 0.48% year-on-year, while net profit is expected to grow by 1.22% to 148.391 billion CNY, with a non-performing loan ratio maintained at a low level of 0.95% [2] - In Q1 2023, the bank reported a revenue of 83.751 billion CNY, down 3.09% year-on-year, and a net profit of 37.286 billion CNY, down 2.08% year-on-year, with the non-performing loan ratio unchanged from the previous year [3] - Regulatory policies are becoming more favorable, with initiatives to expand the scope of long-term insurance fund investments and reduce investment risk factors for insurance companies, which may enhance the willingness of insurance capital to enter the market [3]

6月25日，银行板块先抑后扬，行业指数上涨1.05%，实现四连阳，五大行股价集体创新高。此外，江 苏银行、南京银行、成都银行等4家城商银行股价亦创历史新高。 银行股集体创历史新高 年初，六部门联合印发《关于推动中长期资金入市工作的实施方案》，机构资金"长钱长投"的投资风格 正逐步形成，银行板块具有高股息率、高净资产收益率（ROE）的个股备受青睐。 日前，平安人寿发布公告称，平安人寿近期投资了招商银行H股股票，于2025年6月17日达到招商银行H 股股本的15%，触发公司举牌。值得注意的是，平安人寿今年以来多次举牌上市公司，其中招商银行H 股获平安人寿3次举牌，邮储银行和农业银行均获平安人寿2次举牌。 今年以来，险资举牌延续了去年的火热势头。长江证券研报显示，截至6月20日，2025年以来险资举牌 次数已达到19次，逼近去年全年数据。19次举牌中，9次是银行股，7次是举牌港股银行。 多家机构认为，险资偏好银行板块H股，主要由于银行板块具有低波动、高股息、低估值的三大特征， 符合险资稳健的投资偏好，此外银行股A股相对H股有一定溢价率，H股股息率相对更高、估值更低， 更适合作为红利标的长期持有。 除招商银行外，其他 ...

Group 1 - The Hong Kong stock market is experiencing a comprehensive rebound, with the Hong Kong Bank LOF (501025) rising over 1.5% and aiming for a third consecutive day of gains [1] - Over the past six months, the Hong Kong Bank LOF has accumulated a 25.48% increase, leading among similar funds [1] - The fund has seen a net inflow of over 1.4 billion in the last 11 trading days, indicating strong investment interest [1] Group 2 - Year-to-date, the net inflow for the fund has exceeded 3 billion, with a scale growth of over 600% [1] - The recent rally in the Hong Kong financial sector is attributed to the recovery in overseas markets, expectations of interest rate cuts from the Federal Reserve, and events like the Davos Forum [1] - Ping An Life has increased its holdings in China Merchants Bank H-shares by 6.2955 million shares, raising its stake to over 15%, triggering a third regulatory notice [1] Group 3 - The Hong Kong Bank LOF closely tracks the HK Bank Index, which includes bank stocks within the Hong Kong Stock Connect range [1] - The top ten weighted stocks in the index account for 84.38% of the total, including HSBC Holdings, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and Bank of China (Hong Kong) [1]

Group 1 - Insurance companies are increasingly engaging in shareholding activities, with Ping An Life having raised its stake in China Merchants Bank's H-shares to 15%, triggering Hong Kong's shareholding disclosure requirements [2][3][4] - This marks the third time within six months that Ping An Life has increased its holdings in China Merchants Bank, indicating a strong belief in the bank's long-term investment value [2][4] - As of now, 14 listed companies have been targeted by insurance companies for shareholding activities in 2025, with China Merchants Bank being the only bank to have been targeted three times [2][3] Group 2 - Ping An Life's total investment in China Merchants Bank's H-shares from January 10 to June 17 amounts to approximately 4.61 million shares, costing nearly 21.5 billion HKD [3] - The continuous increase in holdings by Ping An Life is attributed to its recognition of China Merchants Bank's stable operations and long-term growth potential, as the bank leads in profitability, asset quality, and dividend levels within the industry [4] - Analysts suggest that the frequent acquisitions by insurance companies in Hong Kong's state-owned banks are driven by factors such as dividend yield, tax advantages, and regulatory requirements [4] Group 3 - In addition to banks, insurance companies like Great Wall Life are also focusing on public utilities, having recently acquired a 5% stake in Qin Port Co., indicating a broader investment strategy [5][6] - Great Wall Life has also made significant investments in other sectors, including water and energy, reflecting a commitment to infrastructure and essential services [6] - The trend of insurance companies engaging in shareholding activities is driven by the need for stable cash returns and long-term equity investments, particularly in a low-interest-rate environment [7][8]

险资扫货不歇脚！ 港交所披露易最新信息显示，平安人寿于6月17日增持629.55万股招商银行H股股份之后，于当日达到该行H股 股本的15%，根据香港市场规则，触发举牌。 在此之前，平安人寿曾在1月10日、3月13日分别举牌招行H股，所持该行H股数量占其H股总数分别突破5%、 10%。而此番举牌，也是平安人寿半年内第三次举牌招行H股。 截至目前，2025年已有13家上市公司被险资举牌，包括5家银行，招行则是唯一一家被三度举牌的上市银行。 此外，平安人寿还分别两度举牌农业银行H股、邮储银行H股。 三度举牌招商银行 据披露易信息，早在1月10日，平安人寿就首次举牌招行H股，所持该行H股数量当时就达到该行H股股本的 5%。 3月13日，平安人寿又耗资近3亿港元，在场内增持606.75万股招行H股，持股占比突破该行H股总数的10%， 构成二度举牌。 而6月17日再度增持629.55万股招行H股股份之后，平人寿所持该行招行H股总数已达该行H股股本的15%，构 成第三次举牌。 以此计算，1月10日至6月17日，平安人寿合计增持近4.61亿股招行H股。以区间成交均价计，其间合计耗资近 215亿港元。 截至6月17日，平安人寿 ...

Group 1 - Insurance companies have increased their stake acquisitions, with 16 instances reported this year, a significant rise compared to 5 instances in the same period last year [1][2] - The recent acquisition by Great Wall Life Insurance involved purchasing 4.4 million shares of Qinhuangdao Port Co., bringing its total holdings to approximately 279 million shares, which is 5.0005% of the company's total equity [2] - The market value of Great Wall Life's holdings in Qinhuangdao Port is approximately 610 million RMB, representing 0.42% of the insurer's total assets as of the last quarter [2] Group 2 - The increase in stake acquisitions is attributed to new accounting standards that require insurance companies to reflect the market value of stock investments, leading to greater volatility in financial statements [3] - The insurance sector is facing pressure from declining long-term interest rates and the maturity of high-quality non-standard assets, which impacts investment returns [3] - The preference for high-dividend stocks is evident, with 8 out of 16 acquisitions targeting listed banks, which are known for their high dividend yields [4] Group 3 - Future trends indicate that insurance companies are likely to increase their stake acquisitions, focusing on specialized and strategic investments in sectors such as high technology, new energy, and healthcare [5] - The collaboration between banks and insurance companies is seen as beneficial for expanding insurance product sales due to banks' extensive networks [4]