险资再度举牌 编辑丨曾芳 股市进入调整期，险资举牌速度加快，近日瑞众人寿发布公告称，该公司委托投资举牌青岛 啤酒H股股票，最新持股比例占青岛啤酒H股股本的5%。随着瑞众人寿举牌成功， 今年险 资的举牌次数达到38次，仅次于2015年的62次，为历史第二高。 回顾2025年险资举牌行为，呈现出举牌热情高涨、对同一标的多次举牌、举牌对象集中于 上市公司H股等特点。业内人士认为，预计2026年这一趋势仍将延续。从举牌资产所属板块 来看，传统板块仍具有压舱石地位，但科技板块的比重有望增加。 根据瑞众人寿的公告，12月5日，其买入青岛啤酒H股20万股，累计持有青岛啤酒H股 3276.4万股，占该上市公司H股股本的5%，从而触发举牌。 险资举牌是指保险公司持有或与其关联方及一致行动人共同持有上市公司5%股权，以及之 后每增持达到5%时需依规披露的行为。 距离瑞众人寿最近的一次举牌是在11月26日，彼时泰康人寿发布关于举牌复宏汉霖H股股票 的信息披露公告显示，其通过受托人泰康资产管理（香港）有限公司（以下简称"泰康资产 香港"）管理的账户在二级市场买入复宏汉霖H股股份。2025年11月20日，泰康人寿买入复 宏汉霖H股股票 ...

Core Insights - Insurance capital is actively entering the market, with a notable investment by Ruizhong Life in Qingdao Beer, coinciding with a regulatory adjustment that lowers investment risk factors for insurance funds [2][3] - The trend of insurance capital acquiring shares reflects a significant shift in investment logic within the industry, driven by policy incentives and pressure on liability-side returns [2][5] Group 1: Investment Activities - Ruizhong Life invested 10.64 million HKD to acquire 200,000 shares of Qingdao Beer, increasing its stake to 5% [3] - This marks the third time in 2025 that Ruizhong Life has made a significant investment in H-shares, focusing on high-dividend, undervalued core assets [3][4] - The total market value of Ruizhong Life's holdings in Qingdao Beer is approximately 1.571 billion CNY, indicating a long-term investment strategy [3] Group 2: Regulatory Environment - The National Financial Regulatory Administration has been adjusting risk factors for insurance company investments, which has facilitated increased equity asset allocations [7][8] - As of December 5, 2023, the risk factor for certain stocks was lowered, allowing for a potential influx of approximately 108.6 billion CNY into the market if insurance funds fully reallocate to these stocks [7][8] - The adjustments are seen as a means to encourage long-term holding behaviors among insurance capital, particularly in high-quality stocks and innovative enterprises [8] Group 3: Market Trends - There has been a significant increase in insurance capital's share acquisitions, with 38 instances recorded in 2025, the highest since 2016 [5][9] - H-shares have become the preferred investment target for insurance capital, with over 80% of acquisitions in 2025 being H-shares, attributed to their valuation advantages and higher dividend yields [5][6] - The shift in investment focus includes a growing interest in technology and pharmaceutical sectors, indicating a diversification of investment strategies beyond traditional high-dividend sectors [6][9]

21世经济报道记者 叶麦穗 股市进入调整期，险资举牌速度加快，近日瑞众人寿发布公告称，该公司委 托投资举牌青岛啤酒H股股票，最新持股比例占青岛啤酒H股股本的5%。随着瑞众人寿举牌成功，今年 险资的举牌次数达到38次，仅次于2015年的62次，为历史第二高。 回顾2025年险资举牌行为，呈现出举牌热情高涨、对同一标的多次举牌、举牌对象集中于上市公司H股 等特点。业内人士认为，预计2026年这一趋势仍将延续。从举牌资产所属板块来看，传统板块仍具有压 舱石地位，但科技板块的比重有望增加。 险资再度举牌 根据瑞众人寿的公告，12月5日，其买入青岛啤酒H股20万股，累计持有青岛啤酒H股3276.4万股，占该 上市公司H股股本的5%，从而触发举牌。 险资举牌是指保险公司持有或与其关联方及一致行动人共同持有上市公司5%股权，以及之后每增持达 到5%时需依规披露的行为。 距离瑞众人寿最近的一次举牌是在11月26日，彼时泰康人寿发布关于举牌复宏汉霖H股股票的信息披露 公告显示，其通过受托人泰康资产管理（香港）有限公司（以下简称"泰康资产香港"）管理的账户在二 级市场买入复宏汉霖H股股份。2025年11月20日，泰康人寿买入复宏 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 翻看2025年险资举牌记录，活跃度之高令人侧目。据《华夏时报》记者统计，截至12月15日，年内险资 举牌上市公司的案例已达38次，不仅远超过去几年，更是创下了自2016年以来的最高纪录，仅次于2015 年那轮轰轰烈烈的举牌大潮。 沉寂多年的"举牌潮"卷土重来。但与以往不同的是，这一次，港股成了绝对的主角，高股息、低估值的 H股成为险资眼中的"香饽饽"。 在全年38次举牌事件中，有高达32次的举牌对象是H股，占比超过八成。例如，瑞众人寿年内三次举牌 分别指向中信银行H股、中国神华H股以及最新的青岛啤酒H股；平安人寿则多次增持招商银行H股、邮 储银行H股及农业银行H股，对各标的举牌均达三次；弘康人寿对郑州银行H股的青睐更是使其在首次 举牌后连续增持十六次，持股比例攀升至22.14%，累计触发四次举牌披露。 本报（chinatimes.net.cn）记者吴敏 北京报道 岁末的资本市场并不平静。12月12日，瑞众人寿发布公告称，公司举牌青岛啤酒H股，持股比例达到 5%的披露红线。这并非个例，而是贯穿2025年全年的险资举牌热潮中的最新一幕。今年以来，险资在 二级市场频 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【12月15日消息，2025年险资举牌次数创2016年以来新高】2025年以来，险资举牌共计38次，涉及14家 险资机构、27家上市公司。部分险企首次举牌后继续增持，触发对同一标的多次举牌。2025年险资举牌 热情高涨，呈现对同一标的多次举牌、举牌对象集中于上市公司H股等特点。业内人士预计，2026年这 一趋势仍将延续。从举牌资产所属板块看，传统板块仍具压舱石地位，科技板块比重有望增加。 ...

本报记者 冷翠华 12月12日，瑞众人寿保险有限责任公司（以下简称"瑞众人寿"）发布公告称，该公司委托投资举牌青岛 啤酒股份有限公司（以下简称"青岛啤酒"）H股股票，最新持股比例占青岛啤酒H股股本的5%。 回顾2025年险资举牌行为，呈现出举牌热情高涨、对同一标的多次举牌、举牌对象集中于上市公司H股 等特点。业内人士认为，预计2026年这一趋势仍将延续。从举牌资产所属板块来看，传统板块仍具有压 舱石地位，但科技板块的比重有望增加。 超八成举牌标的为H股 根据瑞众人寿的公告，12月5日，其买入青岛啤酒H股20万股，累计持有青岛啤酒H股3276.4万股，占该 上市公司H股股本的5%，从而触发举牌。 险资举牌是指保险公司持有或与其关联方及一致行动人共同持有上市公司5%股权，以及之后每增持达 到5%时需依规披露的行为。 《证券日报》记者根据公开信息统计，截至发稿，2025年以来险资举牌共计38次，创2016年以来新高。 涉及14家险资机构、27家上市公司。部分险企在首次举牌上市公司股票后继续增持，从而触发对同一标 的的多次举牌。 例如，弘康人寿保险股份有限公司今年6月27日首次举牌郑州银行H股，并在此后进行了16次增 ...

Core Viewpoint - The announcement by Ruizhong Life Insurance indicates a significant trend in insurance capital actively acquiring shares in H-share listed companies, with expectations for this trend to continue into 2026 [1][5]. Group 1: Investment Activity - Ruizhong Life Insurance has acquired 3.2764 million shares of Qingdao Beer, representing 5% of the company's H-share capital, triggering a mandatory disclosure [2]. - Since 2025, there have been 38 instances of insurance capital acquisitions, the highest since 2016, involving 14 insurance institutions and 27 listed companies [2]. - Notable examples include Hongkang Life Insurance, which has made 16 additional purchases of Zhengzhou Bank H-shares, raising its stake to 22.14%, and China Ping An Life Insurance, which has made three acquisitions each in three different banks [2]. Group 2: Reasons for Frequent Acquisitions - Insurance capital tends to hold a significant stake in a single listed company to account for investments using the equity method, allowing them to share the net profits of the company without reflecting stock price fluctuations in their profit statements [3]. - Insurance companies view long-term capital from insurance funds as beneficial for enhancing market confidence in listed companies, with the potential for board representation to improve governance [3]. - The primary motivation for insurance capital acquisitions is to secure high dividend returns in a low-interest-rate environment rather than seeking control over the companies [3]. Group 3: Preference for H-shares - In 2025, 84% of insurance capital acquisitions targeted H-share companies, with a preference for these shares due to their relative undervaluation compared to A-shares [3]. - H-shares offer tax advantages, such as exemption from corporate income tax on dividends if held for over 12 months, enhancing actual returns for insurance capital [4]. - The diversification benefits of investing in H-shares, which do not move in sync with A-shares, help mitigate overall portfolio volatility for insurance companies [4]. Group 4: Future Trends - The trend of high acquisition activity is expected to continue into 2026, with a gradual shift towards growth sectors in the asset allocation of insurance capital [5]. - Traditional sectors like finance, energy, and utilities currently dominate insurance capital investments, but there is an increasing focus on growth and technology sectors [6]. - The investment strategy is anticipated to become more diversified, with a balanced approach between high dividend traditional sectors and growth-oriented investments [6][7].

决定书显示，9月23日，长城人寿增持新天绿能股票100万股，增持后合计持有新天绿能股票21040万 股，占新天绿能总股本的5.0027%。9月24日，长城人寿公司披露《简式权益变动报告书》，披露上述 交易行为。 河北证监局指出，长城人寿在持有新天绿能股份达到5%时，未停止买卖新天绿能股份，违反《证券 法》第三十六条第二款、第六十三条第一款规定。 据券商中国记者查询，其中，第六十三条第一款规定为：通过证券交易所的证券交易，投资者持有或者 通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五时，应当在该事 实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予 公告，在上述期限内不得再行买卖该上市公司的股票，但国务院证券监督管理机构规定的情形除外。 简单理解，这一规定即，当对一家上市公司持股达到5%时，应该在三日内停止交易相关股票，并向有 关方进行报告和信息披露。 登录新浪财经APP 搜索【信披】查看更多考评等级 近日，被称做"险资举牌先锋"的长城人寿，因一个"低级错误"——持股达到5%而未停止交易，被出具 警示函。 针对这一较少见到的案例，券商中国记者 ...

近日，被称做"险资举牌先锋"的长城人寿，因一个"低级错误"——持股达到5%而未停止交易，被出具警示 函。 针对这一较少见到的案例，券商中国记者采访了业内人士。 被指"持股达到5%未停止买卖" 12月9日，河北证监局公布对长城人寿采取出具警示函行政监管措施的决定，该决定书的落款日期为2025年11 月21日。 决定书显示，9月23日，长城人寿增持新天绿能股票100万股，增持后合计持有新天绿能股票21040万股，占新 天绿能总股本的5.0027%。9月24日，长城人寿公司披露《简式权益变动报告书》，披露上述交易行为。 河北证监局指出，长城人寿在持有新天绿能股份达到5%时，未停止买卖新天绿能股份，违反《证券法》第三 十六条第二款、第六十三条第一款规定。 据券商中国记者查询，其中，第六十三条第一款规定为：通过证券交易所的证券交易，投资者持有或者通过协 议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五时，应当在该事实发生之日起 三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予公告，在上述期限内 不得再行买卖该上市公司的股票，但国务院证券监督管理机构规定的情形除外。 简 ...

Core Viewpoint - The enthusiasm for insurance capital to acquire listed companies has surged, reaching 37 instances this year, marking a near 10-year high and the second highest in history, only behind 62 instances in 2015 [1][5]. Group 1: Regulatory Actions - The Hebei Securities Regulatory Bureau issued a warning letter to Great Wall Life Insurance for failing to disclose timely information regarding its acquisition of shares in Xintian Green Energy, violating the Securities Law of the People's Republic of China [3]. - Great Wall Life Insurance increased its stake in Xintian Green Energy to 5.0027% by acquiring 1 million shares, but did not halt trading upon reaching the 5% threshold, which is a regulatory requirement [3][4]. Group 2: Company Performance - Great Wall Life Insurance's insurance business revenue for the first three quarters of 2025 was 21.455 billion yuan, a decrease of 5.92% compared to 22.806 billion yuan in the same period last year [4]. - The net profit for Great Wall Life Insurance in the first three quarters of 2025 was 872 million yuan, down 70.92% from 2.972 billion yuan in the same period of 2024, with a quarterly net loss of 122 million yuan [4]. Group 3: Market Trends - The current year has seen a significant increase in insurance capital acquisitions, with a notable focus on high-quality equity investments, particularly in sectors like banking, public utilities, and environmental protection [7]. - The insurance capital's preference for high ROE and high dividend stocks indicates a strategic shift towards stable investment returns, with various insurance companies participating in the acquisition trend [7][8]. - The asset allocation of insurance funds in stocks and funds has risen to 15.5%, creating more room for acquisitions and signaling a positive outlook for the market [8].