8月份未过半，险资举牌次数就达到6次，将年内举牌次数推升至29次，不仅大幅超2024年的20次，也超 过2020年的26次，仅次于2015年的62次，至少锁定历史第二高。记者梳理，险资29次举牌涉及22家上市 公司，其中5家A股和17家H股。从举牌的行业来看，主要为银行、公用事业和能源，其中银行占据了一 半以上的份额，有7家银行被举牌，举牌次数达到14次，招商银行H股、邮储银行H股和郑州银行H股分 别被举牌三次。 （21财经） ...

《每日经济新闻》记者注意到，险企举牌上市公司已不是新鲜事。作为手握大量资金的险企，对在资本市场上"扫货"早已习以为常。 但是险企举牌险企倒是挺让人意外，尤其还是两家头部险企之间的举牌，这当中存在着怎样的逻辑呢？ 增持背后：再现险企举牌险企 作为手握万亿元资产的"大拿"，险资在二级市场上增持举牌的事件并不少见，哪怕是保险机构交叉持股保险机构的行为，也并不鲜 见。中国人寿买新华保险，新华保险买中国人寿，"一不小心"买成前十大流通股股东的情况也偶有出现。但是险企举牌险企倒是少 见，尤其是参与双方还都是在行业内首屈一指的大型保险集团。 上一次轰动市场的保险机构举牌保险机构的案例还停留在2019年。彼时，中国人寿增持并举牌了中国太保H股。中国人寿发布的公告 显示，中国人寿分别于2019年7月31日、2019年8月1日在场内增持中国太保H股。增持后，中国人寿保险的持股数目为1.40亿股，持股 比例由4.87%升至5.04%。但国寿集团持有中国太保H股99.24万股，中国人寿与国寿集团存在股权控制关系，且中国人寿的最终实际控 制人为国寿集团。因此，中国人寿和国寿集团合计对中国太保持股达到1.41亿股，持股比例达到5.08％ ...

中国平安回应称，相关投资属于财务性投资，是险资权益投资组合的常规操作。 值得注意的是，险资此前主要聚焦于银行、公用事业、能源、交运、电力设备等高股息、高分红板块。 而对于此次保险龙头之间的"互动"，机构人士认为，这既是对自身行业的认同，同时也表明保险股同样 属于"红利"范畴。 保险举牌保险背后 事实上，保险公司之间相互持股此前早有先例。据了解，上一次险资举牌中国太保H股还是在2019年8 月至2020年10月，但此后该险资不断减持并于2022年11月重回5%港股流通股"举牌线"下方。 8月14日，中国太保H股股价达到历史新高，早盘最高触及36.78港元/股，年内涨幅近50%，250日涨幅 甚至超过100%。 中泰证券分析师葛玉翔认为，本次举牌亦释放了重要信号，险资作为长期资金，同样也会关注保险股， 保险股同样属于"红利"范畴。当前估值已较为充分反映保险股资负两端压力，险资举牌同行指向对自身 行业基本面的筑底向好的认同。 Wind数据显示，8月14日早盘，保险板块表现活跃，中国平安H股盘中创2021年7月以来的新高，最高触 及59.1港元/股，友邦保险创250日新高。在A股市场，受举牌消息影响，中国太保早盘领涨 ...

8月14日，中国平安向21世纪经济报道记者表示，"相关投资属于财务性投资，是险资权益投资组合的常规操作。" 或受这一消息影响，今日开盘中国太保A股（601601.SH）一度涨近6%，H股（2601.HK）也一度涨近7%。保险板块也强势拉升：保险指数（886055.WI） 一度涨超3%，港股保险板块也一度涨超3%。 记者丨曹媛 编辑丨孙超逸 时隔六年再现，险企举牌险企！ 8月13日，21世纪经济报道记者从港交所披露的数据获悉，中国平安增持中国太保H股约174万股，增持完成后，中国平安持有中国太保H股股份占其H股 总股本的比例约5.04%，触及举牌线。 < G 保险指数(886055) 08-14 15:00:04 | 6668.73 | | 昨收 | 6526.00 | 成交额 | 129.35亿 | | --- | --- | --- | --- | --- | --- | | +142.73 +2.19% | 今井 | | 6542.64 | 成交量 | 4.00亿 | | 上涨 | 5 | | 1 | 下跌 | 0 | | 最高价 | 6769.03 T 图 图 > | | 9.2 | 近20日 | 5. ...

Core Viewpoint - The article discusses the recent acquisition of shares by China Ping An in China Pacific Insurance, marking a rare instance of an insurance company acquiring another insurance company, which has not occurred in six years. This move is seen as a strategic financial investment and reflects a shift in asset allocation within the insurance sector [1][6][10]. Group 1: Acquisition Details - On August 13, China Ping An increased its holdings in China Pacific Insurance by approximately 1.74 million shares, bringing its total ownership to about 5.04% of the H-shares, thus triggering the "lifting the stake" threshold [1][6]. - The acquisition was executed at a price of HKD 32.07 per share, totaling approximately HKD 55.84 million [6][7]. - Following the announcement, shares of China Pacific Insurance surged nearly 6% in A-shares and about 7% in H-shares, contributing to a broader rally in the insurance sector [1][4]. Group 2: Market Context and Trends - The insurance industry has seen a resurgence in share acquisitions, with over 20 instances of stake increases in 2023 alone, surpassing the total for the previous year [6][8]. - The current market environment, characterized by declining interest rates and an "asset shortage," has prompted insurance companies to seek high-dividend, low-valuation equity assets [7][8]. - China Pacific Insurance is viewed as an attractive target due to its high dividend yield and potential for valuation recovery, with a current H-share price of HKD 36.14 and a dividend yield of 3.26% [7][8]. Group 3: Strategic Implications - The acquisition signals a shift in the insurance sector towards high-quality development and mutual trust among leading insurance firms, moving away from mere scale expansion [8][11]. - The article highlights that the insurance sector is undergoing a transformation, which may lead to improved operational quality and a gradual recovery in valuations [11][12]. - The rarity of insurance companies acquiring other insurance firms is attributed to high ownership concentrations among major shareholders and the current low valuation levels in the insurance sector [10][11].

近日，中国平安及旗下平安人寿、平安养老等子公司，频繁增持银行、通讯、保险等H股。 香港交易所 最新披露信息显示 ，8月11日，中国平安以平均每股32.07港元的价格买入中国太保H股，合计买入 174.14万股，耗资约5583.89万港元。此次增持后，占中国太保H股持股比例从4.98%提高到5.04%。 中国平安方面对券商中国记者表示，相关投资属于财务性投资，是险资权益投资组合的常规操作。 据港交所披露易显示，平安人寿于8月8日增持1414.1万股邮储银行H股股份，于当日达到该行H股股本的 15%。这已经是第三次举牌，此前1月8日首次举牌邮储银行H股之后，5月9日又耗资超过1.1亿港元增持邮储银 行H股。 增持中国太保H股达5% 券商中国记者查询港交所披露易发现，8月11日，中国平安以平均每股32.07港元的价格买入中国太保H股，合 计买入174.14万股，耗资约5583.89万港元。 此前，中国平安就持有中国太保H股1.38亿股，占H股总股本比例达到4.98%；此次增持之后，共计持有中国太 保H股1.40亿股，持股比例达到了5.04%。 操作上，中国平安通过旗下子公司平安人寿持有中国太保H股13809万股，子 ...

Core Viewpoint - China Ping An has increased its stake in China Pacific Insurance (CPIC) H-shares, reaching 5.04% ownership, marking a significant move in the insurance sector after six years of inactivity in such transactions [1][2]. Group 1: Investment Details - China Ping An acquired approximately 1.74 million shares of CPIC H-shares at a price of HKD 32.07 per share, totaling around HKD 55.84 million [2]. - The insurance sector has seen over 20 instances of stake acquisitions this year, surpassing the total from the previous year [2]. Group 2: Reasons for the Acquisition - The need for insurance capital to allocate more high-dividend, low-valuation equity assets is driving this move, with CPIC being a rare target due to its high dividend yield and potential for A/H share price correction [3]. - As of the latest data, CPIC H-shares have a price-to-earnings (P/E) ratio of 7.49 and a dividend yield of 3.26%, making them attractive compared to their A-share counterparts [3]. - CPIC's strong financial performance, with a projected 65% year-on-year increase in net profit for 2024 and a total insurance premium income of CNY 282.01 billion in the first half of the year, enhances its appeal [3]. Group 3: Market Context and Trends - The insurance industry is undergoing a transformation, with a shift from scale expansion to high-quality development, as indicated by the rising stock prices of major insurance companies [4]. - The insurance index has increased nearly 16% this year, with CPIC's stock rising nearly 20% [4]. - The rarity of insurance companies acquiring stakes in other insurance firms is attributed to high ownership concentrations among major shareholders, limiting the availability of shares for acquisition [6]. Group 4: Future Implications - The current low valuation levels in the insurance sector, driven by long-term interest rate declines, have suppressed the willingness of insurance capital to increase holdings [7]. - However, ongoing transformations in the insurance industry may improve operational quality and reduce risks, potentially leading to a recovery in sector valuations [7]. - The acquisition by China Ping An may signal a shift in investment logic from defensive positioning to identifying structural opportunities within the insurance sector [7].

此外，平安资管在2025年8月8日买入中国太保H股110万股，每股交易均价32.28港元，总持股数量达 1.38亿股，占中国太保已发行H股股份的5%。 险资举牌持续火热。 香港联交所最新股权披露信息显示，中国平安（601318）（601318.SH，2318.HK）和旗下资产管理公 司平安资管分别增持了中国太（601601.SH，2601.HK）H股股份，触发举牌线。 中国平安与中国太保（601601）均是国内保险巨头。信息显示，中国平安于2025年8月11日买入中国太 保H股174万股，每股交易均价32.07港元，总持股数量达1.4亿股，占中国太保已发行H股股份的 5.04%，触发举牌。 在2024年度业绩发布会上，中国太保董事长傅帆表示，公司一直以来高度重视股东回报。据测算，上市 以来，公司累计现金分红已经达到1200亿元左右，远远高于股东的投入。 随着利率的下行与权益市场的回暖，面临着投资压力的保险机构在资本市场动作频频。经济观察报记者 统计的数据显示，自今年初以来，保险机构举牌上市公司已超过20次，超过2024年全年举牌次数，创下 近5年新高。中国人寿（601628）、中国平安、中邮保险、新华保险（6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][12]. Core Insights - The report highlights that the recent increase in shareholding by insurance capital in China Pacific Insurance (601601.SH) signals positive market sentiment towards the insurance sector [6]. - The company is expected to maintain a steady growth trajectory in its operating profit, with a projected net profit of 44.96 billion yuan for 2024, reflecting a year-on-year growth rate of 64.9% [3][6]. - The report emphasizes that the insurance industry fundamentals are not as concerning as the market perceives, suggesting that current valuations adequately reflect the pressures on both assets and liabilities [6]. Financial Performance Summary - The projected net profit for China Pacific Insurance is as follows: 27.26 billion yuan for 2023, 44.96 billion yuan for 2024, 38.25 billion yuan for 2025, 41.70 billion yuan for 2026, and 43.83 billion yuan for 2027 [3][10]. - Earnings per share (EPS) are forecasted to be 2.83 yuan for 2023, increasing to 4.67 yuan for 2024, and then fluctuating to 3.98 yuan for 2025, 4.34 yuan for 2026, and 4.56 yuan for 2027 [3][10]. - The company's return on equity (ROE) is projected to be 11.4% for 2023, with a decline to 16.6% in 2024, followed by a gradual decrease to 11.9% by 2027 [3][10]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to be 13.3 for 2023, dropping to 8.1 for 2024, and further decreasing to 8.3 by 2027 [3][7]. - The price-to-book (P/B) ratio is projected to be 1.46 for 2023, declining to 0.95 by 2027 [3][7]. - The dynamic dividend yield is estimated at 3.5% for 2024 and 2025, increasing to 4.1% by 2027 [7].

Group 1 - China Ping An has increased its stake in China Pacific Insurance (CPIC) H-shares, acquiring 1.74 million shares at an average price of HKD 32.07 per share, totaling HKD 55.83 million, raising its holding to 5.04% of CPIC's total H-share capital, triggering a stake increase notification [1] - This marks the first instance of a major insurance company cross-holding in the sector since China Life's stake increase in CPIC in 2019, indicating a recognition of the long-term value of high-dividend financial assets by insurance capital [1] - The current dividend yield advantage of domestic insurance companies in the Hong Kong stock market is significant, with companies like New China Life, Sunshine Insurance, and Ping An H-shares all exceeding a 5% dividend yield [1] Group 2 - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) tracks the CSI Hong Kong Stock Connect Non-Bank Financial Index, focusing on insurance (64.5% weight), securities (15.2%), and the Hong Kong Stock Exchange (13.3%) [2] - The top three holdings, including China Ping An, AIA Group, and the Hong Kong Stock Exchange, each have a weight exceeding 13%, with the top ten stocks accounting for 78.19% of the index [2] - As of August 13, the index's price-to-earnings ratio (TTM) stands at 10.3 times, below the five-year average, indicating good valuation attractiveness [2] Group 3 - The ETF supports T+0 trading and is not subject to QDII quota restrictions, providing an efficient way for investors to access non-bank financial assets in Hong Kong [2] - Multiple favorable factors are converging for the non-bank financial sector, including a reduction in preset interest rates alleviating pressure on insurance margins, record-high margin financing driving interest income growth for brokerages, and improved liquidity from new IPO regulations benefiting the Hong Kong Stock Exchange [2] - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) is seen as a crucial tool for capturing industry opportunities due to its scarcity, high elasticity, and convenient trading mechanism [2]