2025年12月9日，河北证监局对长城人寿采取了出具警示函的行政监管措施，原因是长城人寿买入二级市场股票达5%触发举牌时，未能及时停止买卖。 在多部门联合出台政策鼓励长期资金入市的背景下，长城人寿是险资增持资本市场的一股活跃力量。 作为一家成立20年、资产规模超过1600亿元的寿险公司，长城人寿是典型的中型保险公司发展观察样本。该公司有着差异化的竞争策略——致力于成为"中 国家庭风险保障服务商"，但其更为市场所熟知的，是在资本市场的纵横捭阖。 一路在二级市场举牌加仓的长城人寿保险股份有限公司（下称"长城人寿"）接到了来自证监局的警示函。 随着利率水平的持续下行，背负着大量高资金成本保单的保险公司不得不寻找优质资产，增加权益类资产成了他们的共同选择。但这也给保险公司带来了资 本承压、利润波动的挑战。 加仓能手因举牌不当被点名 根据警示函，长城人寿于2025年9月23日增持新天绿色能源股份有限公司（下称"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%。在持有新天绿能股份达到5%时，未停止买卖新天绿能股份，违反了《中华人民共和国证券法》第三十六条第二款、第六 ...

从举牌对象来看，高股息红利股备受险资青睐，特别是金融类上市公司。以举牌次数最多的平安人寿为 例，据统计，今年以来平安人寿举牌次数达到12次，分别举牌中国太保H股两次、农业银行H股3次、中 国人寿H股1次、邮储银行H股3次、招商银行H股3次。 "从H股上市公司半年报披露的数据看，保险公司进入大股东名录的标的股票，涵盖金融、公用事业、 交通运输、医药和地产等板块，其中，银行类H股成为险资举牌的主要板块，显示出险资对高股息、低 估值等稳健收益资产的高度偏好。"张夏说。 值得注意的是，从险资举牌的交易方式观察，虽然二级市场直接买入仍为主流模式，但协议转让、非公 开发行等多元化路径正日益活跃。 11月26日，泰康人寿公告披露其举牌复宏汉霖H股的公告再次引发业内关注。《金融时报》记者根据中 国保险行业协会公告不完全统计，截至11月27日，今年以来险资累计举牌33次上市公司。其中，27次举 牌指向了H股，12次举牌银行股，3次举牌保险股。 业内人士表示，今年以来险资系列密集的动作，显示出险资在复杂经济形势下，寻求稳健回报与战略协 同的资产配置新路径，预计未来险资在权益投资上将采取更趋精细化与多元化的策略。 "举牌"是指保险 ...

11月26日，泰康人寿公告披露其举牌复宏汉霖H股的公告再次引发业内关注。《金融时报》记者根据中 国保险行业协会公告不完全统计，截至11月27日，今年以来险资累计举牌33次上市公司。其中，27次举 牌指向了H股，12次举牌银行股，3次举牌保险股。 业内人士表示，今年以来险资系列密集的动作，显示出险资在复杂经济形势下，寻求稳健回报与战略协 同的资产配置新路径，预计未来险资在权益投资上将采取更趋精细化与多元化的策略。 "举牌"是指保险公司持有或者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，也是保险公司权益投资的一种重要形式。 泰康人寿发布的公告显示，此次举牌前，该公司持有复宏汉霖H股股票781.86万股，占其H股股本比例 的4.78%。11月20日，泰康人寿通过市场交易买入复宏汉霖H股股票51.85万股，买入后合计持有复宏汉 霖H股833.71万股，占该上市公司H股股本比例达到5.1%，从而触发了香港联交所规定的举牌条件，依 法进行信息披露。 "从H股上市公司半年报披露的数据看，保险公司进入大股东名录的标的股票，涵盖金融、公用事业、 交通运输、医药和地产等板块，其中， ...

Core Viewpoint - The recent acquisition of shares by Taikang Life in Fuhong Hanlin marks a significant increase in insurance capital's engagement in the stock market, with a total of 37 instances of shareholding increases this year, the highest in nearly a decade [1][5]. Group 1: Taikang Life's Share Acquisition - On November 20, 2025, Taikang Life purchased 518,500 shares of Fuhong Hanlin, raising its total holdings to 8.3371 million shares, which constitutes 5.10% of the company's H-share capital [1][3]. - Prior to this acquisition, Taikang Life held 7.8186 million shares, representing 4.78% of the H-share capital [3]. - The total investment for this acquisition amounted to approximately 34.77 million HKD, with each share priced at 67.07 HKD [3]. Group 2: Insurance Capital Trends - The number of shareholding increases by insurance companies has surged this year, with 37 instances recorded, second only to the 62 instances in 2015 [5]. - The focus of these acquisitions has been primarily on high-quality assets, particularly in sectors such as banking, public utilities, and environmental protection, with a notable preference for H-shares [5]. - A diverse range of insurance companies, including China Ping An and Xinhua Insurance, have participated in these shareholding increases, indicating a broader trend beyond just one or two major players [5]. Group 3: Investment Strategy Insights - Analysts suggest that the motivations behind these share acquisitions can be categorized into two main types: equity investment focused on high ROE assets and stock investment aimed at high dividend yields [6]. - High ROE assets are expected to enhance the overall ROE of the insurance companies, while high dividend stocks provide stable cash flow without affecting net profit [6].

Core Insights - Taikang Life Insurance has announced its acquisition of H shares in Fuhong Hanlin, marking a significant increase in insurance capital's stake acquisitions this year, totaling 37, the highest in nearly a decade [1][2] Group 1: Insurance Capital Acquisitions - Insurance capital's stake acquisitions, defined as holding or jointly holding 5% of a listed company's shares, have reached 37 instances this year, involving 14 insurance companies and 26 companies [2] - Taikang Life purchased 518,500 shares of Fuhong Hanlin, bringing its total holdings to 8.3371 million shares, which constitutes 5.10% of the company's H shares, triggering the disclosure requirement [2] Group 2: Reasons for Increased Acquisitions - The increase in stake acquisitions is driven by three main factors: regulatory policy optimization, a search for stable returns amid an "asset shortage," and market valuations being at relatively low historical levels [3] - The optimization of solvency regulation has expanded the space for insurance capital to increase equity investments [3] Group 3: Preference for High Dividend Stocks - The acquisitions predominantly target high dividend yield stocks, with 16 out of 37 acquisitions involving listed banks known for high dividends [4] - Insurance capital favors stable cash flow and high dividend stocks, particularly in sectors like banking and public utilities, which align with their long-term investment attributes [4][5] Group 4: H Shares as a Preferred Investment - A significant majority of the acquisitions, 31 out of 37, involved H shares, attributed to tax advantages for insurance capital compared to other institutional investors [5] - The focus on H shares reflects a strong preference for high dividend, low valuation assets, particularly in the banking sector [5] Group 5: Future Strategies - Looking ahead, insurance capital is expected to adopt more refined and diversified strategies in equity investments, continuing to focus on high dividend assets while also increasing exposure to quality growth stocks in new economic sectors [6]

本报记者 杨笑寒 近日，泰康人寿保险有限责任公司（以下简称"泰康人寿"）发布公告称，举牌复宏汉霖H股股票。据《证券日报》记者统 计，今年以来险资举牌次数已达37次，创下近10年新高。 受访专家表示，预计未来险资在权益投资上将采取更趋精细化与多元化的策略。 年内举牌达37次 龙格也表示，这些标的受到青睐，是因为其特性高度契合险资的负债端要求。稳定的高股息可提供可预测的现金流，匹配 保险产品的赔付和到期给付需求；低估值则提供了较高的安全边际，有助于降低投资波动风险，符合险资注重风控、追求长期 绝对收益的投资目标。 同时，险资今年主要选择举牌H股。在险资今年的37次举牌中，有高达31次举牌标的是H股。对此，招商证券首席策略分 析师张夏表示，由于险资持有H股满12个月可免征红利所得税，相比公募基金等机构投资者具有税收优势，因此高股息标的是 其重要投资方向。行业板块方面，从港股上市公司半年报披露的数据看，内地险资进入大股东名录的标的股票，涵盖金融、公 用事业、交运、医药和地产等板块，其中，银行类H股成为险资举牌的主要板块，显示出险资对高股息、低估值等稳健收益资 产的高度偏好。 展望未来，龙格分析，预计险资在权益投资上将 ...

Core Viewpoint - Insurance capital is actively entering the market, with significant investments in listed companies, indicating a trend of increasing confidence in the market and potential for future growth [2][9]. Group 1: Investment Activities - On November 26, Taikang Life announced an increase in its stake in Fuhong Hanlin, raising its holding to 5.10%, triggering a mandatory disclosure [2][6]. - This marks the second time in 2025 that Taikang Life has made a significant investment, having previously participated as a cornerstone investor in Fengcai Technology's IPO [7][9]. - In total, 25 listed companies have been targeted by insurance capital this year, with 33 instances of stake increases, surpassing the total from the previous four years combined [4][9]. Group 2: Financial Metrics - Prior to the recent purchase, Taikang Life held 7.8186 million shares of Fuhong Hanlin, representing 4.78% of its H-share capital. After acquiring an additional 518,500 shares, the total holding is now 8.3371 million shares [6]. - The investment in Fuhong Hanlin was made at a price of HKD 67.07 per share, totaling approximately HKD 34.77 million, which translates to about CNY 5.13 billion based on the exchange rate [6]. - For the first half of 2025, Fuhong Hanlin reported revenue of CNY 2.82 billion, a year-on-year increase of 2.67%, and a net profit of CNY 390 million, up 0.99% [7]. Group 3: Market Trends - The insurance sector has seen a notable resurgence in stake increases, with 33 announcements made by various insurance companies by November 27, 2025, marking a significant increase compared to previous years [9][10]. - Analysts attribute this trend to several factors, including low interest rates, the need for asset diversification, and supportive policies encouraging long-term capital investment in the stock market [10][11]. - The most favored sectors for insurance capital include banking, public utilities, transportation, and energy, with a notable focus on high-dividend stocks [10][11].

Export Analysis - October exports unexpectedly turned negative year-on-year, influenced by base effects, with a two-year average year-on-year growth of 5.5%, similar to September's 5.3%[2] - For Q4, attention should be on the impact of reduced fentanyl tariffs on U.S. exports and the risk of weakening demand from the EU[2] - The core contradiction in exports is global trade volume (external demand), which can be tracked using a leading indicator system[2] Monetary Policy and Market Trends - In October, the central bank purchased 20 billion yuan in bonds, significantly below market expectations, indicating a cautious approach to bond buying[4] - The U.S. Treasury has increased bond supply to boost cash reserves, leading to a rise in short-term dollar financing pressures[5] - The average yield on 10-year government bonds has stabilized around 1.8% following various market influences[4] Investment Strategies - The stock fund total position is at 97.52%, down 54 basis points from last week, indicating a slight reduction in equity exposure[6] - The average return for balanced mixed funds was 0.7%, while stock ETFs averaged 0.43%[6] - The insurance sector has seen 34 instances of stake acquisitions this year, primarily in banking and public utilities, reflecting a focus on high dividend assets[9] Economic Outlook - The leading indicators suggest that export growth may rebound in November and December, with an annual export growth target around 5%[11] - The overall economic environment is expected to improve, with policies aimed at stabilizing asset quality and promoting credit growth[9]

Group 1 - The core viewpoint of the articles highlights that insurance capital has reached a record high in shareholding activities this year, with 31 instances of stake acquisitions, surpassing the previous peak in 2020 and reaching the highest level since records began in 2015 [1] - Ping An Asset Management has increased its stake in China Merchants Bank H-shares to 18.04% by purchasing 3.278 million shares, indicating that the underlying client is likely to be insurance capital [1] - Analysts suggest that the insurance capital strategy has transitioned from a "buy-and-hold" phase (1.0) to a more selective and balanced approach (2.0) [1] Group 2 - This year, insurance capital has made 24 stake acquisitions, primarily in the financial and public utility sectors, with additional investments in electrical equipment, information technology, and healthcare [1] - Low valuations and high dividend yields are significant reasons for the selection of investment targets by insurance capital, as exemplified by the Agricultural Bank of China H-shares, where Ping An's average purchase price increased from HKD 4.2257 at the beginning of the year to HKD 5.6306 by October 20 [1] - The dividend yield of Agricultural Bank of China H-shares has decreased from 5.95% at the beginning of the year to around 4.4%, but it still offers a favorable spread compared to current life insurance product interest rates [1] Group 3 - Ping An's investment style is characterized as a "sweeping" approach, focusing solely on financial stocks, including Postal Savings Bank H-shares, China Merchants Bank H-shares, Agricultural Bank of China H-shares, China Pacific Insurance H-shares, and China Life H-shares [2] - Other companies exhibit a more diversified selection style, as seen with Great Wall Life's stake acquisitions in China Water Affairs, Datang Renewable, Qinhuangdao Port, and New天绿能, spanning public utilities and transportation sectors [2] - For investors looking to emulate insurance capital strategies, a focus on H-share banks can be achieved through the Hong Kong Stock Connect Financial ETF, which has a 60% weight in H-share banks, while those seeking a diversified style may consider the Hong Kong Central State-Owned Enterprises Dividend ETF [2]

Core Viewpoint - The insurance capital's stake acquisition has reached a record high in 2023, indicating a shift in investment strategy from aggressive buying to selective investment [1][4][8]. Group 1: Stake Acquisition Trends - Insurance capital has made 31 stake acquisitions this year, surpassing the previous high in 2020 and marking the highest since records began in 2015 [1][4]. - Among the 13 insurance companies involved, China Ping An's Ping An Life led with 12 acquisitions, while China Postal Life followed with 3 [4][5]. - The latest acquisition was by China Postal Life, which increased its stake in China Tonghao H-shares to approximately 5.17% [4]. Group 2: Investment Strategies - Analysts suggest that the insurance capital's investment strategy has transitioned from a "buy-and-hold" approach to a more balanced and selective strategy [3][8]. - The focus of investments has been primarily on undervalued stocks with high dividends, particularly in the financial and public utility sectors [6][8]. - China Ping An's investment style is characterized by continuous buying and holding of financial stocks, while other companies like Great Wall Life have a more diversified selection [6][7]. Group 3: Market Outlook and Future Strategies - The insurance capital is expected to accelerate its allocation towards dividend stocks, with an estimated increase of nearly 320 billion yuan in 2025 [8]. - The shift towards dividend stocks is seen as a response to rising valuations and a narrowing selection of viable stocks [8]. - The industry is also adjusting product structures to enhance the proportion of equity assets in response to low interest rates and regulatory encouragement [8][9].