8月14日开盘，A股三大股指涨跌不一，沪指高开，盘中突破3700点，再创近四年新高，保险指数等涨 幅居前。 消息面上，近期中国平安举牌中国太保，值得一提的是，险资年内举牌次数已达22次，且举牌标的具有 明显的风格偏好和行业聚焦特征，险资主要偏好低估值、高股息高分红、业绩确定性强、净利润表现较 好的标的。如今险资举牌险资，向市场释放了何种信号呢？ 险资举牌险资释放利好信号 近期香港联交所股权披露显示，中国平安于8月11日以32.07港元的每股平均价买入中国太保H股股票， 合计耗资约5583.87万港元。在举牌前，中国平安持有中国太保H股的比例为4.98%，举牌后，中国平安 持有5.04%的中国太保H股。 方正富邦基金吴昊认为，本次举牌释放了重要信号，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。同时，保险行业基本面并没有市场担心的那么差，或者说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。 看好保险板块双主线配置逻辑 事实上，保险板块资负双端形成共振，基本面显著回暖。2025年保险行业保费收入愈发稳步增长且增速 加快的态势，根据金融监管总局日 ...

Group 1 - China Ping An Insurance has increased its stake in China Pacific Insurance (Group) Co., Ltd. H shares by approximately 1.74 million shares at a price of HKD 32.0655 per share, totaling around HKD 55.839 million, resulting in a 5.04% ownership stake in the H shares, triggering a mandatory disclosure under Hong Kong market rules [1] - This marks the first instance of an insurance company acquiring a stake in a peer company in six years, indicating a positive outlook on the industry’s development [1][2] - The last similar acquisition occurred in 2019 when China Life Insurance Co., Ltd. acquired shares in China Pacific Insurance [2] Group 2 - China Pacific Insurance is projected to achieve a revenue of CNY 404.089 billion in 2024, representing a year-on-year growth of 24.7%, with a net profit of CNY 44.96 billion, reflecting a 64.9% increase [2] - The latest annual dividend yield for China Pacific Insurance H shares is 4.68%, with the share price closing at HKD 36 on August 14, 2023, up 4.71% from the previous trading day, and a year-to-date increase of 49% [2] - Analysts suggest that the acquisition by China Ping An signals that insurance capital, as long-term funds, is also focusing on insurance stocks, which are considered part of the "dividend" category [2][3] Group 3 - The recent strong performance of insurance stocks in the secondary market has attracted investor attention, with A-share insurance companies experiencing a minimum increase of 9.8% and a maximum of 30.1%, while H-share insurance companies saw a minimum increase of 29.6% and a maximum of 80.8% from April 1 to August 14 [4] - Despite the higher price increases in H shares compared to A shares, H shares are still trading at a discount, which is one reason for the acquisition by insurance companies [4] - Institutional investors are expected to increase their allocation to insurance stocks due to their low valuations and high dividend rates, which appeal to investors seeking stable returns [4] Group 4 - The insurance industry has recognized and responded to the risks associated with interest rate spreads, leading to measures such as lowering product preset interest rates and adjusting product structures [5][6] - Regulatory bodies have implemented policies to alleviate financial pressures on the industry, enhancing operational resilience, while also signaling support for capital market confidence [5][6] - Despite the potential for growth, the insurance industry still faces challenges, including capital and profitability pressures [6]

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 ...

Core Viewpoint - The recent acquisition by China Ping An of China Pacific Insurance's H-shares marks a rare instance of an insurance company acquiring another insurance company, highlighting a shift in investment strategies within the insurance sector [2][12]. Group 1: Acquisition Details - China Ping An increased its stake in China Pacific Insurance by approximately 1.74 million shares, reaching a total holding of about 5.04% of the H-share capital, thus triggering the "lifting the stake" threshold [2][7]. - The acquisition was executed at a price of HKD 32.07 per share, amounting to a total investment of approximately HKD 55.84 million [7]. Group 2: Market Reaction - Following the announcement, China Pacific Insurance's A-shares rose nearly 6%, while its H-shares increased by almost 7% [2]. - The insurance sector index also saw a strong performance, with an increase of over 3% in both the A-share and Hong Kong markets [2]. Group 3: Industry Context - The insurance industry has witnessed a new wave of acquisitions, with over 20 instances of stake increases this year alone, surpassing the total for the previous year [8]. - Historically, acquisitions of insurance stocks by insurance companies have been infrequent, with the last notable instance occurring six years ago when China Life increased its stake in China Pacific Insurance [12][13]. Group 4: Strategic Considerations - The rationale behind this acquisition includes a need for asset allocation rebalancing, a reassessment of value during the insurance industry's transformation, and a dual drive from policy and market conditions [12][14]. - China Pacific Insurance is viewed as an attractive target due to its high dividend yield and potential for valuation recovery, especially in the context of low interest rates and an "asset shortage" environment [9][10]. Group 5: Financial Performance - China Pacific Insurance is projected to see a 65% year-on-year increase in net profit for 2024, with total managed assets reaching CNY 3.5 trillion and original insurance business income of CNY 282.01 billion in the first half of the year [10]. - The company has a strong dividend appeal, with a projected dividend of CNY 1.08 per share for 2024, totaling CNY 10.39 billion in cash dividends [10].

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 ...