Core Viewpoint - Insurance companies are actively increasing their stakes in listed companies, with a notable rise in the number of equity investments made by insurance funds in 2023, indicating a strong willingness to invest in the stock market [1][2]. Group 1: Recent Activities - On August 13, China Pacific Life Insurance Co., Ltd. announced its stake increase in Guangdong Dongyangguang Pharmaceutical Co., Ltd. through the acquisition of H-shares [1]. - As of August 13, the total number of equity stakes taken by insurance funds in listed companies reached 27 this year, significantly higher than the 20 instances recorded in the previous year [2]. Group 2: Investment Strategies - The stake increase in Dongyangguang Pharmaceutical was triggered by a share swap during the privatization of its Hong Kong-listed subsidiary, indicating a strategic move to consolidate holdings [2]. - After the stake increase, China Pacific Life directly held approximately 6.06 million H-shares of Dongyangguang, representing 5.38% of the company's H-share capital [2]. Group 3: Market Conditions and Regulations - Regulatory changes have encouraged insurance companies to increase their equity investments, with a focus on long-term assessment mechanisms and adjustments to solvency rules that lower risk factors for stock investments [3]. - The overall equity investment by insurance companies accounted for approximately 20.6% of total investment as of the first quarter of this year, reflecting a gradual increase in equity asset allocation [4]. Group 4: Future Outlook - Industry experts believe there is still significant room for increasing equity asset allocation, as many insurance companies have not yet reached their investment limits based on solvency ratios [5]. - The current market environment and accounting standards suggest that insurance funds are likely to continue increasing their equity investments in the near future [5].

险资举牌潮仍在延续！ 港交所披露易最新信息显示，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。 同一天，弘康人寿也在场内增持990万股郑州银行H股股份，所持股份数量突破该行H股股本的15%，触发举牌。 在此之前，平安人寿曾在1月8日、5月9日举牌邮储银行H股，所持该行H股数量占其H股总数分别突破5%、10%；弘康人寿则在6月27日、7月25日连续举牌郑州银 行H股。 截至目前，2025年已有7家上市银行被险资举牌。其中，农业银行H股被二度举牌，招商银行H股、邮储银行H股、郑州银行H股均被三度举牌。 2月17日，平安人寿所持农行H股数量突破该行H股股本的5%，触发举牌。到6月17日，其持股数量超过42亿股，在农行H股总数中占比接近14%，占该行总股本的 1.21%。 3月12日，瑞众保险所持中信银行H股数量突破该行H股股本的5%，触发举牌。不过在6月26日，瑞众保险减持300万股该行H股股份，持股占比回落至5%以内。 更早之前，平安人寿在去年12月20日举牌工商银行H股，所持该行H股数量占该行H股总数突破15%。而到今年2月14日，其持股占 ...

Core Viewpoint - The trend of insurance capital increasing stakes in banks continues, with significant shareholdings triggering mandatory disclosures in the Hong Kong market [1][2][3]. Group 1: Insurance Capital Increases - On August 8, Ping An Life increased its holdings in Postal Savings Bank by 14.14 million shares, reaching 15.05% of the bank's H-share capital, triggering a mandatory disclosure [1][6]. - On the same day, Hongkang Life increased its holdings in Zhengzhou Bank by 9.9 million shares, surpassing 15% of the bank's H-share capital, also triggering a mandatory disclosure [2][8]. - Since January 8, 2025, a total of 7 listed banks have been targeted by insurance capital, with Postal Savings Bank, Zhengzhou Bank, and China Merchants Bank each experiencing three rounds of stake increases [3][12]. Group 2: Historical Context of Stake Increases - Ping An Life first disclosed its stake in Postal Savings Bank on January 8, 2025, when it held 5% of the H-shares [4]. - On May 9, 2025, Ping An Life further increased its holdings to over 10%, constituting a second round of stake increase [5]. - By August 8, 2025, Ping An Life had cumulatively acquired over 2 billion shares of Postal Savings Bank, with total expenditures exceeding 10 billion HKD during this period [7]. Group 3: Current Holdings and Market Performance - As of August 8, 2025, Ping An Life holds 2.989 billion shares of Postal Savings Bank, valued at approximately 17.2 billion HKD [8]. - Hongkang Life's holdings in Zhengzhou Bank reached 309 million shares, with a market value of about 435 million HKD [10]. - Year-to-date, Postal Savings Bank and Zhengzhou Bank have seen share price increases of approximately 28.6% and 39.5%, respectively [11].

险资举牌潮仍在延续！ 港交所披露易最新信息显示，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。 同一天，弘康人寿也在场内增持990万股郑州银行H股股份，所持股份数量突破该行H股股本的15%，触 发举牌。 在此之前，平安人寿曾在1月8日、5月9日举牌邮储银行H股，所持该行H股数量占其H股总数分别突破 5%、10%；弘康人寿则在6月27日、7月25日连续举牌郑州银行H股。 截至目前，2025年已有7家上市银行被险资举牌。其中，农业银行H股被二度举牌，招商银行H股、邮储 银行H股、郑州银行H股均被三度举牌。 同一天，均为三度举牌 据披露易信息，早在1月8日，平安人寿就首次举牌邮储银行H股，所持该行H股数量达到该行H股股本 的5%。 5月9日，平安人寿又耗资逾1.1亿港元，在场内增持2329万股邮储银行H股，持股占比突破该行H股总数 的10%，构成二度举牌。 而8月8日再度增持1414.1万股邮储银行H股股份之后，平安人寿所持该行H股总数已达该行H股股本的 15.05%，构成第三次举牌。 以此计算，1月8日至8月8日，平安人寿合计增持超过20亿 ...

每经记者｜袁园 每经编辑｜程鹏 张益铭 继举牌招商银行H股、农业银行H股后，中国平安又出手了！只不过这次中国平安举牌的标的不是银行股，而是另一家大型上市保险公司中国太保。 8月13日，《每日经济新闻》记者从港交所披露的数据获悉，近日，中国平安增持中国太保H股约174万股，每股作价32.07港元，增持总金额约5583.89万 港元。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%，达到举牌条件。 时隔6年，中国太保H股再次成为险企举牌的标的，不过这次换成了中国平安。港交所披露的数据显示，中国平安增持中国太保H股约174万股，每股作价 32.07港元，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%，达到举牌条件。 公开资料显示，中国太保成立于1991年5月13日，是国内领先的综合性保险集团，拥有人寿保险、财产保险、养老保险、健康保险、农业保险和资产管理 等在内的保险全牌照，并在上海、香港、伦敦（A+H+G）三地上市。2024年，集团营业收入达4040.89亿元，同比增长24.7%；归母净利润449.6亿元，同 比增长64.9%；集团管理资产规模达3.54万亿元，较 ...

Core Viewpoint - The trend of insurance capital increasing stakes in banks continues, with significant shareholding activities observed in several banks, indicating a strong interest from insurance companies in the banking sector [1][6]. Group 1: Recent Shareholding Activities - On August 8, Ping An Life increased its stake in Postal Savings Bank by 14.14 million shares, reaching 15.05% of the bank's H-share capital, triggering a mandatory disclosure [1][3]. - On the same day, Hongkang Life acquired 9.9 million shares of Zhengzhou Bank, also surpassing the 15% threshold, thus triggering a disclosure [1][4]. - Since January 8, 2025, Ping An Life has cumulatively increased its holdings in Postal Savings Bank by over 2 billion shares, spending more than 10 billion HKD during this period [3]. Group 2: Overall Market Performance - As of August 13, 2025, the year-to-date stock price increases for Postal Savings Bank and Zhengzhou Bank were approximately 28.6% and 39.5%, respectively, reflecting positive market sentiment [5]. Group 3: Summary of Insurance Capital Activities - A total of seven listed banks have been targeted by insurance capital in 2025, with notable instances including multiple stake increases in Postal Savings Bank, Zhengzhou Bank, and others [6][7]. - Ping An Life has also increased its stake in China Merchants Bank and Agricultural Bank of China, with significant shareholding percentages reported [7]. - Minsheng Insurance increased its holdings in Zheshang Bank, reaching 5% of the H-share capital, indicating a growing trend of insurance companies becoming major shareholders in banks [8].

Core Viewpoint - Insurance companies are actively increasing their stakes in listed companies, with a notable rise in the number of equity investments this year, indicating a strong willingness to enhance equity asset allocation [3][4][6]. Group 1: Recent Activities - On August 13, China Pacific Life Insurance Co., Ltd. announced that it and its affiliates have increased their stake in Guangdong Dongyangguang Pharmaceutical Co., Ltd. by acquiring H-shares [3]. - As of August 13, the total number of equity stakes taken by insurance funds this year has reached 27, significantly higher than the 20 instances recorded for the entire previous year [5][6]. Group 2: Investment Trends - The majority of the 27 instances of stake increases this year were driven by active buying, with only 2 instances being triggered by passive factors, reflecting a strong intent among insurance funds to increase their holdings in listed companies [5][6]. - The main methods of stake acquisition include competitive trading and secondary market purchases, primarily funded by self-owned capital and insurance liability reserves [5]. Group 3: Regulatory Environment - Recent regulatory changes have established actionable assessment standards for the proportion and stability of insurance funds entering the A-share market, promoting a long-term assessment mechanism [6]. - Adjustments to solvency rules by the National Financial Regulatory Administration have reduced the risk factors for stock investments, encouraging insurance funds to increase their market participation [6]. Group 4: Equity Asset Allocation - The proportion of equity assets held by insurance companies is gradually increasing, with the overall equity investment accounting for approximately 20.6% of total fund utilization as of the first quarter of this year [7]. - Regulatory guidelines specify that the equity asset balance must not exceed certain percentages of total assets based on the solvency ratio, allowing for significant room for future increases in equity allocations [7][8]. Group 5: Company-Specific Insights - China Ping An Life Insurance Co., Ltd. reported a solvency ratio of 227.92% as of the first quarter, allowing for an equity investment limit of 30%, with its equity assets accounting for 23.26% of total assets [8]. - China Post Life Insurance Co., Ltd. had a solvency ratio of 194.59% at the end of the second quarter, with equity assets making up 17.08% of total assets, indicating substantial potential for future equity allocation [8].

Core Viewpoint - The insurance sector is actively increasing its equity asset allocation, with significant potential for future growth in this area [1][4]. Group 1: Insurance Companies' Activities - China Pacific Life Insurance Co., Ltd. announced its recent acquisition of shares in Guangdong Dongyangguang Pharmaceutical Co., Ltd., holding approximately 605.86 million shares, which represents 5.38% of the latter's H-share capital [2]. - As of August 13, 2023, the total number of equity stakes acquired by insurance capital reached 27 this year, significantly higher than the 20 instances recorded in the previous year [2]. - The majority of these acquisitions were driven by proactive buying, indicating a strong willingness among insurance companies to increase their holdings in listed companies [2]. Group 2: Regulatory Environment - Recent regulatory changes have established actionable assessment standards for the proportion and stability of large state-owned insurance companies' investments in A-shares, promoting a long-term assessment mechanism [3]. - Adjustments to solvency rules have reduced the risk factors associated with stock investments, encouraging insurance capital to increase market participation [3]. Group 3: Equity Asset Allocation - The proportion of equity assets in insurance companies is gradually increasing, with equity investments accounting for approximately 20.6% of total investment assets as of the first quarter of this year [4]. - Regulatory guidelines dictate that the equity asset balance must not exceed certain thresholds based on the solvency ratio, allowing for a structured approach to equity investment [4]. Group 4: Future Outlook - Analysts believe that there is still considerable room for insurance companies to increase their equity asset allocation, as many companies are currently below their investment limits [5]. - The current capital market environment and accounting standards suggest that insurance capital is likely to continue expanding its equity asset holdings in the future [5].

Core Viewpoint - Insurance companies are actively increasing their stakes in listed companies, with Li'an Life Insurance recently raising its holdings in Jiangnan Water to 5.03%, triggering a stake increase notification [1][2]. Group 1: Insurance Companies' Actions - Li'an Life Insurance has made 18 stake increases in the market this year, indicating a strong interest in equity investments [1]. - The recent stake increase by Li'an Life is based on its own asset allocation needs and the perceived value of Jiangnan Water, funded by its own capital [2]. - Longcheng Life Insurance also increased its stake in Jiangnan Water, reaching 6.38% by March 2024, and has indicated potential for further increases [3]. Group 2: Market Trends and Preferences - The insurance sector is expected to continue increasing investments in companies with high dividends, capital appreciation potential, and high return on equity (ROE) [1][3]. - The infrastructure sector is particularly appealing to insurance companies due to its stable operating performance, cash flow, low valuations, and high dividend characteristics [4]. Group 3: Company Performance and Strategy - Jiangnan Water reported a revenue of 1.533 billion yuan for 2024, a year-on-year increase of 12.39%, and a net profit of 402 million yuan, up 24.31% [2]. - Li'an Life Insurance is undergoing a strategic transformation, aiming to become a mainstream financial institution in Jiangsu Province by 2030, with specific revenue and profit targets set for 2025 [7]. - In the first quarter of this year, Li'an Life achieved insurance business revenue of 12.545 billion yuan, a slight decrease of 4.2%, but net profit increased by 54.9% [7].

港交所披露易信息显示，8月11日，民生保险在场内增持100万股浙商银行H股股份，耗资约277万港 元。 增持完成后，民生保险以"实益拥有人"身份持有2.96亿股浙商银行H股，占该行H股股本突破5%，触发 举牌。 民生保险是国内首家以民营资本为投资主体的全国性专业人身保险公司，2003年6月成立，总部位于上 海，注册资本60亿元。截至去年底，公司总资产超过1400亿元。 险资举牌不停步！ 港交所披露易最新信息显示，民生保险于8月11日增持100万股浙商银行H股股份后，于当日达到该行H 股股本的5%，根据港股市场规则，触发举牌。 截至目前，今年已有7家银行被险资举牌，包括邮储银行、招商银行、农业银行、杭州银行、中信银 行、郑州银行、浙商银行。其中，招商银行是唯一一家被三度举牌的上市银行。 业内人士分析，多重因素作用下，险资对于权益资产尤其是红利资产的配置比例处于上升通道，而银行 股这类发展稳健的高股息股票是非常重要的配置标的。 民生保险举牌 频获险资增持 值得一提的是，除民生保险外，近年来，该行还获多家险资增持。 2020年底，百年人寿在场内增持4100万股浙商银行H股，持股数量达到该行H股总数5%的举牌线。此 ...