Core Viewpoint - Insurance capital is increasingly investing in bank stocks, particularly those with high dividend yields, as evidenced by multiple insurance companies acquiring significant stakes in various banks, including Zheshang Bank [1][10]. Group 1: Insurance Capital Involvement - Minsheng Insurance increased its stake in Zheshang Bank by acquiring 1 million H-shares on August 11, reaching a 5% ownership threshold that triggered a mandatory disclosure [1][3][4]. - A total of 7 banks have been targeted by insurance capital this year, with China Merchants Bank being the only one to have been targeted three times [1][10]. - Other insurance companies, such as Baidian Life and Taiping Life, have also increased their holdings in Zheshang Bank, indicating a trend of insurance capital favoring stable, high-dividend bank stocks [7][14]. Group 2: Zheshang Bank Overview - Zheshang Bank, established in 2004, has total assets of approximately 3.44 trillion yuan as of March 2023 [5]. - The bank has distributed a total cash dividend of 13.254 billion yuan over the last three fiscal years, with annual cash dividend ratios exceeding 30% [8]. Group 3: Market Trends and Analysis - The trend of insurance capital acquiring bank stocks is driven by factors such as the search for stable returns in a low-interest-rate environment and the appeal of high dividend yields [14][15]. - The banking sector has seen significant stock price increases, with A-shares and H-shares of Zheshang Bank rising approximately 21.8% and 33% respectively this year [8].

（文章来源：每日经济新闻） 每经AI快讯，中国银河证券表示，近期险资再现频繁举牌，中小险企也逐步加大股权投资力度，银行 板块依然受到青睐。预计低利率环境下，险企对稳健高收益资产具有长期配置需求。当前银行板块股息 率约4%，仍处于行业前列，H股股息率优势更加显著，且银行分红稳定、估值较低、业绩波动较小， 有望持续吸引险资流入。此外，考虑到中小险企将自2026年1月起实施新会计准则，银行板块增量资金 有望进一步扩容。当前险资对银行股投资主要集中于国有大行和股份行H股，股息率为主要考虑因素。 而弘康人寿投资郑州银行H股显示险资对区域行布局扩大。未来不排除保险公司加大对估值低、业绩修 复和成长潜力较好的区域行股权投资力度，通过并表和银保业务渠道协同进一步改善投资回报。银行基 本面积极因素持续积累，业绩拐点可期。 ...

Group 1 - The core viewpoint is that insurance capital has been increasingly active in the secondary market, with 22 instances of shareholding increases reported by the China Insurance Industry Association as of August 8, surpassing the total for the previous year [1] - The targeted sectors for increased holdings are concentrated in banking, public utilities, energy, transportation, and environmental protection, characterized by reasonable valuations, stable dividend returns, and high operational certainty [1][3] - Hongkang Life's recent purchase of Honghua Smart Energy H-shares, exceeding a 5% stake, exemplifies this trend [1] Group 2 - Public utilities have become a focal point for insurance companies, with Honghua Smart Energy being a recent example, projecting over HKD 21.3 billion in revenue for 2024, alongside improvements in net profit and earnings per share [3] - The banking sector is also a key area for insurance capital, with institutions like Ping An Life and Xinhua Insurance increasing their stakes in banks such as China Merchants Bank and Agricultural Bank of China, attracted by the high dividend yield and low valuation in the H-share market [3] - The frequency of shareholding increases and the number of participating insurance institutions have significantly risen this year, with multiple companies, including China Life and Ruizhong Life, disclosing shareholding announcements [3] Group 3 - In terms of fund utilization, some of the targeted shares are classified as FVOCI assets to smooth profit fluctuations, while others are included as long-term equity investments measured by the equity method [4] - The core logic behind these strategies is to secure high-dividend, low-volatility, and sustainably operating quality assets, enhancing the stability of insurance companies' investment portfolios [4] - This asset allocation approach is particularly beneficial in addressing the pressures on the asset side in a low-interest-rate environment [4]

Core Insights - Insurance capital is increasingly active in equity markets, with 22 instances of shareholding increases reported this year [1][6] - The preference of insurance capital is for undervalued, low-volatility, high-dividend, and high-certainty performance assets [1][6] Group 1: Recent Shareholding Activities - Hongkang Life has acquired a 5% stake in Honghua Smart Energy, marking its first shareholding increase of the year [4][5] - Other insurance companies, such as Taikang Life, have also participated in shareholding increases, with Taikang investing $25 million in Fengcai Technology's IPO, representing 8.69% of the total shares issued [5][6] - A total of 11 insurance companies have disclosed 22 shareholding increase announcements, surpassing the total for the previous year [6][10] Group 2: Sector Preferences - The majority of insurance companies are focusing on energy, public utilities, and banking sectors, with 9 instances of shareholding increases in bank stocks this year [8][9] - The characteristics of bank stocks, such as low volatility, high dividends, and low valuations, continue to attract insurance capital [9][10] - The average dividend yield of stocks targeted for shareholding increases in 2024 is 4.6%, the highest in recent years, indicating a shift towards high-dividend investments [10] Group 3: Market Conditions and Strategies - The current market environment, characterized by declining risk-free interest rates, makes high-dividend stocks particularly appealing to insurance companies seeking stable returns [10] - Insurance companies are increasingly looking for long-term equity investments to secure stable investment returns, reflecting a strategic shift in their investment approach [10]

编辑丨杨希 险资举牌越战越勇。 近日，弘康人寿通过港股通二级市场，买入港股上市公司港华智慧能源股票，持股比例达到5%，触发举 牌。 中国保险行业协会披露信息显示，今年以来，险资举牌已经达到22次。梳理举牌标的可以发现，险 资偏好较低估值、较低波动、较高分红、较高业绩确定性等资产。 | 今年以来险资举牌一览 记者 叶麦穗 编辑 | | | --- | --- | | 险企 | 举牌公司 | | 平安人寿 | 邮储银行H股2次、农业银行H股2次、招商银行H股 3次 | | 瑞众人寿 | 中信银行H股、中国神华H股 | | 长城人寿 | 中国水务H股、大唐新能源H股、秦港股份H股 | | 新华保险 | 杭州银行、北京控股H股 | | 中国人寿 | 电投产融 | | 中邮人寿 | 东航物流、绿色动力环保H股 | | 阳光人寿 | 中国儒意H股 | | 利安人寿 | 江南水务 | | 信泰人寿 | 华菱钢铁 | | 弘康人寿 | 港华智慧能源H股 | | 泰康人寿 | 峰昭科技H股 | 记者丨叶麦穗 弘康人寿今年首次举牌 8月7日，弘康人寿公告称，公司参与举牌港华智慧能源。弘康人寿表示，本次举牌前，公司直接持有港 华智 ...

Core Viewpoint - The insurance capital is increasingly active in the stock market, with a notable rise in shareholding activities, indicating a preference for undervalued, low-volatility, high-dividend, and high-certainty performance assets [1][5]. Group 1: Insurance Capital Activities - In 2023, insurance capital has triggered 22 shareholding events, with a significant increase in activity compared to previous years [5]. - Notable companies targeted by insurance firms include Postal Savings Bank, Agricultural Bank, and China Merchants Bank, among others [2][6]. - Hongkang Life has made its first shareholding move this year by acquiring shares in Honghua Smart Energy, reaching a 5% stake [3]. Group 2: Performance of Target Companies - Honghua Smart Energy has shown significant revenue growth, with net profit expected to reach a five-year high in 2024 [3]. - Peak Technology, another target of insurance capital, reported a revenue of 600 million yuan in 2024, marking a 45.94% year-on-year increase [4]. Group 3: Investment Strategy and Market Trends - The insurance sector's preference for bank stocks is driven by their low volatility, high dividend yields, and low valuations, with a total of 9 shareholding events in the banking sector this year [6]. - The average dividend yield of stocks targeted for shareholding in 2024 is 4.6%, the highest in recent years, reflecting a strategic shift towards high-dividend investments [7]. - The overall market performance has encouraged insurance companies to increase their capital market activities, with significant net purchases in equity investments [8].

Regulatory Dynamics - Seven departments are promoting long-term funds from government investment funds and insurance companies to focus on future manufacturing, information, materials, and other sectors under controllable risks [5][9] - Two departments announced the resumption of value-added tax on interest income from newly issued government bonds and financial bonds starting August 8 [6] - The China Insurance Asset Management Association may be renamed to include banking insurance asset management [8] - Hainan encourages increasing the proportion of loans to the manufacturing sector and developing multi-level capital markets and industrial insurance [9] - Shanghai's seven departments issued measures to promote the joint development of medical insurance and commercial insurance, supporting innovative drugs and medical devices [10][11] Company Dynamics - Hongkang Life increased its stake in Zhengzhou Bank to 14.03% by acquiring 675,000 shares [17] - Hongkang Life also increased its stake in Honghua Wisdom Energy by acquiring 458,000 shares [18] - Ping An Insurance increased its stake in Postal Savings Bank by acquiring 9.357 million shares [19] - Sunshine Life reduced its stake in Victory Shares to 4.72% by selling 0.5% of its shares [20] - Taiping Life's investment in China Power Construction has turned profitable after two years, with a 3.5 billion yuan investment [22] - China Life, along with other partners, established a 5 billion yuan equity investment fund in Hebei [23] - TaiKang Life is leading a consortium to acquire three shopping centers for 16 billion yuan [24] - Zhongyou Life reported insurance business revenue of 118 billion yuan in the first half of the year, with two listed companies targeted for investment [25][26] Industry Dynamics - 58 non-listed life insurance companies reported a combined net profit of 28.6 billion yuan in the first half of the year, a year-on-year increase of 242% [44] - 76 property insurance companies achieved a net profit of over 9.2 billion yuan in the first half of the year, with significant growth attributed to improved underwriting and investment returns [45] - The five major listed insurance companies announced a total dividend of 907.89 billion yuan for 2024, a year-on-year increase of 20.21% [46] - 143 insurance companies disclosed their solvency reports, with five companies failing to meet standards [47][48] - Four problematic insurance companies faced severe penalties, including license revocation and operational bans [49] - *ST Tianmao is likely to voluntarily delist, marking the third such case this year [50] - Citigroup reported that policies promoting the high-quality development of commercial health insurance in Shanghai will benefit companies like Heng Rui Pharmaceutical [51] Product and Service Innovations - Sunshine Life launched the "Beautiful Life" silver-haired product system, enhancing coverage for the elderly [59] - The first "loan + insurance" climate loan product was launched in Chengdu, integrating banking and insurance services [60]

Group 1 - Insurance capital continues to increase holdings in listed companies, with 18 companies being targeted in 2024, surpassing the total from the previous year [1][13] - Hongkang Life Insurance acquired an additional 458,000 shares of Honghua Smart Energy, raising its stake to 5.00005% [3][4] - The total investment in Honghua Smart Energy amounted to approximately HKD 1.816 million, with a per-share price of HKD 3.9659 [4][5] Group 2 - Honghua Smart Energy reported a total revenue of HKD 21.314 billion in 2024, reflecting a year-on-year growth of 7.42%, and a net profit of HKD 1.606 billion, up 2% [5] - The company operates in 27 provinces and has a strong market position in the gas industry, supported by stable gas sources and growing sales [5] - Hongkang Life Insurance's total assets as of Q2 2025 were approximately CNY 6.60 billion, with the investment in Honghua Smart Energy representing 1.31% of its total assets [3][8] Group 3 - The insurance sector has seen a significant increase in shareholding activities, with 22 instances of shareholding changes reported in 2025 alone [1][13] - Major insurance companies, including Ping An Life and China Postal Life, have been actively increasing their stakes in various sectors, particularly in banking and public utilities [14][15] - The trend of insurance companies increasing their equity investments is driven by low interest rates and the need for stable investment returns [13][14]

Core Viewpoint - The insurance company Hongkang Life has triggered a stake acquisition in Honghua Smart Energy by purchasing 458,000 shares, representing approximately 5.00005% of the company's H-shares, marking the first announcement of such an acquisition in 2024 [1][5]. Group 1: Insurance Capital Movements - Since the beginning of 2025, a total of 11 insurance institutions have made stake acquisitions in listed companies, surpassing the 8 institutions from the entire year of 2024 [6]. - The participating insurance institutions include Ping An Life, China Life, Taikang Life, Xinhua Life, and Lianan Life, with a total of 22 stake acquisitions recorded in 2025 after excluding related party acquisitions of the same company [6]. - The main sectors targeted by these stake acquisitions include banking, infrastructure, new energy, electricity, and pharmaceuticals [6]. Group 2: Reasons for Stake Acquisitions - The ongoing trend of stake acquisitions by insurance capital is expected to continue due to two main reasons: the pressure of "asset scarcity" from declining market interest rates, necessitating a focus on equity asset allocation for favorable investment returns [6]. - Additionally, from an accounting perspective, including stake acquisition targets in FVOCI (Fair Value Through Other Comprehensive Income) asset measurement helps mitigate the impact of stock price fluctuations on profits [6][7]. Group 3: Characteristics of Acquired Stocks - Most of the stake acquisition targets by insurance capital exhibit high dividend characteristics, with a focus on FVOCI stocks and long-term equity investments [7]. - FVOCI stocks primarily contribute dividend income to investment returns, while long-term equity investments consider multiple factors such as ROE, dividend ratio, and dividend yield [7]. - The shift in accounting standards and the strengthening of state-owned enterprise market value assessments may lead insurance capital to replicate the "insurance capital + undervalued state-owned enterprise" strategic synergy model [7].

据《证券日报》记者统计，今年已有长城人寿保险股份有限公司、阳光人寿保险股份有限公司、新华人 寿保险股份有限公司（以下简称"新华保险"）等6家保险公司合计举牌上市公司数量达10家。 本报记者 冷翠华 见习记者 杨笑寒 港交所最新信息显示，近日，瑞众人寿保险有限责任公司（以下简称"瑞众人寿"）增持中信银行股份有 限公司（以下简称"中信银行"）300万股，增持后，瑞众人寿所持中信银行股份约为7.44亿股，占其已 发行有投票权股份的5%，触及举牌线。 同时，通过举牌上市银行，险资也可以与被举牌上市银行形成协同效应，促进银保业务发展。例如，新 华保险在举牌杭州银行股份有限公司（以下简称"杭州银行"）后表示，本次权益变动完成后，新华保险 将通过股权纽带加强与杭州银行的深度合作，促进和杭州银行双方的银保业务发展，提升双方的价值。 今年以来，险资举牌上市公司"热情"不减，举牌标的中银行股居多。受访专家表示，险资举牌高股息大 盘股频次增加的原因，一是应对利率中枢下行带来的冲击；二是，在新会计准则实施的背景下平滑报表 波动。展望未来，预计险资举牌时将持续关注现金流稳定、估值合理、处于成长性行业的上市公司。 展望未来，杨帆认为，险 ...