值得一提的是，除增持招商银行H股外，今年"平安系"还先后加仓了邮储银行、农业银行、工商银行等 银行H股。 实际上，险资增持银行H股已非偶然现象。据中国保险行业协会信息显示，截至5月9日，年内险资举牌 已达14次，其中7次针对银行股，包括瑞众保险举牌中信银行，新华保险举牌杭州银行等。 有分析称，险企持有长期资金，更希望投向具有长期分红能力的公司，银行股通常具备高股息和稳定的 盈利模式，符合险企长期稳健的投资需求。同时，险企持续加大优质权益类资产的投资规模，叠加新会 计准则下入账方式的应用，可降低权益工具投资的收益波动，优化资产负债管理。 此外，国新办在7日发布的"一揽子金融政策"中，还宣布了"进一步扩大保险资金长期投资试点范围""调 降保险公司股票投资风险因子"等利好政策。随着这些政策的实施，险资等耐心资本入市的积极性将进 一步提升，入市空间也将随之扩大，将持续稳定和活跃在资本市场。 5月12日，据港交所最新披露的信息显示，平安人寿于5月6日增持招商银行347.55万股H股，持股比例 从11.92%升至12%，持股数量升至5.51亿股。在此之前，平安人寿2025年已多次增持招商银行H股。 此前，在1月份，平安人 ...

证券研究报告 金融 公募改革落地，政策组合拳共振 华泰研究 2025 年 5 月 11 日│中国内地 行业周报（第十九周） 本周观点 投资机会方面银行>证券>保险。央行降准 50bp+降息 10bp 并引导存款利率 下调，平衡稳息差与降成本。银行系 AIC 布局加速，兴业银行获批筹建国 内第六家 AIC，招商银行、中信银行拟出资设立。国新办新闻发布会召开， 支持资本市场和稳定金融体系的政策组合拳落地；公募基金改革方案发布， 推动行业从"重规模"向"重投资者回报"转型，用 3 年左右形成高质量 发展"拐点"。权益投资偿付能力风险因子下调 10%，有助于推动险资入市， 降低保险公司偿付能力压力。 子行业观点 1）银行：央行降准 50bp+降息 10bp 并引导存款利率下调，平衡稳息差与 降成本。3 月按揭利率边际回升，下一步将出台金融促消费一揽子政策举措， 增加信贷资金供给支持。银行系 AIC 布局加速，为股权投资市场再添活水。 2）证券：公募基金改革方案有望加速行业生态重构，推动头部集中与差异 化竞争。国新办发布会是继去年"924"后的新一轮政策组合拳，从制度、 生态、资金多维度呵护市场平稳运行，权益市场底部有 ...

中国保险行业协会披露，截至5月9日，今年以来险资已有13次举牌，其中6次为举牌银行股，包括平安 人寿举牌农业银行、招商银行，瑞众人寿举牌中信银行，新华保险举牌杭州银行等。 除了银行股外，险资对交通运输、房地产、通信、公用事业等行业公司的持股数量也较为靠前。Wind 数据显示，2025年一季度，险资对超220只个股进行加仓，对京沪高铁、大秦铁路、兴业银行、华菱高 铁等个股的加仓数量较为靠前。 广州日报讯（全媒体记者赵冬芹）日前，平安人寿和中邮保险分别宣布增持招商银行H股和东航物流。 2025年以来，保险资金作为长期资金入市步伐加快。截至5月9日，今年以来已有13次险资举牌。在国新 办日前举行的新闻发布会上，国家金融监管总局局长李云泽再度提及保险资金长期投资改革试点，宣布 近期拟再批复600亿元。官方资料汇总显示，险资长期投资试点的资金规模将达到2220亿元。 今年以来险资已举牌13次 5月9日，港交所披露的信息显示，平安人寿于5月6日增持招商银行347.55万股H股，持股比例由11.92% 增至12%。平安人寿曾于今年1月、3月两次举牌招商银行H股。5月7日，中邮保险公告称，公司与珠海 普东股权投资有限公司签署 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the insurance sector, including China Pacific Insurance, AIA Group, China Life Insurance, and Ping An Insurance [7][10][37]. Core Insights - The report emphasizes the encouragement of long-term investments and the proactive capital replenishment strategies in the insurance industry to address potential uncertainties arising from low interest rates [1][2][11]. - Recent regulatory changes include a 10% reduction in the risk factor for stock investments, aimed at promoting greater market participation by insurance companies [3][15]. - The total scale of the long-term stock investment pilot program is expected to reach 2,220 billion RMB, with the latest approval of an additional 600 billion RMB [4][26]. Summary by Sections Regulatory Changes - The Financial Regulatory Bureau has announced a series of policies to stabilize market expectations and enhance the entry of insurance funds into the market, including a 10% reduction in the stock investment solvency risk factor [3][5][15]. - The capital replenishment mechanism for large insurance groups has been prioritized, with a focus on preparing for potential uncertainties in the low-interest-rate environment [2][11]. Long-term Investment Strategies - The report highlights the ongoing pilot program for long-term stock investments, which has already approved three batches totaling 1,620 billion RMB, with the fourth batch of 600 billion RMB expected to be approved soon [4][26]. - Insurance companies are increasingly allocating to dividend stocks, with a notable increase in the stock holdings of seven listed insurance companies, which rose by 2,856 billion RMB year-on-year [4][27]. Market Outlook - The report suggests that the policies introduced will benefit leading companies in the insurance sector, encouraging them to adopt long-term investment strategies that align with their dividend strategies [1][5][31]. - The anticipated dynamic under-allocation in dividend strategies could reach over 1 trillion RMB in the coming two to three years, as insurance companies gradually adjust their portfolios [27][31].

Core Viewpoint - Insurance capital is actively entering the market, with China Post Life Insurance acquiring a 5% stake in Eastern Airlines Logistics, reflecting a broader trend of insurance companies increasing their market presence due to supportive policies [1][5]. Company Overview - Eastern Airlines Logistics is a key player in the aviation logistics sector under the Eastern Airlines Group, benefiting from the growth of cross-border e-commerce and increasing international air logistics demand [1][8]. - In 2024, Eastern Airlines Logistics reported a revenue of 24.056 billion yuan, a year-on-year increase of 16.66%, and a net profit of 2.688 billion yuan, up 8.01% [1][9]. Business Performance - The cross-border e-commerce solutions segment generated a revenue of 5.920 billion yuan in 2024, representing a 26.01% increase and accounting for 24.58% of the company's total revenue [2][9]. - The total volume of cross-border e-commerce imports and exports reached 75.39 million orders, a 40.94% increase year-on-year, with a cargo volume of 16.22 million tons, up 47.52% [2][9]. Shareholder Activity - China Post Life Insurance announced its acquisition of 79.42 million shares of Eastern Airlines Logistics at a price of 10.944 yuan per share, totaling 869 million yuan [4][5]. - Following this transaction, China Post Life Insurance holds a 5% stake in Eastern Airlines Logistics, marking a significant investment move [3][4]. Industry Context - The insurance sector has seen increased activity, with seven insurance companies making 13 stake acquisitions in listed companies this year, driven by policy encouragement [5][6]. - The global air cargo demand grew by 11.3% in 2024, with China's air cargo transport volume increasing by 22.1%, indicating a robust market environment for logistics companies [8]. Dividend Policy - Eastern Airlines Logistics announced a cash dividend plan of 1.88 yuan per share, totaling 457 million yuan, which represents 40% of the company's net profit for 2024 [10].

Core Viewpoint - The Chinese government is intensifying policies to encourage insurance funds to enter the capital market, with three major measures announced to stabilize and activate the market [1][2]. Policy Measures Policy One: Risk Factor Adjustment - The risk factor for stock investments will be reduced by 10%, potentially releasing a minimum capital of 364 million yuan, which could lead to an influx of approximately 1,349 million yuan into the stock market if insurance companies increase their stock allocations [2][3]. - The adjustment aims to improve the solvency ratio of the insurance industry by reducing the capital required for equity investments, which has been a significant consideration for insurance companies [1][2]. Policy Two: Long-term Investment Pilot - An additional 600 million yuan will be allocated to long-term stock investment pilots, bringing the total to 2,220 million yuan [3]. - This initiative allows insurance companies to establish private equity funds focused on long-term stock investments, which can mitigate the impact of market volatility on net profits [3]. Policy Three: Long-term Assessment Mechanism - The implementation of a long-term assessment mechanism is intended to smooth out short-term market fluctuations and enhance the stability of long-term investment behaviors [4]. - The recent increase in the equity investment ratio cap for insurance companies from 10%-45% to 10%-50% indicates that there is still room for further equity investments, which can act as a stabilizing force in the capital market [4].

600亿长期投资试点新增规模+风险因子调降10%+推动完善长周期考核。 加大保险资金入市稳市力度的推动政策继续加码。 继上月上调险资权益投资比例上限后，在5月7日上午举行的国新办新闻发布会上，国家金融监督管理总 局局长李云泽再次宣布了险资入市"正在路上"的三大措施，继续支持稳定和活跃资本市场。 从发布会信息来看，这三大措施分别是拟再批复600亿元长期投资试点规模，将股票投资的风险因子进 一步调降10%，以及推动完善长周期考核机制。 "5月7日的政策可以说是之前一轮险资入市政策的延续，有之前政策的加码和落实，也有像风险因子下 调这类回应行业呼声的政策。总体而言，这进一步释放了险资的投资空间。"一名险企投资负责人对第 一财经记者表示。 这些政策会带来多少增量资金？中泰证券非银金融行业首席分析师葛玉翔回复第一财经记者的测算数据 显示，股票投资的风险因子调降10%或将带动增量险资规模逾1300亿元。这1300亿元的理论增量，再加 上拟批复的"实打实"的600亿元规模险资长期投资试点，以及长周期考核所带来的底层影响，撬动的增 量险资权益投资空间或将是超千亿量级的。 政策一：股票投资风险因子调降10%，或带动增量资金逾1 ...

一揽子金融政策有效提振市场情绪。 5月7日，央行、金融监管总局、证监会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况。 本次发布会出台了降准降息、结构性货币政策工具降价扩容、险资入市加码、公募费率改革等众多增量政策。 公募基金普遍认为，会议释放积极政策信号，有效提振市场情绪。 发布会超预期 此次发布会上，央行发布三类共10项货币政策，延续货币政策适度宽松基调，强化逆周期调节和支持实体经济 发展。 金融监管总局发布8项增量政策，覆盖房地产、资本市场、小微民营企业、外贸及科技创新等多个领域。 博时基金首席权益策略分析师陈显顺分析，此次会议凸显多部门协同发力稳定市场的政策决心，释放以下三大 信号。一是政策协调性强化。央行、金融监管总局、证监会联合部署，传递系统性维稳意图，提振市场信心。 二是重点风险化解加码。明确支持房企合理融资、推进地方债务重组，并严控IPO节奏缓解资金分流压力，结 构性纾困政策有望降低系统性风险。三是 引入 长线资金。推动险资、养老金等入市，优化分红回购机制，引 导市场从短期博弈转向长期价值投资，夯实估值底部。 景顺长城基金指出，本次央行、金融监管总局、证监会三部委出台多项举措，释放积极政 ...

证券研究报告 | 固收点评报告 | | --- | hyzqdatemark 2025 年 05 月 07 日 降准降息落地，债市利好或出尽 ——5 月 7 日金融监管国新办新闻发布会点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 源引金融活水 润泽中华大地 图表 2：2025 年初以来同业存单利率走势 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 4页 图表 1：2025 年初以来，DR001 及 DR007 利率走势（%） 资料来源：同花顺 iFinD、华源证券研究所 资料来源：同花顺 iFinD、华源证券研究所 图表 3：各期限国债收益率走势（%） 资料来源：同花顺 iFinD、华源证券研究所 源引金融活水 润泽中华大地 请务必仔细阅读正文之后的评级说明和重要声明 事件：5 月 7 日国新办新闻发布会上监管推出一揽子金融政策支持稳市场稳预期。 联系人 降准降息落地。为落实 4 月下旬政治局会议部署，应对高关税对经济的潜在冲击，5 月 7 日金融监管层在国新办新闻发布会上推出了一揽子金融政策，将助力经济稳增 ...

Investment Rating - The report maintains an "Overweight" rating for the banking and insurance sectors, indicating an expectation that these sectors will outperform the market index by more than 10% over the next six months [1]. Core Insights - The report highlights the necessity for increased domestic policy support in response to external disturbances, emphasizing the importance of stabilizing economic growth and market expectations [3]. - Recent monetary policy measures, including a 0.5% reduction in the reserve requirement ratio, are expected to inject approximately 1 trillion yuan into the market, enhancing banks' lending capabilities and supporting economic recovery [4]. - A 0.1% decrease in policy interest rates is anticipated to boost market confidence and stimulate financing demand, particularly benefiting the real estate sector [5]. - The report discusses measures to encourage insurance capital to enter the market, including lowering risk factors for stock investments by 10% and expanding the scope for long-term investments [6][7]. Summary by Sections Banking Sector - The reduction in the reserve requirement ratio is projected to provide banks with more available funds, enhancing their credit issuance capacity and promoting stable business development [4]. - The report suggests focusing on high-dividend, low-valuation banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank [7]. Insurance Sector - The report recommends attention to insurance companies with flexible asset management, such as China Life and New China Life, as well as those with stable overall capabilities like China Pacific Insurance and Ping An Insurance [7].