险资举牌

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今日视点:险资近期频频举牌释放出什么信号?
Zheng Quan Ri Bao· 2025-08-08 07:27
苏向杲 近日,中国人寿保险股份有限公司等险企频频举牌上市公司,引发资本市场广泛关注。据笔者梳理,今 年以来截至3月20日,险资举牌A股及H股上市公司合计11次,远超去年同期的2次,也超过了2021年(1 次)、2022年(7次)、2023年(9次)全年的举牌次数。 今年以来险资举牌标的中,既有A股上市公司,也有港股上市公司。险资举牌通常意味着其对被举牌企 业及相关行业中长期增长前景较为看好。而一旦出现险资频频举牌,往往意味着其看好资本市场增长前 景,极有可能会进一步加大对权益资产的配置力度。这种现象曾多次出现,除前述提到的2020年案例之 外,2024年险资举牌20次,人身险公司和财险公司合计对"股票和证券投资基金"的配置比例升至 12.8%,为近3年高点。 当前,影响险资举牌的宏观经济环境、资本市场生态、险资配置偏好等因素出现了诸多新变化,那么, 该如何理解近期险资频频举牌释放的信号?笔者认为,可从以下三个维度进行分析。 从这个视角看,险资近期加大举牌频次,一方面,显示出其对已落地的支持实体经济发展的各项政策后 续持续显效较为乐观,同时对未来支持性政策持有良好预期。事实上,自去年9月24日一揽子增量政 策" ...
险资新一轮举牌潮涌:权益投资打上“长钱长投”印记
Zhong Guo Zheng Quan Bao· 2025-08-08 07:27
Core Viewpoint - The insurance industry is experiencing a new wave of equity stakes, with a focus on high-dividend assets to enhance long-term stable returns amid low interest rates and asset scarcity [1][4][5] Group 1: Recent Activities - Ruizhong Insurance has recently increased its stake in China Shenhua H-shares to 5%, marking the 11th equity stake disclosed by the China Insurance Industry Association this year [1][2] - The company also increased its holdings in Citic Bank H-shares, reaching a 5% stake, and has previously made similar moves with Longyuan Power H-shares and China Duty Free H-shares [2][3] Group 2: Investment Strategy - The current trend in equity stakes is characterized by a preference for high-dividend stocks, which provide stable cash flow and dividends, aligning with the long-term liability needs of insurance companies [4][5] - The low interest rate environment and the gradual expiration of high-yield assets have led insurers to seek stable, long-term investment opportunities [4][5] Group 3: Regulatory and Accounting Influences - The implementation of new accounting standards is prompting insurers to optimize their asset allocation by increasing long-term equity investments, which can help smooth profit fluctuations [6][7] - Under the new accounting rules, high-dividend stocks can be classified in a way that minimizes the impact of market fluctuations on financial statements, thus enhancing stability [6][7]
年内二度出手,新华保险举牌北京控股,高股息红利资产仍是“心头好”
Zhong Guo Jing Ji Wang· 2025-08-08 07:26
Core Viewpoint - Insurance companies are actively increasing their stakes in high-dividend stocks, with New China Life Insurance's recent acquisition of Beijing Enterprises Holdings being a notable example of this trend [1][5][6]. Group 1: New China Life Insurance's Actions - On March 26, New China Life Insurance increased its holdings in Beijing Enterprises Holdings by 150,000 shares, raising its stake from approximately 4.99% to 5% of the total shares [2][4]. - This marks the second time in 2023 that New China Life Insurance has made a significant acquisition, having previously acquired over 329 million shares of Hangzhou Bank, representing 5.87% of its total shares [4]. Group 2: Industry Trends - A total of six insurance companies have increased their stakes in 13 listed companies this year, surpassing the total number of acquisitions made in 2021, 2022, and 2023 combined [6]. - High-dividend assets, particularly in the banking and public utility sectors, are favored by insurance companies due to their stable cash flow and attractive returns [5][8]. Group 3: Financial Metrics - As of March 26, New China Life Insurance's equity assets amounted to 317.47 billion yuan, representing 21.13% of its total assets [4]. - The book value of New China Life Insurance's holdings in Beijing Enterprises is approximately 1.6 billion yuan, accounting for 0.11% of its total assets as of the end of 2024 [4]. - Beijing Enterprises Holdings has a total market capitalization of 38.81 billion yuan, with a dividend yield of 5.25% based on its recent stock price of 30.85 yuan per share [8].
险资年内合计举牌20次 已达去年全年水平
Zheng Quan Ri Bao· 2025-08-08 07:24
从今年举牌上市公司的险企来看,既有大型险企,也有中小险企。从举牌标的来看,高股息标的和H股 上市公司占比较高。天职国际会计师事务所保险咨询主管合伙人周瑾认为,这主要是因为这些标的与保 险资金期限长、投资风格稳健等特性高度契合,同时,H股的估值较A股呈现出一定折价,增值空间更 大,且通过港股通投资还有一定的税收优惠,因此是险资权益配置的重点。 周瑾表示,随着新会计准则即将全面实施,更多险企希望通过举牌来实现权益法核算,以减少当期损益 的波动性,这一因素也将推动险企增加举牌行为。同时,当前股票市场的估值较低,未来或有较大的升 值空间,险企需把握低估值机会增配权益资产。 具体来看,港交所披露易信息显示,弘康人寿于6月27日以每股1.2068港元增持郑州银行H股1600万股, 增持后持股比例占其H股的5.55%,根据香港市场规则,触发举牌。随后,弘康人寿于下一个交易日(6 月30日)继续增持郑州银行H股2300万股,每股价格1.1804港元。至此,弘康人寿持有郑州银行H股数 量达到1.35亿股,持股比例上升至6.68%。 《证券日报》记者根据公开信息统计,今年截至目前已有10家保险机构对16家上市公司进行举牌,举牌 ...
险资又举牌了,今年已达22次
Zhong Guo Zheng Quan Bao· 2025-08-08 05:50
8月7日,中国保险行业协会披露,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。 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。 业内人士认为,增持并长期持有这类资产,可以增加险资权益配置盘的底仓资产,助力险企获得稳定现 金流的同时,降低险企权益投资整体波动性。 险资再度举牌公用事业股 根据披露信息,本次举牌前,弘康人寿直接持有港华智慧能源1.81172亿股,占其股本比例为4.9874%。 8月4日,公司买入该股45.8万股,触发举牌。本次举牌后,弘康人寿直接持有港华智慧能源1.8163亿 股,占其股本比例为5.00005%。 多位业内人士分析,险资大部分举牌可能出于赚取高股息或增加长期股权投资的考虑。从长期来看,高 股息资产展现出穿越时间周期的稳健特性,具备较好的长期配置价值,而这种长期配置价值恰好与险企 诉求相契合。 以8月4日港华智慧能源港股收盘价和同日日终港元兑人民币汇率为基准,弘康人寿持有港华智慧能源股 票的账面余额约为人民币6.6亿元,占弘康人寿2025年二季 ...
险资又举牌了!今年已达22次
Zhong Guo Zheng Quan Bao· 2025-08-08 04:33
Core Viewpoint - The insurance industry is increasingly engaging in stock acquisitions, with a focus on undervalued, low-volatility, high-dividend, and high-certainty performance assets, as evidenced by the recent stake increase in Hong Kong-listed company Honghua Wisdom Energy by Hongkang Life [1][2][4] Group 1: Recent Developments - Hongkang Life acquired an additional 458,000 shares of Honghua Wisdom Energy, raising its stake to 5% and triggering a regulatory notice [2] - The total value of Hongkang Life's holdings in Honghua Wisdom Energy is approximately RMB 660 million, representing 1.31% of its total assets as of Q2 2025 [2] Group 2: Industry Trends - The insurance sector has seen 22 instances of stock acquisitions this year, continuing a trend from the previous year, with a significant proportion involving H-shares [2][3] - Public utilities are a favored sector for insurance capital, along with banking, energy, transportation, environmental protection, and electrical equipment companies, which typically exhibit low valuations and high dividend yields [3] Group 3: Investment Strategy - Insurers are increasingly focused on stable cash flow and dividend income, driven by pressure for asset reallocation and the need for long-term stable investment returns [4] - The shift in accounting standards and increased investment pressure have led to a new wave of stock acquisitions by insurers, who are seeking high-dividend assets that align with their long-term investment goals [4] - Regulatory encouragement for long-term capital investment is expected to further enhance the space for insurance capital in the stock market [4]
险资举牌热潮仍在持续,平安人寿已7次举牌银行股
Jin Rong Shi Bao· 2025-08-06 00:13
Group 1 - The insurance capital market is experiencing a wave of shareholding activities, with 21 instances of insurance companies acquiring stakes in listed companies this year, surpassing the total of 20 for the entire year of 2024 [1][2] - Major insurance companies involved in this trend include China Post Insurance, Taikang Life, and several others, indicating a strong interest in equity investments [1][2] - The surge in shareholding activities is attributed to adjustments in asset allocation strategies by insurance companies, driven by supportive policies for long-term capital market investments [1][2] Group 2 - The companies targeted for shareholding include major banks and firms across various sectors, with bank stocks being the most frequently acquired [2] - Ping An Life has notably made seven acquisitions of bank stocks this year, indicating a focused strategy on this sector [2] - The regulatory environment has been favorable, with policies encouraging insurance funds to increase their equity investments, leading to a significant rise in the market value of equity holdings [2][3] Group 3 - The Ministry of Finance has adjusted the assessment methods for insurance fund performance, emphasizing long-term investment strategies, which is expected to enhance the role of insurance capital in the market [3] - The outlook for the second half of the year suggests that the trend of insurance capital acquiring stakes will continue, supported by ongoing policy initiatives [3]
年内举牌21次 险资正跑步入市
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-04 12:56
登录新浪财经APP 搜索【信披】查看更多考评等级 南方财经全媒体记者林汉垚北京报道 截至8月4日,保险资金年内在A股及H股市场累计举牌达21次,一举超越去年全年水平。中国人寿、平 安人寿、泰康人寿等十余家机构密集出手,举牌标的涵盖银行、能源、公共事业等领域。 华泰证券分析指出,险资正通过高息股填补现金收益缺口,并借新会计准则下FVOCI计量平滑利润波 动。 与此同时,财政部拉长国有险企考核周期、国家金融监管总局上调权益资产配置上限等政策组合拳,推 动"耐心资本"保险资金与实体经济深度协同。 年内举牌量超去年全年 据了解,本轮险资举牌潮始于2024年,华泰证券分析,本轮险资举牌的驱动因素主要包括,利率下行环 境下投资压力增大和会计准则切换等,险资通过频繁举牌来追求长期稳定投资收益。 根据原中国保监会于2015年发布的《保险公司资金运用信息披露准则第3号:举牌上市公司股票》,保 险公司举牌上市公司股票,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一家上市公司已发 行股份的5%,以及之后每增持达到5%时,按照相关法律法规规定,在3日内通知该上市公司并予以公 告的行为。 中国保险行业协会网站信息显示,截至8月4 ...
年内举牌21次,险资正跑步入市
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-04 12:44
南方财经全媒体记者 林汉垚 北京报道 截至8月4日,保险资金年内在A股及H股市场累计举牌达21次,一举超越去年全年水平。中国人寿、平 安人寿、泰康人寿等十余家机构密集出手,举牌标的涵盖银行、能源、公共事业等领域。 华泰证券分析指出,险资正通过高息股填补现金收益缺口,并借新会计准则下FVOCI(以公允价值计量 且其变动计入其他综合收益的金融资产)计量平滑利润波动。 与此同时,财政部拉长国有险企考核周期、国家金融监管总局上调权益资产配置上限等政策组合拳,推 动"耐心资本"保险资金与实体经济深度协同。 年内举牌量超去年全年 根据原中国保监会于2015年发布的《保险公司资金运用信息披露准则第3号:举牌上市公司股票》,保 险公司举牌上市公司股票,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一家上市公司已发 行股份的5%,以及之后每增持达到5%时,按照相关法律法规规定,在3日内通知该上市公司并予以公 告的行为。 中国保险行业协会网站信息显示,截至8月4日,保险资金年内在A股及H股市场已累计举牌上市公司达 21次,已超过去年全年举牌次数。 据统计,今年以来举牌上市公司的保险机构有中国人寿、平安人寿、新华保险、瑞众人寿 ...
桂浩明:险资缘何频繁举牌上市公司?
Zheng Quan Shi Bao· 2025-08-01 23:52
Group 1 - Insurance companies are increasingly investing in the stock market due to low interest rates and reduced profitability in bond investments, leading to a shift from real estate investments to equities [1][2] - In 2023, insurance capital made 9 equity stakes in 8 listed companies, which increased to 20 stakes in 18 companies in 2024, and 21 stakes in 17 companies in the first half of 2025, indicating a significant rise in investment activity [2] - The focus of insurance capital has shifted towards well-performing companies with high dividend yields, moving from short-term trading to long-term investments [2][3] Group 2 - Insurance capital is increasingly investing directly in equities of public utilities and environmental sectors, reflecting a diversification of investment strategies [2] - The trend of insurance capital making equity stakes is particularly prominent in H-shares of mainland companies listed in Hong Kong, driven by the AH price difference and the characteristics of the H-share market [2] - The frequent equity stakes taken by insurance capital indicate a growing demand for market influence and pricing power among institutional investors [3]