Core Insights - The core point of the article is that insurance companies, particularly Ruizhong Life Insurance, are increasingly engaging in shareholding activities, specifically targeting H-shares, with a notable trend expected to continue into 2026 [1][5]. Group 1: Shareholding Activities - Ruizhong Life Insurance announced it has acquired 5% of Qingdao Beer H-shares, totaling 32.764 million shares [2][9]. - Since 2025, there have been 38 instances of insurance companies acquiring shares, marking a new high since 2016, involving 14 insurance institutions and 27 listed companies [2][9]. - A significant portion of these acquisitions involves repeated purchases of the same stock, with companies like Hongkang Life and Ping An Life making multiple acquisitions of the same H-shares [2][9]. Group 2: Investment Trends - The trend of insurance companies favoring H-shares is evident, with 84% of the 38 acquisitions in 2025 targeting H-shares [3][11]. - H-shares are perceived as undervalued compared to A-shares, making them attractive for long-term investments focused on dividend income [3][11]. - Tax incentives, such as exemptions on corporate income tax for dividends from H-shares held for over 12 months, enhance the appeal of H-shares for insurance companies [4][12]. Group 3: Future Outlook - Industry experts predict that the enthusiasm for shareholding will persist into 2026, with a potential shift towards growth sectors while maintaining a strong focus on traditional sectors [5][13]. - The current low-interest-rate environment and regulatory encouragement for long-term equity investments are expected to drive continued growth in shareholding activities [6][13]. - Traditional sectors like finance, energy, and public utilities currently dominate insurance investments, but there is an anticipated gradual increase in allocations towards technology and growth sectors [6][14].