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 ...

Core Viewpoint - The enthusiasm of insurance capital for equity stakes remains strong in 2023, with 13 instances of shareholding reported in less than five months, compared to 20 instances in the entire previous year [2][3] Group 1: Insurance Capital Activity - In 2023, insurance capital has shown a preference for bank stocks, with 6 out of 13 shareholding instances involving banks, primarily in the H-share market [2][4] - China Ping An has emerged as the most active insurer, accounting for 4 of the 13 shareholding instances, indicating a continued focus on bank stocks since late last year [4][5] - The trend of insurance capital favoring H-shares has persisted, with 10 out of 13 instances involving H-share companies [5][6] Group 2: Underlying Logic of Shareholding - The current wave of shareholding is driven by the need to compensate for declining interest income in a low-interest-rate environment and the impact of new accounting standards on net profit [2][11] - The average return on equity (ROE) for companies targeted in this wave of shareholding is approximately 9.52%, with an average dividend yield of 4.09%, the highest among the three waves of shareholding [10][12] - The preference for high-dividend stocks, particularly in the banking sector, is seen as a strategy to mitigate the pressures of low interest rates [9][11] Group 3: Future Outlook - Analysts predict that the enthusiasm for shareholding by insurance capital is likely to continue into 2025, driven by factors such as increased sales of dividend insurance and regulatory easing [14] - The strategic focus on high-dividend stocks, especially in the banking and public utility sectors, is expected to remain a key area of interest for insurance capital [14]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The scale of insurance bond allocation has increased significantly, and the influence of insurance institutional behavior on the bond market trend has become more prominent, making the research on its fund operation and bond - allocation behavior necessary [1]. - Insurance funds are mainly regulated in terms of investment scope and proportion, asset - liability matching, solvency, and insurance asset management. The investment characteristics of insurance funds in 2025 present new challenges such as increased risk of interest spread loss and a large asset - liability duration gap [2][4]. - Insurance institutional behavior affects bond investment in aspects such as pricing power, seasonality, and bond - allocation logic and point selection [6][9]. 3. Summary According to Relevant Catalogs 3.1 Insurance Funds Bond - Allocation Overview - As of the end of 2024, the scale of insurance funds' bond allocation reached 16.32 trillion yuan, accounting for 9.2% of the balance of China's bond market custody volume, ranking fourth in the market. From 2022 - 2024, the monthly year - on - year growth rate of insurance bond - allocation increased from 14% to around 30%, and the bond - allocation scale grew from 9 trillion yuan to 16 trillion yuan. Insurance prefers local bonds and treasury bonds in bond - allocation [13][15]. 3.2 Main Regulatory Framework of Insurance Funds 3.2.1 Insurance Funds: Investment Scope, Proportion, Asset - Liability Matching, and Solvency Requirements - **Investment Scope and Proportion Restrictions**: China has formed a multi - level proportion regulatory framework for insurance funds. In recent years, the restrictions have been gradually relaxed, and the allocation proportion is linked to the solvency of insurance companies. For example, the upper limit of the allocation proportion of equity assets is related to the comprehensive solvency ratio [22]. - **Asset - Liability Matching Requirements**: Since 2017, the regulatory system for insurance asset - liability management has been continuously improved. Insurance companies should divide "ordinary accounts" and "independent accounts" for asset - liability management. Asset - liability matching includes term structure matching, cost - return matching, and cash - flow matching [25][26]. - **Solvency Requirements**: China is currently under the "Second - Generation Solvency" Phase II regulatory system. Solvency regulatory indicators include core solvency adequacy ratio, comprehensive solvency adequacy ratio, and risk comprehensive rating. Since the switch to the new rules in 2022, the solvency regulatory indicators of insurance companies have been under pressure [28][29][32]. 3.2.2 Insurance Asset Management: "1 + 3" Regulatory Framework and Dual - Track Regulatory System - Insurance asset management companies are subject to dual - track regulation based on the source of funds. Insurance asset management products implement a "1 + 3" institutional framework [34]. 3.3 Insurance Funds Operation 3.3.1 Liability Side: Premium Income is the Main Source of Insurance Self - Operation and Asset Management Funds - **Self - Operation**: Premium income is the most important source of insurance funds. In 2024, the insurance industry's premium income was 5.7 trillion yuan, with a year - on - year increase of 11.15%. The premium income of life insurance companies increased significantly, which supported the balance of insurance funds' use [38]. - **Asset Management**: As of the end of 2023, the total scale of funds managed by 34 insurance asset management companies was 30.11 trillion yuan. The proportion of bank funds increased from 6.75% at the end of 2021 to 14.92% at the end of 2023, but it may be affected by regulatory policies in 2024 [42][48][52]. 3.3.2 Asset Side: The Proportion of Bond Allocation Continues to Rise, and the Investment Income Performance in 2024 is Good - **Large - Category Asset Allocation**: There are two ways to obtain information on the large - category asset allocation of insurance funds: the annual survey of the Insurance Asset Management Association and the quarterly disclosure of the National Financial Regulatory Administration. Bonds are the most important allocation variety. The proportion of bond allocation in life insurance and property insurance companies has increased in recent years [55][65][68]. - **Bond Allocation**: Local bonds have the highest actual allocation value, and their proportion has continued to rise. Insurance has a low - leverage and low - risk - preference business model, earning stable returns mainly by extending the duration [71]. - **Investment Income Performance**: In 2024, the annualized financial investment yield of insurance companies was 3.43%, and the annualized comprehensive investment yield was 7.21%, increasing by 1.2 and 3.99 percentage points respectively compared with 2023 [3]. 3.4 New Investment Features of Insurance Funds in 2025 - Insurance companies' break - even yield requirements have increased, while the investment yield is under pressure, increasing the risk of interest spread loss. The asset - liability duration gap in the insurance industry is large, and the problem of "long - term funds short - term allocation" is still prominent [4]. 3.5 Impact of Insurance Institutional Behavior on Bond Investment - **Pricing Power**: According to the net secondary - market bond purchases of various institutions in 2024, insurance has pricing power over 30 - year treasury bond new issues, non - active ultra - long - term interest - rate bonds, and long - term credit bonds [6][9]. - **Seasonality**: Insurance has obvious liability - driven characteristics. Due to the "good start" of premiums, insurance bond - allocation also has seasonality, with larger bond - allocation scales generally in March and December [6][9]. - **New Considerations**: Insurance self - operation funds are evaluated based on absolute returns. Considering the cost of the liability side, there may be a desirable allocation point. However, due to the decline of the current interest - rate center, it is difficult to reach this point, so insurance funds may look for phased highs for allocation, protecting the upper limit of the 30 - 10 - year treasury bond yield spread [6][9].

Core Viewpoint - China Life Insurance Company reported significant growth in total investment income and net profit for the year 2024, indicating strong performance and effective investment strategies [1][2]. Financial Performance - Total investment income reached 308.25 billion yuan, a substantial increase of 150% year-on-year [1]. - Net profit attributable to shareholders was 106.93 billion yuan, reflecting a remarkable growth of 108.9% [1][2]. - Total assets amounted to 6.77 trillion yuan, up 19.7% year-on-year, while investment assets grew by 22.1% to 6.61 trillion yuan [2]. Investment Strategy - The company has optimized its equity investment structure and capitalized on market opportunities, leading to a significant rise in total investment income [2]. - As of the end of 2024, investments in equity financial assets reached 1.27 trillion yuan, accounting for 19.19% of total investments, with stock holdings exceeding 500 billion yuan for the first time [2]. - The company plans to moderately increase the proportion of equity asset investments in 2025, anticipating a favorable economic recovery and improved market conditions [3]. Dividend Policy - China Life plans to distribute a final dividend of 0.45 yuan per share, totaling approximately 12.72 billion yuan, with an overall annual dividend of 0.65 yuan per share, amounting to 18.37 billion yuan [4]. - The total dividend represents 17% of the net profit attributable to shareholders, despite a decrease in the payout ratio [4]. - The company emphasizes a balanced approach to dividends, considering profitability, volatility, and sustainable development [4].

Core Viewpoint - China Life Insurance reported a record net profit of 106.935 billion yuan for 2024, marking a year-on-year increase of 108.9%, with earnings per share at 3.78 yuan, aligning with market expectations [2][3]. Investment Performance - The total investment income for China Life reached 308.251 billion yuan in 2024, surpassing 300 billion yuan for the first time, with a total investment return rate of 5.50%, a significant increase from 2.57% in 2023 [4][7]. - The company attributed this performance to a diversified and stable investment portfolio, with over 900 billion yuan allocated to long-term bonds and high-grade credit bonds in 2024 [4][5]. Asset Allocation - As of December 31, 2024, total assets amounted to 6.77 trillion yuan, a 19.7% increase year-on-year, while investment assets grew by 22.1% to 6.61 trillion yuan [6]. - Equity financial assets reached 1.27 trillion yuan, accounting for 19.19% of total investments, with stock holdings exceeding 500 billion yuan for the first time [7]. Dividend Policy - China Life plans to distribute a final dividend of 0.45 yuan per share, totaling approximately 12.719 billion yuan, with a full-year dividend of 0.65 yuan per share, representing 17% of net profit [8][9]. - The company emphasized the need to balance dividend payouts with solvency and long-term sustainability [9]. Business Growth - In 2024, the company achieved premium income of 671.457 billion yuan, a 4.7% increase, with first-year premium income for long-term products growing by 14.3% [10]. - The internal value exceeded 1.4 trillion yuan, with new business value increasing by 24.3% year-on-year [10][11]. Future Outlook - For 2025, the company remains optimistic about market recovery, expecting a balanced approach to equity investments and a focus on stable long-term returns [13][14]. - The investment strategy will prioritize quality assets and innovative products to enhance long-term yield potential [14].