"十一"假期前，浦发银行发布公告称，东方资产通过二级市场购入普通股及可转债转股的形式增持该银 行股份。记者调研后发现，增持市净率低于1倍的银行股，有助于改善资产管理公司（AMC）的财务报 表。浦发转债即将到期，当下市场比较关注东方资产会否继续增持浦发转债并转股，进而缓解浦发转债 的兑付压力。 东方资产增持浦发银行 9月30日，浦发银行发布公告称，东方资产及其一致行动人通过二级市场购入普通股及可转债转股的形 式增持该银行股份。截至9月29日，东方资产持有浦发银行普通股10.73亿股，持股比例3.44%，另持有 浦发转债860万张。而今年二季度末，东方资产尚未出现在浦发银行前十大普通股股东行列，这说明东 方资产在三季度大举增持了浦发银行普通股和浦发转债。 另外，浦发银行在公告中还表示，经东方资产推荐，该银行董事会同意提名计宏梅为银行董事候选人。 公告显示，计宏梅现任东方资产上海市分公司党委书记。 今年以来，已有多家AMC增持银行股。其中，中信金融资产增持了光大银行和中国银行。截至6月末， 中信金融资产直接持有光大银行股份的比例达7.93%，持有中国银行普通股的比例达4.71%。而在6月 末，中国信达旗下的信达投资 ...

"十一"假期前，浦发银行发布公告称，东方资产通过二级市场购入普通股及可转债转股的形式增持该银 行股份。中国证券报记者调研后发现，增持市净率低于1倍的银行股，有助于改善资产管理公司 （AMC）的财务报表。浦发转债即将到期，当下市场比较关注东方资产会否继续增持浦发转债并转 股，进而缓解浦发转债的兑付压力。 东方资产增持浦发银行 9月30日，浦发银行发布公告称，东方资产及其一致行动人通过二级市场购入普通股及可转债转股的形 式增持该银行股份。截至9月29日，东方资产持有浦发银行普通股10.73亿股，持股比例3.44%，另持有 浦发转债860万张。而今年二季度末，东方资产尚未出现在浦发银行前十大普通股股东行列，这说明东 方资产在三季度大举增持了浦发银行普通股和浦发转债。 另外，浦发银行在公告中还表示，经东方资产推荐，该银行董事会同意提名计宏梅为银行董事候选人。 公告显示，计宏梅现任东方资产上海市分公司党委书记。 今年以来，已有多家AMC增持银行股。其中，中信金融资产增持了光大银行和中国银行。截至6月末， 中信金融资产直接持有光大银行股份的比例达7.93%，持有中国银行普通股的比例达4.71%。而在6月 末，中国信达旗下 ...

另外，浦发银行在公告中还表示，经东方资产推荐，该银行董事会同意提名计宏梅为银行董事候选人。 公告显示，计宏梅现任东方资产上海市分公司党委书记。 今年以来，已有多家AMC增持银行股。其中，中信金融资产增持了光大银行和中国银行。截至6月末， 中信金融资产直接持有光大银行股份的比例达7.93%，持有中国银行普通股的比例达4.71%。而在6月 末，中国信达旗下的信达投资将自身持有的1.18亿张浦发转债全部转为浦发银行A股普通股。截至6月 末，信达投资持有浦发银行普通股9.18亿股，占该行普通股总额的3.03%。 有助于AMC改善财务报表 对于AMC而言，投资银行股的有利之处或是改善财务报表，原因在于AMC采用权益法核算对银行的长 期股权投资。 ● 李玉敏 李蕴奇 "十一"假期前，浦发银行发布公告称，东方资产通过二级市场购入普通股及可转债转股的形式增持该银 行股份。中国证券报记者调研后发现，增持市净率低于1倍的银行股，有助于改善资产管理公司 （AMC）的财务报表。浦发转债即将到期，当下市场比较关注东方资产会否继续增持浦发转债并转 股，进而缓解浦发转债的兑付压力。 东方资产增持浦发银行 9月30日，浦发银行发布公告称，东 ...

继信达资产出手之后，浦发银行（600000）再获AMC（金融资产管理公司）增持。 近日，浦发银行发布的董事会决议公告显示，基于对浦发银行未来经营发展的信心，中国东方资产管理股份有限公司（以下简称"东方资产"）及其控制的 一致行动人通过二级市场购入普通股及可转债转股的形式增持浦发银行股份。 凭借此番增持，东方资产或将跻身浦发银行前五大股东，拟获得浦发银行一名董事会席位。 而就在三个月前，另一家AMC——信达资产曾斥资百亿元，通过增持可转债并迅速转股的方式，获得浦发银行一名董事会席位。 东方资产增持"双管齐下" 在停止交易后、转股期结束前（即自10月23日至27日），浦发转债持有人仍可以依据约定的条件将浦发转债转换为公司普通股。 具体来看，东方资产通过二级市场购入普通股及可转债转股的形式增持浦发银行股份。 根据公告披露，截至9月19日，东方资产持有浦发银行普通股93865.40万股，占其普通股总股本比例为3.03%。截至9月29日，东方资产持有浦发银行普通 股107299.96万股，持股比例为3.44%，另持有其可转债860万张。 从持股比例来看，东方资产持有浦发银行3.44%股权，或将成为浦发银行前五大股东。 ...

金融资产管理公司（AMC）再度出手布局银行股。 9月30日晚间，浦发银行发布的公告显示，基于对该行未来经营发展的信心，中国东方资产管理股份有 限公司（以下简称"东方资产"）及其控制的一致行动人通过二级市场购入普通股及可转债转股的形式增 持该行股份。在此之前，中国信达资产管理股份有限公司全资子公司信达投资有限公司（以下简称"信 达投资"）也借助可转债转股增持浦发银行股份。 实际上，年内AMC布局银行股动作频频。除了上述东方资产增持浦发银行外，年内获AMC增持的还有 光大银行、中国银行。 谋求董事会席位 上述公告显示，截至9月19日，东方资产持有浦发银行普通股约9.39亿股，占该行普通股总股本比例为 3.03%。截至9月29日，东方资产持有该行普通股增至约10.73亿股，持股比例上升至3.44%，另外还持有 该行可转债860万张。 持股比例上升后，东方资产进一步谋求浦发银行董事会席位。上述公告披露，根据《公司章程》等有关 规定，经东方资产推荐，该行董事会同意提名计宏梅为该行董事候选人，计宏梅现任东方资产上海市分 公司党委书记，其董事任职资格有待提交股东会审议，并获监管核准。 今年6月份，信达投资也曾借道可转债转股 ...

Group 1 - The core point of the article is that Xinhua Medical holds a significant stake in Huajian Medical, which has recently seen a rise in its operations related to stablecoins, potentially benefiting Xinhua Medical's investment returns [1] - Xinhua Medical owns 443.7 million shares of Huajian Medical, representing a 27.29% ownership stake [1] - The financial performance of Huajian Medical will impact Xinhua Medical's investment income due to the equity method of accounting used for this subsidiary [1]

Core Viewpoint - The report highlights a growing interest from overseas investors in Chinese financial stocks, particularly state-owned banks and mid-cap financial stocks, driven by favorable market conditions and potential for higher returns [1][2]. Group 1: Investor Interest and Market Trends - Chinese financial stocks have risen by 23% this year, with their weight in the MSCI China Index increasing from 12.8% in June 2021 to over 19% currently [2]. - There is a notable trend of capital inflow from southbound funds and insurance companies buying bank stocks and high-yield equities [2]. - The participation in Bank of America’s recent roadshow for Chinese financial stocks was significant, with investors from New York, Singapore, and Beijing attending, indicating strong interest [2]. Group 2: Performance Expectations - The second quarter of 2025 is expected to be favorable for Chinese financial stocks, aided by limited declines in net interest margins and improved trading revenues due to lower bond yields and better A-share market performance [3]. - Loan growth slightly increased from 6.7% in May to 6.8% in June, with social financing and narrow money supply growth exceeding expectations [3]. - Despite ongoing asset quality pressures, some banks reported stabilization in new non-performing loans in retail lending during the second quarter [3]. Group 3: Valuation and Investment Strategies - Investors believe that bank stock trading is more influenced by capital flows than by fundamentals, with over a third of inquiries directed at insurance companies regarding their investment strategies in bank stocks [4]. - Asset management companies, including Huarong and Cinda, have also been purchasing Chinese bank stocks, motivated by potential accounting gains from equity accounting [4][22]. - There is speculation on whether bank stock price-to-book ratios will return to 1x, with expectations that insurance companies and asset managers may increase their allocations to high-yield stocks until this threshold is reached [5].

Core Viewpoint - The trend of insurance capital increasing their stakes in listed companies continues, with a total of 20 instances recorded this year, matching the total from the previous year [1][2]. Group 1: Insurance Capital Activity - Hongkang Life Insurance recently increased its stake in Zhengzhou Bank's H-shares, acquiring 16 million shares at HKD 1.2068 per share, raising its holding to 5.55% [1]. - Following this, on June 30, Hongkang Life further acquired 23 million shares at HKD 1.1804 per share, bringing its total holdings to 135 million shares, or 6.68% of the H-shares [1]. - A total of 10 insurance institutions have participated in the 20 instances of stake increases across 16 listed companies this year [2]. Group 2: Motivations Behind Increased Stakes - The low interest rate environment and supportive policies are driving insurance capital to increase their stakes, with expectations that this trend will continue [1][2]. - The recent policies encouraging long-term funds to enter the market have enhanced the willingness of insurance capital to invest [2]. Group 3: Characteristics of Target Companies - The companies targeted for stake increases are predominantly high-dividend and H-share listed companies, aligning with the long-term investment style of insurance funds [3]. - H-shares are perceived to have a valuation discount compared to A-shares, presenting greater appreciation potential, along with tax benefits through the Hong Kong Stock Connect [3]. Group 4: Future Considerations and Strategies - The upcoming implementation of new accounting standards is prompting more insurance companies to pursue stake increases to achieve equity method accounting, thereby reducing profit volatility [3]. - Insurance companies are advised to focus on stocks with stable dividends, strong fundamentals, and long-term appreciation potential while enhancing their risk management capabilities [3].

Core Viewpoint - China Post Life Insurance Co., Ltd. has acquired a 5% stake in Eastern Air Logistics through a block trade, amounting to 869 million yuan, positioning itself as a significant strategic shareholder [1] Group 1: Investment Activity - The acquisition of 79.42 million unrestricted shares makes China Post Insurance an important strategic partner for Eastern Air Logistics, which is a subsidiary of China Eastern Airlines Group [1] - Eastern Air Logistics reported a revenue of 24.056 billion yuan in 2024, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 2.688 billion yuan, up 8.01% [1] - In Q1 2024, Eastern Air Logistics' net profit attributable to shareholders was 545 million yuan, reflecting a year-on-year decline of 7.40% [1] Group 2: Industry Trends - The investment by China Post Insurance is part of a broader trend of increased equity investments by insurance companies, driven by new accounting standards and changing external environments [2][3] - As of May 8, 2024, seven insurance companies, including China Post Insurance and China Life, have made a total of 13 equity acquisitions, focusing on high-dividend and undervalued sectors such as banking and public utilities [2] - The implementation of the new accounting standard (IFRS 9) has prompted insurance companies to increase their equity stakes to over 5% to apply the equity method of accounting, which helps mitigate profit volatility [3] Group 3: Regulatory Environment - Regulatory support for insurance capital market participation has increased, with new policies aimed at expanding long-term investment reforms and reducing risk factors for equity assets [6] - The reduction of risk factors for stock investments by 10% could significantly enhance the solvency of insurance companies, allowing for greater capital efficiency [6] - The regulatory environment is evolving to facilitate insurance companies' transition towards long-term investments, aligning with the industry's shift towards floating income products [4][6]