以幸福人寿为例，2024年因其持有南京银行3.68%股权并派驻董事，该投资改用权益法核算后确认了 12.25亿元营业外收入，从而实现扭亏为盈。 目前，平安人寿所持招商银行股份对应的净资产份额约为507.47亿元，高于其账面价值439.56亿元。若 未来平安人寿向招商银行派驻董事，形成重大影响，则可能确认约67.91亿元的营业外收入。尽管2025 年6月招商银行曾表示"长期资金未谋求董事席位诉求"，但当时平安人寿持股比例尚未达到3%的董事提 名门槛。如今其持股比例已升至3.61%，情况已有所不同。 此外，2025年以来，险资向银行派驻董事的现象逐渐增多。大家人寿、新华人寿、弘康人寿已分别向兴 业银行、杭州银行、苏农银行新派驻董事。其中，大家人寿的持股比例仅为3.38%。 1月8日，平安人寿发布公告称，由其委托平安资管管理的资金投资于招商银行H股。截至2025年12月31 日，持股比例已达到招商银行H股总股本的20%，约占总股本的3.61%。 为何招商银行年内四度被平安人寿举牌？ 一方面，在新会计准则下，保险公司可将此类股权投资计入"以公允价值计量且其变动计入其他综合收 益"科目。这意味着股价波动不影响当期利润， ...

持股突破20% 数据显示，平安人寿对农业银行的青睐极为明显。其于2025年2月17日首次因持股比例达到5%而进行权 益披露，此举标志着其已成为农行H股的重要股东。 然而，这仅仅是个开始。在随后的10个月里，平安人寿开启了"扫货"模式。根据港交所记录，从2025年 2月至12月期间，平安人寿共计对农行H股进行了16次增持，几乎每月都有操作，增持步伐稳健而密 集。 记者丨张欣 林汉垚 编辑丨肖嘉 视频丨陈泽锴 2025年，中国平安人寿保险股份有限公司（下称"平安人寿"）在港股市场展开了一场引人瞩目的银行 股"扫货"行动。其中，对农业银行H股的增持贯穿全年、力度空前。累计16次买入，推动持股比例在短 短一年内从5%，一路飙升至20.10%，大幅跃升超过15个百分点。 21世纪经济报道记者据港交所披露易公告整理发现，除农行外，平安人寿对工商银行、邮储银行、招商 银行H股也分别进行了2次、12次和15次增持。这一系列密集操作，清晰勾勒出国内险资巨头在长期利 率下行背景下，对高股息、低估值银行资产的战略性偏好与前瞻布局。 全年16次增持农行H股 平安人寿在2025年1月9日和2月12日分别增持了工行H股约5952万股和1 ...

视频丨陈泽锴 2025年，中国平安人寿保险股份有限公司（下称"平安人寿"）在港股市场展开了一场引人瞩目 的银行股"扫货"行动。其中，对农业银行H股的增持贯穿全年、力度空前。 累计16次买入 ， 推动持股比例在短短一年内从5%，一路飙升至20.10%，大幅跃升超过15个百分点。 21世纪经济报道记者据港交所披露易公告整理发现，除农行外，平安人寿对 工商银行、邮储 银行、招商银行H股 也分别进行了2次、12次和15次增持。这一系列密集操作，清晰勾勒出国 内险资巨头在长期利率下行背景下，对高股息、低估值银行资产的战略性偏好与前瞻布局。 全年1 6次增持农行H股 持股突破2 0% 数据显示，平安人寿对农业银行的青睐极为明显。其于2025年2月17日首次因持股比例达到5% 而进行权益披露，此举标志着其 已成为农行H股的重要股东。 然而，这仅仅是个开始。在随后的10个月里，平安人寿开启了"扫货"模式。根据港交所记录， 从2025年2月至12月期间，平安人寿共计对农行H股进行了16次增持，几乎每月都有操作，增 持步伐稳健而密集。 从单次增持规模来看，5月12日增持约1.47亿股（持股比例达10.38%，触发10%举牌线）， ...

证券日报网讯1月7日，博实股份（002698）在互动平台回答投资者提问时表示，公司对哈尔滨思哲睿智 能医疗设备股份有限公司的股权采用权益法进行核算，思哲睿发生盈利或者亏损时，均会对公司长期股 权投资项目和投资收益项目产生影响。 ...

每经AI快讯，有投资者在投资者互动平台提问：公司对子公司东方略的长期股权投资是成本法还是权 益法核算？ 德展健康（000813.SZ）12月3日在投资者互动平台表示，公司持有东方略股份比例22.70%，对其采用权 益法核算。 （记者 曾健辉） ...

作为1999年为处置国有银行不良资产设立的机构，长城资产初始职责是接收中国农业银行剥离的不良资 产，此次通过临时提案推动其总裁助理史剑出任建行非执行董事，是其市场化战略投资的重要落子。 智通财经记者 | 张晓云 国有AMC（资产管理公司）布局银行再添样本。 11月28日，建设银行（601939.SH）披露2025年第二次临时股东大会的决议公告，将长城资产管理股份 有限公司（下称"长城资产"）的战略布局推向台前。 值得注意的是，长城资产的布局已呈现多元化态势。除建行外，其持有的民生银行股份超过3%，并已 获得民生银行董事席位提名。近期，长城资产提名的郑海阳民生银行董事任职已获得监管批复通过。因 此，长城资产已双线卡位建行、民生银行董事席位。 业内人士向智通财经表示，目前史剑提名已获股东大会投票通过，尚待监管核准，如果监管通过，不仅 标志着长城资产完成对建行的"董事席位"突破，更意味着长城资产可能通过权益法核算，迎来第二笔大 额损益确认，为自身业绩注入强心剂。 与此同时，这也延续了国有AMC通过股权绑定深度参与银行治理的行业趋势。从市场化增持达线到推 动人事落地，既有对财务收益与业务协同的双重考量，也成为观察AM ...

Core Viewpoint - The insurance industry is facing asset-liability matching pressures due to declining interest rates and an "asset shortage," prompting companies to seek long-term equity investments, particularly in undervalued bank stocks, to achieve stable returns and balance sheet improvements [1][3][12]. Group 1: Long-term Equity Investment Strategy - Insurance companies are increasingly turning to long-term equity investments as a strategy to achieve stable returns and match their liabilities [3][12]. - This strategy has sparked controversy, as it is seen as a means to smooth out volatility and achieve stable return on equity (ROE) and dividend returns, but some companies misuse it as a financial engineering tool to mask operational pressures [3][4][15]. - The shift to long-term equity investments is driven by the need for stable, high returns in a low-interest-rate environment, where traditional fixed-income assets are yielding insufficient returns [12][13]. Group 2: Accounting Practices and Implications - The accounting treatment of long-term equity investments allows insurance companies to recognize significant profits through accounting adjustments, particularly when investing in undervalued stocks [5][9]. - By applying the equity method of accounting, companies can report initial investment costs based on the fair value of the net assets of the investee, leading to inflated profits on their financial statements [7][10]. - This practice can create a disconnect between reported profits and actual cash flows, raising concerns about the sustainability of these earnings [11][19]. Group 3: Risks and Challenges - The reliance on long-term equity investments as a financial strategy can lead to systemic distortions in profit, net assets, and risk disclosures, potentially masking underlying financial health issues [4][20]. - Companies face pressures from regulatory requirements and internal assessments of solvency and profitability, which may drive them to prioritize short-term financial reporting over long-term strategic investments [14][15]. - The misuse of long-term equity investments can result in significant risks, including mismatches in capital and liquidity, potential valuation declines, and loss of market trust [20][21]. Group 4: Recommendations for Improvement - To mitigate the risks associated with long-term equity investments, regulatory bodies should establish clearer standards for recognizing significant influence and tighten rules around accounting for goodwill and fair value assessments [21][22]. - Insurance companies should enhance internal controls and focus on sustainable cash flow as a primary measure of investment success, rather than relying on one-time accounting gains [22]. - Expanding investment opportunities into infrastructure REITs, preferred stocks, and other long-term assets can help reduce dependence on equity investments and improve asset-liability matching [22].

Core Viewpoint - The resignation of Li Guanying from the board of Shanghai Rural Commercial Bank is linked to the adjustment of accounting standards for insurance funds, which may impact the bank's financial reporting and investment classification by China Taiping Insurance Group [2][6][12] Group 1: Resignation Details - Li Guanying resigned from his position as a non-executive director on October 17, 2023, nearly one year before his term was set to end on October 10, 2026 [6] - His resignation will not affect the legal number of board members or the normal operation of the board [2][6] Group 2: Investment Implications - Taiping Asset Management stated that investing in Shanghai Rural Commercial Bank is part of a diversified investment strategy for insurance funds, and the resignation is due to accounting adjustments [6][12] - The resignation may lead to a change in how China Taiping accounts for its investment in Shanghai Rural Commercial Bank, potentially shifting from equity method accounting to fair value measurement [12] Group 3: Market Reactions and Speculations - There are speculations in the market that Taiping Asset may plan to reduce its stake in Shanghai Rural Commercial Bank or adjust its cooperation strategy following Li Guanying's resignation [8][10] - Experts suggest that the impact of the resignation is difficult to predict and may simply be a normal personnel change rather than a significant strategic shift [8][10]

Core Viewpoint - Oriental Asset has increased its stake in Shanghai Pudong Development Bank (SPDB) through the purchase of common shares and convertible bonds, which is expected to improve the financial statements of asset management companies (AMCs) [1][2][3] Group 1: Stake Increase Details - As of September 29, Oriental Asset holds 1.073 billion shares of SPDB, representing a 3.44% stake, and 8.6 million convertible bonds [2] - Oriental Asset was not among the top ten shareholders of SPDB as of the end of Q2, indicating a significant increase in holdings during Q3 [2] - The SPDB board has agreed to nominate Ji Hongmei, currently the Party Secretary of Oriental Asset's Shanghai branch, as a candidate for the bank's board [2] Group 2: Financial Reporting Benefits for AMCs - AMCs can improve their financial statements by investing in bank stocks, as they use the equity method for long-term investments in banks [3] - The ability to exert significant influence over the invested entity, such as appointing a director, allows AMCs to apply the equity method [3] - SPDB's current price-to-book ratio is 0.53, allowing AMCs to acquire bank equity at a cost below the fair value of identifiable net assets [3][4] Group 3: Convertible Bond Redemption Concerns - SPDB issued 50 billion yuan in convertible bonds in October 2019, maturing on October 27, 2025, with an outstanding balance of 24.572 billion yuan yet to be converted [5] - Successful conversion of the bonds would enhance the bank's core Tier 1 capital, while failure to convert would require repayment of principal and interest [5][6] - The market is closely watching whether Oriental Asset will replicate the "Everbright model" by increasing its stake in SPDB's convertible bonds to alleviate repayment pressure [6]

Core Viewpoint - Oriental Asset has increased its stake in Shanghai Pudong Development Bank (SPDB) through the purchase of common shares and convertible bonds, which is expected to improve the financial statements of asset management companies (AMCs) [1][2][3] Group 1: Stake Increase Details - As of September 29, Oriental Asset holds 1.073 billion shares of SPDB, representing a 3.44% stake, and 8.6 million convertible bonds [2] - Oriental Asset was not among the top ten shareholders of SPDB at the end of Q2, indicating a significant increase in holdings during Q3 [2] - The SPDB board has agreed to nominate Ji Hongmei, currently the Party Secretary of Oriental Asset's Shanghai branch, as a candidate for the bank's board [2] Group 2: Financial Reporting Benefits for AMCs - AMCs can improve their financial statements by investing in bank stocks, as they use the equity method for long-term investments in banks [3] - The ability to exert significant influence over the invested bank, such as by appointing board members, allows AMCs to use the equity method for accounting [3] - SPDB's current price-to-book ratio is 0.53, allowing AMCs to acquire bank equity below the fair value of identifiable net assets, which can enhance their operating income [3][4] Group 3: Convertible Bond Redemption Concerns - SPDB's convertible bonds, issued in October 2019, amount to 50 billion yuan, with a maturity date of October 27, 2025, and an outstanding balance of 24.572 billion yuan yet to be converted [5] - Successful conversion of these bonds would supplement the bank's core Tier 1 capital, while failure to convert would require repayment of principal and interest to bondholders [5][6] Group 4: Potential for "Everbright Model" Replication - The "Everbright Model" refers to the significant increase in holdings of Everbright Bank's convertible bonds by China Huarong (now known as CITIC Financial Asset), which alleviated repayment pressure [6] - If Oriental Asset continues to increase its holdings in SPDB's convertible bonds and converts them, it could similarly relieve repayment pressure and positively impact SPDB's core Tier 1 capital [6]