中央财经大学中国精算科技实验室主任陈辉认为，险资举牌上市公司是加大入市力度的一种表现。近两年，相关部门陆续 出台多项鼓励险资等中长期资金入市的政策，并从多方面优化中长期资金入市的投资生态，增加了险资入市积极性。 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。 业内人士认为，低利率环境、相关政策引导等多重因素促使险资加大举牌力度，预计这一趋势未来仍将延续。然而，在举 牌过程中，险企也需注重风险防范。 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 ...

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]