"通过举牌投资方式，险资能够有效平滑股价波动对当期利润报表的影响。"他告诉记者。IFRS9规 定，保险公司持股比例逾5%的股票可计入FVOCI账户（以公允价值计量且其变动计入其他综合收 益的金融资产）。保险公司通过举牌投资，就可以将高股息上市公司持仓纳入FVOCI账户，令相 关投资不会显著影响保险公司利润报表，对平滑险资利润波动有着显著作用。 记者多方了解到，今年险资频频举牌银行保险板块H股的另一个重要考量，是在低利率与资产荒双 重环境下重构资产配置。 在低利率环境下，海外保险行业的资产配置策略出现四大调 整，分别是拉长债券久期、信用下沉、增配股票与增持另类资 产。当前境内保险行业正借鉴海外保险资金资产配置经验，努 力构建适合国内市场的多元资产配置策略，包括通过FVOCI账 户增持红利资产（高股息上市公司等），满足自身资产负债匹 配、现金流管理及平滑利润波动的需要。 作者：陈植 封图：图虫创意 8月以来，险资举牌金融板块上市公司依旧动作频频。 8月8日，平安资管买入中国太保H股110万股，每股交易均价32.28港元，总持股数量达1.38亿股， 占中国太保已发行H股股份的5%，触发举牌。 8月11日，中国平安买 ...

Core Insights - Insurance capital has made over 30 equity stakes this year, marking the second-highest number since 2015, with a significant focus on bank stocks [1][2][3] - The main motivations for this trend include the need for high-dividend, low-volatility equity assets to lock in interest rate spreads, the impact of new financial instrument standards, and regulatory encouragement [1][5][10] Group 1: Insurance Capital Activity - Insurance companies have engaged in over 30 equity stakes this year, primarily in the banking sector, with 14 instances specifically targeting bank stocks [2][4] - Notable actions include Ping An Life's significant increase in holdings of Agricultural Bank of China H-shares, raising its stake to 14.08% [2][4] - The trend of insurance capital acquiring stakes in peer insurance companies has re-emerged after six years, with Ping An Life increasing its holdings in China Pacific Insurance and China Life [5][6] Group 2: Motivations Behind Equity Stakes - The shift to longer-duration liabilities and the need for stable returns in a low-interest-rate environment are driving insurance companies to seek high-dividend equities [1][5] - Regulatory policies encouraging insurance capital to allocate more to equity assets have also played a significant role in this trend [1][10] - The new accounting standards have increased the volatility of insurance companies' profit and loss statements, prompting a shift towards high-dividend equity assets to stabilize financial performance [7][8] Group 3: Characteristics of Targeted Stocks - Bank stocks are particularly attractive due to their high dividend yields (approximately 3.98%) and low valuations (0.60 times PB), making them suitable for insurance capital's risk management needs [5][6] - The characteristics of bank stocks align with insurance capital's investment strategy, which seeks stable returns and low volatility [5][6] - The insurance sector also exhibits similar traits, with low valuations and high dividend yields, making it a target for insurance capital [6][9] Group 4: Future Outlook - The demand for equity asset allocation among insurance companies is expected to continue, with potential for increased investment in high-dividend stocks [9][10] - The ongoing low-interest-rate environment and new accounting standards are likely to further influence insurance companies' investment strategies [9][10] - Regulatory support for insurance capital to enter the equity market is anticipated to enhance the allocation of funds to equity assets [10]

近期，保险资金举牌动作频频。 8月11日，中国平安以平均每股32.07港元的价格买入中国太保H股，合计买入174.14万股，耗资约 5583.89万港元。此次增持后，中国平安占中国太保H股持股比例从4.98%提高到5.04%，触发举牌。 8月12日，中国平安继续增持中国人寿H股，持股比例达到5.04%，触发举牌。 8月13日，太保寿险发布公告称，举牌东阳光药H股；同日，民生保险增持浙商银行，触发举牌。 截至记者发稿，今年以来，保险资金举牌次数已达28次，远超去年全年的20次。 时隔6年再现险企交叉举牌 在近期的几次举牌事件中，中国平安相继增持中国太保H股、中国人寿H股引发市场关注。这是继 2019年中国人寿举牌中国太保之后，时隔6年，再现险企交叉举牌。 不过，也有业内人士提到，此举的意义不仅是权益组合的常规操作，而是进一步展现了保险资金对 保险行业本身的价值重估，释放出更深层的信心。 中泰证券研报认为，保险资金举牌同行，释放出积极信号。险资关注保险股，体现出对行业基本面 筑底向好的认同。 记者注意到，市场对此也给出了强烈反应。举牌消息一出，中国太保股价迅速上涨。截至8月14日 收盘，中国太保A股上涨4.87% ...

Core Viewpoint - Insurance funds have resumed cross-holding in the industry after six years, with China Ping An increasing its stakes in China Pacific Insurance and China Life Insurance, indicating a strategic financial investment approach [2][4]. Group 1: Investment Activities - China Ping An increased its holdings in China Pacific Insurance by approximately 1.74 million shares at an average price of 32.07 HKD per share, totaling around 55.84 million HKD, raising its stake to 5.04% [5]. - On August 12, Ping An Life further acquired 3.66 million shares of China Pacific Insurance at an average price of 33.29 HKD, bringing its total holdings to 140 million shares, or 5.1% of the issued H shares [5]. - Ping An Asset Management also bought 1.1 million shares of China Pacific Insurance at an average price of 32.28 HKD, increasing its total holdings to 138 million shares, or 5% of the issued H shares [5]. - Additionally, on August 12, China Ping An acquired 9.5 million shares of China Life Insurance, raising its total stake to 5.04% [5]. Group 2: Market Performance - As of August 18, China Life Insurance's H shares rose by 2.87% to 25.06 HKD, while China Pacific Insurance's H shares increased by 1.75% to 37.28 HKD [3]. - Year-to-date, China Pacific Insurance's H shares have surged over 50%, with a trailing twelve months (TTM) dividend yield of 3.22%, while China Life Insurance's H shares have risen over 70% with a TTM dividend yield of 2.92% [6]. Group 3: Industry Insights - The resurgence of insurance funds in cross-holding reflects confidence in the recovery and long-term value of the insurance sector, as indicated by the strong performance of H shares in both A-share and Hong Kong markets [4][6]. - The current market environment, characterized by declining interest rates, has prompted insurance companies to seek stable returns through long-term value investments [7][10]. - Regulatory encouragement for long-term capital investment has further opened up opportunities for insurance funds in the capital markets [10].

Core Viewpoint - The recent increase in stakes by China Ping An in China Life and China Pacific Insurance reflects a strategic move towards financial investments, aligning with the trend of insurance capital entering the equity market for long-term gains [1][3][5]. Group 1: Investment Activities - On August 12, China Ping An increased its holdings in China Life H-shares by 9.5 million shares at a price of HKD 22.41 per share, totaling HKD 213 million [1]. - Following this transaction, China Ping An's stake in China Life H-shares rose from 4.91% to 5.04%, triggering a mandatory disclosure [2]. - Additionally, on August 11, China Ping An purchased 1.7414 million shares of China Pacific Insurance H-shares at an average price of HKD 32.07 per share, amounting to HKD 55.88 million, increasing its stake from 4.98% to 5.04% [3]. Group 2: Market Context and Analysis - The increase in stakes is viewed as a financial investment strategy, indicating a shift to include insurance stocks in high-dividend configurations similar to bank stocks, supported by improved fundamentals in the insurance sector [3]. - The insurance industry is expected to benefit from multiple catalysts, including a surge in short-term premium income, narrowing interest margin risks, and improved investment return expectations [3]. - The number of stake increases by insurance capital has reached 27 this year, surpassing the total of 20 for the entire previous year, indicating a growing trend [5]. Group 3: Preference for Bank Stocks - China Ping An is also actively acquiring bank stocks, having reached a 15% stake in Postal Savings Bank H-shares, which also triggered a disclosure requirement [4]. - Bank stocks are favored due to their relatively stable performance and consistent dividends, aligning with the long-term, value-oriented investment strategy of insurance capital [5]. - Current valuations of bank stocks remain low historically, with attractive dividend yields, which are likely to continue drawing in long-term incremental capital [5].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating an expectation for the sector to outperform the overall market [3][6]. Core Insights - The insurance sector has shown a significant increase, with the Shenwan Insurance II Index rising by 3.20%, outperforming the CSI 300 Index by 0.83 percentage points. Notably, Ping An Insurance has increased its stake in China Pacific Insurance (H) and China Life Insurance (H), triggering regulatory notifications [3][6]. - The report highlights a resurgence in insurance companies' acquisitions of peers, with 32 announcements made in 2024, the highest since 2016. As of August 14, 2025, 14 insurance institutions have made 24 acquisition announcements, involving 20 listed companies [3][6]. - The report emphasizes the positive implications of declining long-term interest rates and the entry of long-term capital into the market, suggesting a favorable environment for insurance companies [3][6]. Summary by Sections Market Review - The CSI 300 Index closed at 4,202.35 with a weekly change of +2.4%, while the non-bank index closed at 2,079.34 with a change of +6.5%. The brokerage, insurance, and diversified financial sectors reported changes of +8.2%, +3.2%, and +4.5%, respectively [6][10]. Non-Bank Industry Insights - The report notes that as of August 15, 2025, the 10-year government bond yield was 1.75%, with a weekly increase of 2.62 basis points. The insurance sector's performance is closely tied to these interest rate movements [13][19]. - The report also mentions that the average daily trading volume in A-shares has increased significantly, indicating a robust market environment for brokers [19][39]. Investment Recommendations - For the insurance sector, the report recommends focusing on undervalued stocks, specifically China Life (H), China Pacific Insurance, New China Life, Ping An, China Property & Casualty, and China Re [3][6]. - In the brokerage sector, the report suggests three investment themes: strong comprehensive institutions benefiting from improved competition, brokers with significant earnings elasticity, and firms with strong international business capabilities [3][6].

Investment Rating - The report maintains a positive investment outlook for the insurance sector, particularly highlighting undervalued insurance stocks as potential investment opportunities [4][38]. Core Insights - The report emphasizes the recent strategic acquisitions by Ping An in China Pacific Insurance and China Life, indicating a potential revaluation of undervalued insurance stocks due to increased institutional investment [1][2]. - It notes that the downward trend in long-term interest rates and the pressure on bond yields necessitate insurance companies to diversify into "quasi-fixed income" assets, enhancing stable income sources [2]. - The report highlights the robust performance of brokerage firms, with significant growth in brokerage and credit business revenues, indicating a recovery in the capital markets [3]. Summary by Sections Market Review - The report indicates a general increase in major indices, with the Shanghai Composite Index rising by 1.70% and the Shenzhen Component Index by 4.55% during the week [9]. - The non-bank financial sector saw a significant uptick, with the non-bank financial index increasing by 6.48% [9]. Securities Sector - Brokerage business saw a total trading volume of 12.09 trillion yuan, with a daily average of 2.02 trillion yuan, reflecting a 21.39% increase week-on-week [17]. - The report notes a substantial increase in IPO underwriting, with a cumulative scale of 592.44 billion yuan for the year [17]. Insurance Sector - The report highlights the low price-to-book (PB) ratios of China Pacific Insurance and China Life at 1.25x and 1.21x, respectively, suggesting potential for value reappraisal [1]. - It emphasizes the importance of insurance companies in the long-term investment landscape, particularly as they adapt to changing interest rates and market conditions [2]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Pacific Insurance, New China Life, Ping An, China Life, and China Property & Casualty [4][39]. - In the securities sector, it recommends attention to leading brokerage firms like CITIC Securities, Huatai Securities, Guotai Junan, and GF Securities [4][39].

Regulatory Dynamics - Nine departments announced a 1% interest subsidy for loans to service industry operators, with a maximum loan amount of 1 million [6] - Three departments introduced a 1% fiscal subsidy for eligible personal consumption loans, with a cap of 3,000 yuan for individual borrowers [7] - As of the end of July, M2 grew by 8.8% year-on-year, with social financing increasing by 5.12 trillion yuan in the first seven months [8] - The National Medical Insurance Administration announced that over 650 drugs were preliminarily approved for the medical insurance drug list, introducing a "dual-track" mechanism [9] - The Financial Regulatory Administration reported that insurance companies' original premium income reached 3.7 trillion yuan in the first half of 2025, a 5.1% increase year-on-year [10] Company Dynamics - China Ping An acquired 9.5 million shares of China Life H-shares, raising its stake to 5.04% [22] - China Ping An also invested approximately 55.84 million HKD to increase its stake in China Pacific Insurance H-shares [23] - Minsheng Life increased its stake in Zheshang Bank H-shares to 5% [25] - Ping An Life increased its holdings in Postal Savings Bank by 14.14 million shares [26] - Hongkang Life raised its stake in Zhengzhou Bank by 9.9 million shares [27] - Guoshou Investment participated in a 300 million yuan Series A financing round for Zhiren Medical [28] Industry Dynamics - The commercial insurance innovation drug preliminary review list was released, with five CAR-T therapies included [44] - Insurance capital has made 29 equity stakes in listed companies this year, with a focus on banks and peer companies [45] - The average investment yield for life insurance companies was 4.67%, with nearly 90% below 3% [46] - The insurance sector saw significant gains, with major companies benefiting from dual dividend attributes [47] - The average car insurance premium among 57 property insurance companies was approximately 1,979 yuan [52] Product and Service Innovations - Xinhua Insurance expanded its partnership with five new health communities, bringing the total to 40 [61] - AXA launched innovative insurance products for typhoon parameters and cross-border travel [62] - The first industrial software insurance product "Soft Chain Insurance" was launched in Nanjing [64] - A specialized insurance for the star oil vine was issued in Guangxi, marking a new risk protection scheme [65]

Core Viewpoint - Ping An Insurance has increased its stake in China Life H shares to 5.04%, marking a significant move in the insurance sector as it also recently acquired shares in China Pacific Insurance, indicating confidence in the insurance industry and financial considerations behind these investments [2][6][9]. Group 1: Recent Share Acquisitions - On August 12, Ping An purchased 9.5 million shares of China Life at HKD 22.4072 per share, totaling approximately HKD 213 million, raising its total holdings to 375.15 million shares [4][6]. - On August 11, Ping An acquired 174.14 million shares of China Pacific Insurance at HKD 32.0655 per share, costing around HKD 55.84 million, increasing its stake to 5.04% [7][9]. Group 2: Market Context and Implications - The recent acquisitions are notable as it has been six years since an insurance company has made similar moves to acquire shares in a peer, reflecting a positive outlook on the insurance sector [2][9]. - Analysts suggest that the current low valuations of insurance stocks, combined with their stable earnings and high dividend yields, make them attractive investments for insurance companies [11][12]. Group 3: Financial Performance of Target Companies - China Pacific Insurance reported a revenue of CNY 404.09 billion in 2024, a year-on-year increase of 24.7%, with a net profit of CNY 44.96 billion, up 64.9% [12]. - China Life's H shares have seen a year-to-date increase of 70.40%, with a current share price of HKD 24.36 and a dividend yield of 2.92% [14].

本报记者 冷翠华 8月15日，中国平安人寿保险股份有限公司（以下简称"平安人寿"）在中国保险行业协会官网发布公告称，该公司委托平 安资产管理有限责任公司投资邮储银行H股股票，并于8月8日达到邮储银行H股股本的15%，根据香港市场规则，触发平安人 寿举牌。 历史交易信息显示，1月8日，平安人寿买入邮储银行H股716.8万股，买入后持股占邮储银行H股总股本的5.01%，触发首 次举牌。此后，平安人寿多次增持邮储银行H股，持股量于5月9日达到邮储银行H股股本的10%，再次触发举牌；截至8月8 日，平安人寿持有邮储银行H股占其总股本的比例达15.05%，触发第三次举牌。 邮储银行H股今年的股价走势稳健向上。Wind资讯数据显示，邮储银行H股股价上涨了25.2%。 今年，平安人寿"扫货"银行股力度强劲。综观该公司年内的9次举牌，举牌标的除了中国太保H股为保险股外，其他举牌标 的全部为上市银行H股。其中，该公司3次举牌招商银行H股，3次举牌邮储银行H股，2次举牌农业银行H股。 除了平安人寿对举牌上市银行青睐有加，其他险资机构也多次举牌银行股。具体来看，今年，新华保险举牌杭州银行1 次，弘康人寿举牌郑州银行H股3次，民生人 ...