险资与银行股的结合，本质上是股权层面的金融强强联合。这种联合不仅仅是资金的简单汇聚，更是资 源、技术和理念的深度融合。险资在风险管理、资产配置等方面具有丰富的经验和专业的团队，能够为 银行提供有益的借鉴和参考；银行在金融服务、客户资源等方面具有独特的优势，能够为险资拓展业务 领域、提升服务质量提供有力支持。双方通过股权纽带紧密相连，实现优势互补，共同提升在金融市场 中的竞争力。 （来源：北京商报） 据统计，2025年合计7家上市银行被险资举牌。银行股被险资举牌，既有险资的长期价值投资需要，也 有银行股渴求长期战略股东的需要，两者的结合，实为股权层面的金融强强联合，未来险资持股银行股 的比例和金额还会不断增加，这同时也是投资者通过保险产品无风险投资的一种极佳渠道。 从险资的角度来看，举牌银行股符合其长期价值投资的需求。保险资金具有规模庞大、期限较长的特 点，追求的是稳定且可持续的投资回报。银行作为金融体系的核心组成部分，拥有稳健的经营模式和相 对稳定的现金流。险资举牌银行股，能够借助银行的稳定收益，实现自身资产的保值增值，为保险合同 的长期履行提供坚实的资金保障。而且，银行股通常具有较高的股息率，能够为险资带来 ...

据统计，2025年合计7家上市银行被险资举牌。银行股被险资举牌，既有险资的长期价值投资需要，也 有银行股渴求长期战略股东的需要，两者的结合，实为股权层面的金融强强联合，未来险资持股银行股 的比例和金额还会不断增加，这同时也是投资者通过保险产品无风险投资的一种极佳渠道。 从险资的角度来看，举牌银行股符合其长期价值投资的需求。保险资金具有规模庞大、期限较长的特 点，追求的是稳定且可持续的投资回报。银行作为金融体系的核心组成部分，拥有稳健的经营模式和相 对稳定的现金流。险资举牌银行股，能够借助银行的稳定收益，实现自身资产的保值增值，为保险合同 的长期履行提供坚实的资金保障。而且，银行股通常具有较高的股息率，能够为险资带来持续的现金分 红，进一步增强相关保险产品的吸引力。 对于银行股而言，险资的举牌同样意义非凡。银行在发展过程中，不仅需要充足的资金支持，更需要具 有战略眼光和长期价值投资的股东。险资的进入，为银行带来了稳定的长期资本，有助于银行优化股权 结构，提升公司治理水平。长期战略股东的参与，能够促使银行更加注重长远发展，避免短期行为，在 战略规划、风险管理等方面提供有益的建议和支持。同时，险资的举牌也向市场传递 ...

根据港交所披露易信息，平安人寿于2025年12月30日增持9558.2万股农业银行H股股份，使其持有该行 H股数量达到H股总股本的20%，触及香港市场举牌线。这是平安人寿在2025年内对农业银行H股的第四 次举牌。 此前，平安人寿曾于2025年2月17日、5月12日及8月26日，先后因持股比例突破该行H股股本的5%、 10%及15%而触发举牌。自2月17日至12月30日，平安人寿累计增持农业银行H股超过46.9亿股。截至 2025年12月30日，其持有该行H股约61.8亿股。 此外，部分此前已进入银行前十大股东的险企在第三季度继续增持。例如，中国人寿与国民养老保险在 增持苏州银行股份后，至9月末持股比例分别升至3.4%与2.76%；大家保险在第三季度增持兴业银行股 份超过7400万股，持股比例升至3.44%。据不完全统计，截至2025年9月末，已有12家上市银行的前十 大股东名单中至少出现两家险资身影。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 除在港股市场增持外，农业银行2025年三季度报告显示，平安人寿于当季新进入该行A股前十大股东序 ...

Group 1 - Xinhua Life Insurance Co., Ltd. reported a cumulative original insurance premium income of RMB 17,270,462,000 from January 1, 2025, to September 30, 2025, representing a year-on-year growth of 19% [1] - China Pacific Insurance (Group) Co., Ltd.'s subsidiary, China Pacific Life Insurance Co., Ltd., reported a cumulative original insurance premium income of RMB 232.436 billion during the same period, with a year-on-year increase of 10.9% [1] - ZhongAn Online P&C Insurance Co., Ltd. achieved a total original insurance premium income of approximately RMB 26.934 billion from January 1, 2025, to September 30, 2025 [1] Group 2 - Insurance companies have been actively acquiring H-share bank stocks, with several banks such as Postal Savings Bank, China Merchants Bank, Agricultural Bank, Citic Bank, and Hangzhou Bank receiving significant investments from insurance capital since the beginning of 2025 [2] - The characteristics of banks, including low volatility, high dividends, and low valuations, continue to attract insurance capital, as bank dividend yields are superior to long-term bond yields [2] - The Hong Kong Stock Connect Financial ETF (513190), which has the highest H-share bank content among listed ETFs, has seen its index rise over 2% as of October 21 [2]

Core Viewpoint - The article highlights the ongoing trend of insurance companies increasing their stakes in listed banks, particularly focusing on Ping An Life's repeated acquisitions of Agricultural Bank of China (ABC) H-shares, indicating a strong confidence in the banking sector's performance and potential growth opportunities [1][2][4]. Group 1: Ping An Life's Acquisitions - On August 26, Ping An Life increased its holdings in ABC H-shares by 8.29 million shares, reaching 15% of the bank's H-share capital, triggering a mandatory disclosure [1][2]. - This marks the third time within six months that Ping An Life has raised its stake in ABC H-shares, having previously crossed the 5% and 10% thresholds on February 17 and May 12, respectively [2][4]. - From February 17 to August 26, Ping An Life accumulated approximately 3.126 billion shares of ABC H-shares, spending nearly 15.6 billion HKD during this period [2]. Group 2: Agricultural Bank of China's Performance - As of August 26, Ping An Life holds about 4.616 billion shares of ABC H-shares, representing 1.32% of the bank's total equity, with a market value exceeding 24 billion HKD [3]. - ABC's A-shares have seen a year-to-date increase of 37.4%, the highest among A-share listed banks, while its H-shares have risen over 25%, leading among state-owned banks [3]. - In the first half of the year, ABC reported nearly 370 billion CNY in revenue and approximately 140 billion CNY in net profit, reflecting year-on-year growth of 0.8% and 2.5%, respectively [3]. Group 3: Broader Trends in Insurance Companies' Investments - In 2025, seven listed banks have been targeted by insurance companies for stake increases, with ABC H-shares, China Merchants Bank H-shares, and Postal Savings Bank H-shares each receiving three rounds of acquisitions [4][5]. - Ping An Life has also increased its holdings in Postal Savings Bank and China Merchants Bank, with significant stakes exceeding 15% and 16%, respectively [4][5]. - Other insurance companies, such as Xinhua Insurance and Hongkang Life, have also made notable acquisitions in various banks, indicating a broader trend of insurance capital flowing into the banking sector [5][6][7].

截至8月8日，平安人寿以"实益拥有人"身份持有邮储银行H股29.89亿股，占该行总股本的2.49%，最新 持仓市值近172亿港元。若将时间线拉长，其持仓规模与市场影响更为显著：2024年12月20日，平安人 寿曾举牌工商银行H股，持股占比突破15%，并在2025年2月14日进一步升至17%；此外，其对农业银行 H股的持股比例也从2月17日的5%逐步提升至6月17日的近14%，占总股本的1.21%。这种"集中火力、长 期持有"的策略，反映出险资对国有大行稳健经营与高分红特性的深度认可。 弘康人寿"紧追不舍"，郑州银行H股年内涨幅近40% 与平安人寿同步，弘康人寿在8月8日以增持990万股郑州银行H股的方式，将其持股比例推升至该行H股 股本的15%，触发第三次举牌。此前，弘康人寿已分别于6月27日、7月25日完成对郑州银行H股的首次 和二次举牌，持股占比相继突破5%、10%。截至8月8日，其持有郑州银行H股3.09亿股，占总股本的 3.39%，最新持仓市值约4.35亿港元。 值得关注的是，郑州银行H股年内表现强劲。截至8月13日收盘，其股价年内涨幅达39.5%，远超同期恒 生指数表现。这一涨幅既得益于险资举牌带来 ...

险资密集举牌银行股 本报记者 熊 悦 险资"扫货"银行股的热情不减。港交所披露易数据显示，近日，中国平安人寿保险股份有限公司（以下 简称"平安人寿"）增持629.55万股招商银行H股。增持后，平安人寿对招商银行H股的持股比例突破 15%，触发举牌。 此为平安人寿年内第三度举牌招商银行H股。2025年以来，险资已多次举牌银行股，尤其是H股。 （责任编辑：蔡情） 根据公开信息，此次平安人寿在场内以每股均价54.19港元增持招商银行H股。增持后，平安人寿对招商 银行H股的持股比例从14.87%升至15.01%，第三次触发举牌。前两次举牌分别发生在今年1月10日和3月 13日，增持后平安人寿对招商银行H股的持股比例分别突破5%和10%。 招商证券研报认为，险资频繁买入国有大行H股，是保险公司基于股息率、税收优势、流通盘规模、监 管要求、抗周期属性等多方面因素进行的决策。这一行为既体现了险资在当前市场环境下的理性选择， 也反映了国有大行在金融市场中的独特投资价值。 整体而言，当前上市银行H股较A股的股息率更高。以6家国有大行为例，Wind数据显示，以6月20日最 新收盘日计算，6家国有大行的H股股息率均高于A股股息率， ...

Group 1 - Hongkang Life Insurance increased its stake in Zhengzhou Bank's H-shares by acquiring a total of 39 million shares, raising its ownership from 4.75% to 6.68%, triggering the mandatory disclosure requirement [1] - The total investment for this acquisition was 46.46 million HKD, with 19.31 million HKD spent on June 27 for 16 million shares at 1.2068 HKD per share, and 27.14 million HKD on June 30 for 23 million shares at 1.1804 HKD per share [1] - Zhengzhou Bank's financial performance has been declining, with operating revenues dropping from 145.8 billion CNY in 2020 to 128.8 billion CNY in 2024, and net profits decreasing from 31.68 billion CNY to 18.76 billion CNY during the same period [1] Group 2 - In 2024, Zhengzhou Bank reported a turnaround with a 1.39% increase in net profit, ending a three-year streak of negative growth [2] - For Q1 2025, Zhengzhou Bank continued its growth trend, achieving operating revenue of 3.48 billion CNY, a 2.10% year-on-year increase, and net profit of 1.02 billion CNY, up 4.98% [2] - Zhengzhou Bank announced a cash dividend of 0.20 CNY per 10 shares for the 2024 fiscal year, totaling 182 million CNY, marking its first dividend distribution in five years [2] Group 3 - The price ratio between Zhengzhou Bank's H-shares and A-shares is currently at 0.53, indicating a competitive advantage in terms of value compared to other A + H-share banks [2] - There has been a notable trend of insurance capital increasing stakes in bank stocks, with 13 instances of insurance companies acquiring H-shares of Chinese banks since the end of 2024 [2] - The banking sector is characterized by high dividend yields, ranking third among all industries, with a persistent premium over the risk-free rate represented by 10-year government bonds [3]

Core Viewpoint - Insurance capital is actively increasing its holdings in bank stocks, with Ping An Life Insurance Company recently raising its stake in China Merchants Bank H-shares, surpassing 15% and triggering a mandatory disclosure [1][2] Group 1: Ping An's Investment Activities - Ping An Life has increased its holdings in China Merchants Bank H-shares by 6.2955 million shares at an average price of HKD 54.19 per share, raising its stake from 14.87% to 15.01% [2] - This marks the third time in 2023 that Ping An has triggered a mandatory disclosure for its stake in China Merchants Bank, with previous increases occurring on January 10 and March 13 [2] - Ping An has also made similar moves with Agricultural Bank of China and Postal Savings Bank of China, indicating a broader strategy of investing in bank stocks [2][3] Group 2: Reasons for Favoring Bank Stocks - Ping An's executives have stated that their investment strategy is based on long-term trends, particularly in response to the current interest rate decline, leading to investments in high-dividend state-owned banks [2] - The characteristics of bank stocks, such as stable operations, good liquidity, high dividend yields, and potential for appreciation, make them attractive to insurance capital [4] - H-shares are particularly appealing due to their relative undervaluation compared to A-shares and potential tax benefits through the Hong Kong Stock Connect [4] Group 3: Broader Trends in Insurance Capital - Other insurance companies, such as Xinhua Insurance and Ruizhong Insurance, are also increasing their stakes in bank stocks, indicating a trend among insurers to favor this sector [3] - The anticipated new accounting standards (IFRS 9) will require insurance companies to reflect market values in their financial statements, encouraging more equity investments and stake increases [5] - The ongoing expansion of insurance capital and supportive policies are expected to lead to a new landscape for insurance capital's involvement in bank stocks [5]

Group 1 - Ping An Life has increased its stake in Agricultural Bank of China and Postal Savings Bank of China, reaching 10.38% and 10.05% respectively, triggering the "lifting the stake" rule [1] - This marks the second time in 2023 that Ping An Life has raised its holdings in these banks, having previously done so in January and February [1] - The recent acquisitions include 147 million shares of Agricultural Bank and 23.29 million shares of Postal Savings Bank, increasing their total holdings to 3.191 billion and 1.997 billion shares respectively [1] Group 2 - The insurance sector is favoring bank stocks due to their valuation advantages and stable dividend yields, aligning with the risk preferences and return requirements of insurance funds [2] - In 2023, other insurance companies have also increased their stakes in banks, including Ruizhong Insurance in CITIC Bank and New China Life in Hangzhou Bank [2] - As of April 30, 2023, among 42 listed banks, 30 reported year-on-year profit growth, while 12 experienced declines, indicating a mixed performance in the banking sector [2] Group 3 - The net interest margin in the banking industry continues to decline, but the reduction in funding costs is helping to narrow the margin decline [2] - The National Financial Regulatory Administration has adjusted the regulatory ratio for insurance funds in equity assets to support capital markets and the real economy [2]