Core Viewpoint - China Ping An and its subsidiaries continue to increase their holdings in bank stocks, particularly in China Merchants Bank and Postal Savings Bank, reflecting a strategic investment approach in the banking sector [1][2][3]. Group 1: Investment Activities - On October 10, China Ping An increased its holdings in China Merchants Bank by purchasing 2.989 million H-shares, raising its total holdings to 781 million shares, which accounts for 17% of the bank's H-shares [1]. - On the same day, China Ping An acquired 6.416 million H-shares of Postal Savings Bank, bringing its total holdings to 3.379 billion shares, representing 17.01% of the bank's H-shares [2][5]. - Since the beginning of the year, China Ping An has consistently bought shares in China Merchants Bank, increasing its holdings from 230 million shares in January to over 780 million shares in October [3]. Group 2: Broader Investment Strategy - China Ping An has adopted a "bulk buying" strategy for bank stocks, indicating a strong confidence in the sector's performance [3]. - The company has also been actively purchasing shares in Agricultural Bank and other financial institutions, with significant increases in their holdings [4][5]. - As of February 14, China Ping An held 15.699 billion shares of Industrial and Commercial Bank, representing 18.08% of its H-shares [6]. Group 3: Market Context and Trends - The insurance sector has seen a significant increase in stock holdings, with a reported 2.87 trillion yuan in stock value held by life insurance companies as of June, marking a 26.69% increase from the beginning of the year [8]. - Insurance companies have made 30 stake acquisitions this year, the highest since 2021, driven by a low-interest-rate environment and the need for high-yield assets [9]. - Regulatory changes have facilitated the entry of long-term capital into the market, allowing companies like China Ping An to invest in stable, high-dividend stocks [10]. Group 4: Future Outlook - The low-interest-rate environment and supportive policies are expected to lead to a continued increase in the equity asset allocation by insurance companies [12]. - China Ping An aims to enhance its equity allocation while managing risks effectively, indicating a positive outlook for the equity market [12]. - The recovery of the capital market has positively impacted the investment returns of insurance companies, contributing to their profitability [13].

秦培景｜中信证券 首席策略师 S1010512050004 主题策略｜精密仪器：科技自主柱石，品牌成长良机 精密仪器是现代工业和科技发展的基石。近年来大国竞争日趋激烈，美国对精密仪器 封锁围堵风险提升。研究国内新兴产业发展现状，复盘国际精密仪器巨头崛起经验， 能从多个关键维度帮助我们把握中国精密仪器投资机遇。结合国内精密仪器企业市场 生态，我们建议通过三条主线投资中国精密仪器赛道突围：1）寻找下游应用领域丰 富的光学仪器赛道中的"中国蔡司"；2）寻找受益国内高端制造产业链崛起的电子测 量仪器赛道中的"中国惠普"；3）寻找国产替代弹性十足的分析仪器赛道中的"中国赛 默飞"。 风险因素：中美科技贸易等领域摩擦超预期加剧；宏观经济周期波动风险；科技领域 海外技术迭代速度超预期；技术突破难度较大；市场认知与品牌建设不及预期风险； 资金和人才竞争风险。 王喆｜中信证券 能源与材料产业首席分析师 S1010513110001 铬化工｜金属铬价格跳涨，强烈推荐板块投资机遇 2025年4月18日，振华股份宣布其金属铬产品单吨售价大幅调涨5000元，此前公司已 于2月10日、3月13日连续调涨金属铬单吨售价3000/2000元 ...