港交所披露信息显示，继弘康人寿保险股份有限公司（以下简称"弘康人寿"）举牌郑州银行H股后，近 日，这家中小险企再度买入郑州银行67.5万股H股，持股比例从触发举牌前的不到5%激增至14.03%（截 至8月5日）。 记者 熊 悦 此外，7月份以来，以"平安系"为主的险资对H股上市银行的增持热情依旧不减，获增持的银行包括邮 储银行、招商银行、郑州银行等多家H股上市银行。增持行为尤其集中在7月底至8月初。 责任编辑：张文 在利率下行、政策引导中长期资金入市等背景下，银行股凭借高股息率、估值偏低以及低波动性等特点 成为险资权益投资的重要标的，使得险资举牌、增持银行股等高股息率资产的行为频频发生。多家研究 机构分析认为，近日，新发国债等债券利息收入恢复征收增值税政策的推出，或将进一步推动债券配置 规模大、占比高的险资增配更具优势的高股息权益资产。 "长期来看，险资对权益资产的配置有望持续提升，以缓解国债等券种增值税提升以及长端利率中枢下 行带来的配置压力。"民生证券研究院非银金融首席分析师张凯烽分析称，预计险资"免税资产+高股息 权益"配置风格有望加强，伴随宏观经济企稳和资本市场回暖，险企投资收益弹性有望进一步提升。 ...

Core Viewpoint - Insurance capital is increasingly entering the market, with significant investments in listed companies, indicating a trend towards high-frequency and concentrated acquisitions in 2025 [1][6]. Group 1: Insurance Capital Activity - In 2025, insurance companies have made 19 acquisitions involving 15 listed companies, matching the total number for the entire year of 2024 [1][6]. - Notable acquisitions include Xintai Life Insurance increasing its stake in Hualing Steel to 345 million shares (5% of total shares) and Lianan Life Insurance acquiring 46.9954 million shares (5.03% of total shares) in Jiangnan Water [1][2][4]. - The trend shows a preference for high-dividend equity assets, particularly in sectors like banking and public utilities, while also diversifying into undervalued cyclical stocks like Hualing Steel [1][7]. Group 2: Investment Strategy and Market Context - The increase in insurance capital activity is driven by supportive policies, optimized accounting standards, and a scarcity of alternative assets, leading to a focus on high-dividend equity assets [1][7]. - The total amount of insurance funds invested reached 33.56 trillion yuan by the end of 2024, with equity assets accounting for approximately 19.6% of this total [6]. - Recent regulatory changes have allowed for a higher allocation of equity assets, further encouraging insurance companies to invest in the stock market [6][7]. Group 3: Company-Specific Insights - Xintai Life Insurance's investment in Hualing Steel is based on a positive outlook for the company's future and aims to enhance its influence and share in the long-term benefits of Hualing Steel's growth [7][8]. - Lianan Life Insurance's acquisition of Jiangnan Water is characterized as a long-term investment based on the company's value and the insurance firm's own allocation needs [8].

Core Viewpoint - Insurance capital institutions are increasingly engaging in shareholding activities, with a notable rise in the frequency of stake acquisitions in banks, particularly in Postal Savings Bank and Agricultural Bank, reaching 10% ownership, which triggers regulatory notifications [1] Group 1: Shareholding Activities - Ping An Asset Management, as a trustee of Ping An Life, has acquired H-shares of Postal Savings Bank and Agricultural Bank, each reaching 10% of their respective share capital, triggering a stake disclosure [1] - Since 2025, insurance capital institutions have issued 15 stake acquisition announcements, indicating a more frequent pace compared to previous years [1] - Some insurance capital institutions are opting to exceed the minimum 5% stake threshold, choosing to increase their holdings beyond 10% after the initial acquisition [1] Group 2: Market Considerations - The frequent stake acquisitions by insurance capital are primarily driven by accounting treatment considerations, allowing these holdings to be classified under FVOCI (Fair Value Through Other Comprehensive Income), which mitigates the impact of profit volatility [1] - The decline in interest rates has pressured net investment yields, prompting insurance capital institutions to enhance their allocation towards high-dividend equity assets [1]