健倍苗苗：每股0.0975港元，除净日：2025-11-28，派息日期：2025-12-17；恒生一级行业：中医药， 非中证港股通央企红利指数（931233.CSI）指数的成分股，非恒生中国内地企业高股息率指数的成分 股。 恒生中国内地企业高股息率（HSMCHYI.HI）指数，筛选打包在港上市，内地公司中的高股息股票； 截至11月17日，该指数近1年股息率是5.25%，高于同期10年期国债收益率3.43%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 每日经济新闻 简单投资，加点红利！ 中证港股通央企红利指数（931233.CSI）指数，从港股通范围内，选取中央企业实际控制的分红水平稳 定且股息率较高的50只上市公司股票进行打包；截至11月17日，该指数近1年股息率是5.59%，高于同 期10年期国债收益率3.77%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 注：除净日，就是一只股票开始"剔除"即将派发的股息（红利）的日期。从这一天起，买入该股票的投 资者，将无法享受到本次派发的股息。 ...

Core Viewpoint - As of the end of Q3 2025, insurance institutions have shown a preference for stable, high-dividend, and low-valuation stocks, particularly in the banking and telecommunications sectors, while also increasing their holdings in machinery, electronic equipment, and non-ferrous metals [1][3][4]. Group 1: Insurance Holdings - By the end of Q3, insurance institutions held nearly 744 stocks, with a focus on banks and telecommunications [1][3]. - The top 10 A-share stocks held by insurance institutions include Agricultural Bank of China, Minsheng Bank, China Unicom, and others, indicating a continued preference for these sectors [3][4]. - Insurance capital emphasizes asset allocation to balance returns and duration, seeking absolute returns with a cautious risk appetite [3][4]. Group 2: Investment Strategy Adjustments - Insurance institutions have adjusted their investment strategies to include sectors like non-ferrous metals, hardware, steel, and software, with specific stocks such as Zijin Mining and Huazhong Steel seeing significant increases in holdings [5][6]. - The focus on these sectors is attributed to their reasonable valuations and high dividend yields, which align with the insurance capital's need for stable growth [5][6]. Group 3: Future Investment Trends - The proportion of equity investments by insurance capital is expected to increase, particularly in sectors supported by policy and favorable market conditions [6]. - Potential sectors for increased investment include public utilities, infrastructure, and low-valuation cyclical leaders, which offer high dividends and stable cash flows [6].

Core Insights - The article highlights the opportunity to enhance passive income through high-dividend stocks, specifically mentioning four stocks with forward annual dividend yields exceeding 12% as of October [1] Group 1 - The focus is on stocks that provide substantial dividend yields, which can be attractive for investors seeking passive income [1]

Core Viewpoint - The insurance industry is increasingly adopting FVOCI accounting for high dividend stocks to stabilize profit reports and enhance long-term dividend income [1][3][6]. Group 1: FVOCI Accounting Adoption - FVOCI accounting allows insurance companies to measure financial assets at fair value without impacting current profit reports, thus reducing profit volatility [1][3]. - As of June 2023, major insurance companies have significantly increased their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan, and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [1][3]. - The implementation of new accounting standards in 2026 is expected to further drive the allocation of insurance capital towards FVOCI stocks [1][3]. Group 2: High Dividend Stock Strategy - Insurance companies are focusing on high dividend stocks as a strategy to mitigate the impact of market fluctuations on profit volatility and to build a substantial pool of high dividend assets [2][6]. - The current market environment, characterized by declining interest rates, has prompted insurance companies to seek high dividend stocks to fill the income gap left by fixed-income assets [6][7]. - The trend of "long money short matching" in the insurance sector has led to a growing interest in high dividend stocks as a solution to duration mismatch risks [6][7]. Group 3: Investment Strategy Optimization - Insurance companies are refining their investment strategies to identify high dividend stocks through a bottom-up research approach, focusing on cash flow improvements and dividend intentions in niche industries [2][7]. - The need to find new investment targets is driven by the declining dividend yields of traditional high dividend stocks, prompting a search for growth-oriented technology stocks with high dividend potential [7][8]. - The classification of equity assets as FVOCI or FVTPL is becoming standardized among insurance companies, with a preference for long-term holdings that align with their core business [4][7]. Group 4: Dual-Edged Sword Effect - The increasing allocation of equity assets to FVOCI has created a "dual-edged sword" effect on insurance company profits, as significant unrealized gains are not reflected in profit statements [9][10]. - This shift allows for a more accurate assessment of the insurance companies' core business performance and enhances long-term investment confidence [9][10]. - The focus is shifting from short-term capital gains to the stability of stock prices and the potential for sustainable dividend income [10].

Core Viewpoint - The implementation of the new accounting standards in the insurance industry by 2026 will drive insurance funds to increase their allocation of stocks under the FVOCI category, enhancing the stability of profit reports for insurance companies [2][6]. Group 1: FVOCI Accounting Category - FVOCI (Fair Value Through Other Comprehensive Income) allows insurance companies to measure financial assets at fair value without affecting their profit and loss statements, thus stabilizing profit reports [2][6]. - As of June 2023, several listed insurance companies have seen significant increases in their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan, and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [2][6]. Group 2: Investment Strategies - Insurance companies are focusing on high-dividend stocks, particularly in sectors benefiting from policies aimed at reducing competition and improving cash flow amid inflation [4][8]. - The shift towards FVOCI is also a strategy to address the mismatch in asset-liability durations, as many insurance companies face a duration gap of 4-7 years, significantly higher than the 1-2 years seen in markets like Japan and Germany [8][9]. Group 3: Long-term Investment Logic - The increasing allocation of equities to FVOCI is prompting insurance companies to adjust their investment logic from short-term capital gains to a focus on stable stock price fluctuations and sustainable dividend income [14]. - The dual effect of this strategy is that while it stabilizes profit reports, it also requires insurance companies to maintain a long-term perspective on their investments, which aligns with the regulatory environment favoring long-term assessments [12][14].

Core Viewpoint - The insurance industry is increasingly adopting FVOCI accounting for high dividend stocks to stabilize profit reports and enhance long-term dividend income [2][5][10] Group 1: FVOCI Accounting Adoption - FVOCI accounting allows insurance companies to measure financial assets at fair value without impacting annual profit reports, thus stabilizing profit volatility [2][5] - As of June 2023, major insurance companies have significantly increased their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [2][3] - The implementation of new accounting standards in 2026 is expected to further drive the allocation of insurance capital into FVOCI stocks [2][4] Group 2: Investment Strategies - Insurance companies are focusing on high dividend stocks, particularly in sectors benefiting from policies aimed at reducing competition and improving cash flow amid inflation [3][6] - The strategy includes identifying stocks with improved cash flow and dividend potential through bottom-up research methods [3][6] - The shift towards FVOCI is also aimed at addressing the mismatch between asset and liability durations, with many companies experiencing a duration gap of 4-7 years [6][10] Group 3: Market Dynamics and Challenges - The rise of FVOCI has led to a "double-edged sword" effect, where significant unrealized gains from FVOCI assets do not appear on profit statements, potentially obscuring the true performance of insurance companies [9][10] - This shift in accounting practices allows for a more stable assessment of insurance companies' core business performance, enhancing investor confidence [10] - The focus on long-term dividend income is changing the investment logic of insurance companies, moving away from short-term capital gains to a more stable income approach [10]

Core Viewpoint - China Ping An has significantly increased its holdings in both insurance and banking stocks since September, indicating a strong investment strategy in the financial sector [1][2][4]. Investment in Insurance Stocks - On September 11, China Ping An's subsidiary, Ping An Life, purchased 77.8092 million shares of China Pacific Insurance (China Taibao) H-shares, raising its holding from 8.47% to 11.28%, with an estimated investment of approximately HKD 2.5 billion [2][3]. - The buying spree began in August, with an initial purchase of 1.7414 million shares, which increased the holding to 5.04% [2]. - The total investment in China Taibao H-shares since August has exceeded HKD 5 billion, with a significant increase in holding percentage by 6.24 points [2][3]. - Ping An Life also increased its stake in China Life H-shares by acquiring 44.095 million shares for over HKD 1 billion, raising its holding to 8.13% [3]. Investment in Banking Stocks - China Ping An has continued to invest in banking stocks, purchasing 40.213 million shares of Agricultural Bank H-shares and 12.381 million shares of Postal Savings Bank H-shares, raising their holdings to 18.07% and 16.01%, respectively [4][5]. - The company has adopted a "bulk buying" strategy for both banking and insurance stocks, indicating a strong bullish outlook on these sectors [4][6]. - The total expenditure on banking stocks this year has surpassed HKD 100 billion [4]. Market Context and Strategy - The continuous increase in holdings reflects a broader trend of insurance companies entering the market, with a reported 26.69% increase in stock holdings by life insurance companies since the beginning of the year [6]. - The low interest rate environment and new financial regulations have prompted insurance companies to seek high-dividend stocks to enhance investment returns [6][7]. - Regulatory support has facilitated the entry of long-term funds into the market, allowing companies like China Ping An to focus on stable, high-dividend stocks [6][7].

Core Viewpoint - Reliable high-yield investments are considered essential in the current market environment and are expected to remain favorable in the coming years [1] Group 1 - High-yielders are characterized as reliable investment options that can provide consistent returns [1] - The demand for high-yield investments is anticipated to increase as investors seek stability and income generation [1] - The trend towards high-yield investments is likely to persist, indicating a shift in investor preferences towards safer, income-generating assets [1]

Core Viewpoint - China Ping An has been actively increasing its holdings in China Pacific Insurance (CPIC) and China Life Insurance, signaling a positive outlook on the insurance sector's fundamentals and a strategic shift towards high-dividend stocks amid low interest rates [1][3]. Group 1: Investment Activities - As of August 28, China Ping An's subsidiaries acquired a total of 10.72 million shares of CPIC at an average price of HKD 35.6922, raising their stake to 8.02% [2]. - Following this, on August 29, Ping An Life further increased its holdings in CPIC by 6.1 million shares, bringing its total stake to 7.14% [2]. - In total, since August, China Ping An has invested over HKD 3 billion in CPIC [2]. - Additionally, on August 28, Ping An Life spent over HKD 1 billion to acquire 4.41 million shares of China Life at an average price of HKD 23.5485, increasing its stake to 8.13% [3]. - By the end of August, China Ping An's total investment in China Life exceeded HKD 5 billion [3]. Group 2: Market Trends and Insights - The continuous increase in holdings by China Ping An reflects a broader trend of insurance companies entering the market, with a reported 25% increase in stock and fund investments by life and property insurance companies as of June [4]. - As of September 11, insurance companies have made 28 stake acquisitions in 2023, marking a new high since 2021 [4]. - Analysts suggest that the low interest rate environment and new accounting standards are driving insurance companies to increase their equity asset allocations [4]. Group 3: Future Outlook - Multiple insurance company executives have expressed optimism about the long-term value of A-shares, indicating plans to steadily increase equity asset allocations [7]. - China Life's Chief Investment Officer highlighted a focus on sectors such as technology innovation and advanced manufacturing for investment opportunities [7]. - The overall sentiment among insurance institutions remains positive for the A-share market, with a focus on high-dividend stocks and emerging industries [8].

Core Viewpoint - Insurance capital private equity funds are increasingly favoring "Chinese-character" stocks, particularly in sectors like banking, public utilities, and transportation, reflecting a preference for high-dividend, low-valuation stocks that offer stable returns and manageable risks [1][2][3]. Group 1: Investment Trends - As of June 30, insurance capital private equity funds held seven A-share stocks, with a notable preference for "Chinese-character" stocks [1][2]. - The three private equity funds managed by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. have maintained their positions in key stocks such as Yili Industrial, Shaanxi Coal and China Telecom [2]. - The investment strategy emphasizes stocks with high dividend yields and stable development, with specific stocks like Shaanxi Coal, China Shenhua, and China Petroleum showing dividend yields of 6.6%, 5.9%, and 5.28% respectively [3][4]. Group 2: Fund Performance and Strategy - The first phase of the Honghu Zhiyuan fund has completed its investment and achieved good returns, while the second phase is nearing completion [3]. - The third phase of the fund focuses on large A+H shares that meet specific criteria, including good governance and stable dividends, with the investment team showing significant improvement in stock selection capabilities [4]. - Insurance companies are increasingly prioritizing equity asset allocation, particularly in high-dividend stocks, to counterbalance the declining safety of fixed-income assets [6]. Group 3: Market Position and Holdings - As of June 30, insurance companies appeared in the top ten shareholders of 735 listed companies, holding a total of 927.4 billion shares, with a market value of approximately 1.57 trillion yuan [5]. - The top five holdings by insurance companies include Minsheng Bank, Shanghai Pudong Development Bank, China Unicom, Beijing-Shanghai High-Speed Railway, and Zheshang Bank [5]. - Insurance companies are optimistic about the A-share market in the second half of the year, focusing on sectors like technology innovation and advanced manufacturing for investment opportunities [6].