业内人士认为，保险股同样属于红利范畴，当前保险股估值已较为充分反映保险股资产负债两端压力， 险资举牌同行或是基于对自身行业基本面筑底向好的认同。 中国平安举牌两家上市险企H股 港交所网站8月15日晚披露的信息显示，中国平安于8月12日增持中国人寿H股950万股。增持后，中国 平安对中国人寿H股总持股数量达到3.75亿股，占其H股总股本的比例由4.91%增至5.04%，触发举牌。 在此之前，中国平安还举牌了中国太保H股。港交所网站披露的信息显示，中国平安于8月11日增持中 国太保H股174.14万股。增持后，中国平安对中国太保H股总持股数总持股数量达到1.40亿股，占其H股 总股本的比例由4.98%增至5.04%，触发举牌。在举牌后，中国平安于8月12日继续买入中国太保H股 366.2万股，持股比例进一步增至5.10%。 对于两次举牌保险股，中国平安回应表示，相关投资属于财务性投资，是险资权益投资组合的常规操 作。 近两年，险资加大入市力度，在资本市场频频举牌，不过举牌保险同行的情况并不多见，上一次险资举 牌保险股还是发生在2019年。根据中国保险行业协会网站披露的信息，2019年8月1日，中国人寿通过港 股二 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the insurance sector [2][5]. Core Insights - The report highlights that China Ping An's acquisition of China Pacific Insurance shares is primarily a financial investment, indicating a shift in insurance stocks towards high dividend asset allocation similar to bank stocks. This move is supported by improvements in the bancassurance channel and the strong beta characteristics of the industry [3][4]. - The report emphasizes the potential for valuation recovery in the insurance sector, with China Pacific Insurance's H shares having increased by 42.4% since 2025, and a current P/EV ratio of 0.73, suggesting that the long-term value is not fully reflected in current valuations [4]. - The report notes that the recent adjustments in preset interest rates will stimulate premium growth, particularly through "stop-selling" strategies, which are expected to enhance the liability side of the insurance companies [10][14]. Summary by Sections Investment Strategy - The report suggests that the insurance sector is experiencing multiple catalysts, including short-term premium income growth, narrowing interest spread risks, and improved investment return expectations. The clear reduction in preset interest rates is expected to support the continuous expansion of "stop-selling" premiums [3][14]. Liability Side Analysis - The report discusses the impact of the recent adjustments in preset interest rates, which will lower rates for various insurance products, thereby activating premium growth through the bancassurance channel. The new rates are as follows: ordinary products from 2.5% to 2.0%, participating insurance from 2.0% to 1.75%, and universal insurance from 1.5% to 1.0% [7][10]. Asset Side Analysis - The report indicates that long-term bond yields have started to recover, with the 30-year government bond yield rising from 1.84% to 1.98%. This improvement in fixed-income asset returns is expected to reduce interest spread risks and enhance the valuation of life insurance stocks [11][14].

Group 1 - The China Insurance Asset Management Association reported that 63% of institutions plan to increase their investment in Hong Kong stocks by 2025, focusing on high-dividend sectors such as finance, energy, and telecommunications [1] - The Hong Kong Securities and Futures Commission is actively working to include RMB stock trading counters in the Stock Connect, with implementation details expected to be announced soon [1] - The Hong Kong Stock Exchange reported that the total fundraising amount for Hong Kong stocks reached HKD 280.8 billion in the first half of the year, a year-on-year increase of 322%, indicating a significant rise in market financing activity [1] Group 2 - The Hong Kong Dividend ETF tracks the Hong Kong Stock Connect High Dividend Index, which is compiled by China Securities Index Co., Ltd., selecting stocks with high dividend yields to reflect the overall performance of high-dividend securities in the Hong Kong market [2] - The index components cover traditional high-dividend sectors such as finance and real estate, focusing on companies that can provide stable cash flow and continuous dividends [2]

Group 1 - The Hang Seng High Dividend Low Volatility Index has experienced a pullback, with the Hang Seng Dividend Low Volatility ETF (159545) seeing continuous capital inflow for 25 trading days, reaching a scale of over 2 billion yuan [1] - The A-share market is also witnessing increased attention towards high dividend opportunities, with the scale of the Dividend Low Volatility ETF (563020) nearly doubling since the beginning of the year, now approximately 2 billion yuan [1] - Analysts suggest that the risk of significant market downturns is relatively controllable due to rising interest from domestic and foreign investors in Chinese assets and the expansion of the Hong Kong stock market [1] Group 2 - The Hang Seng High Dividend Low Volatility Index consists of 50 stocks with good liquidity, continuous dividends, moderate dividend payout ratios, and low volatility, currently offering a dividend yield exceeding 8% [2] - The management fee for the Hang Seng Dividend Low Volatility ETF (159545) is the lowest in the ETF category at 0.15% per year, facilitating low-cost investment in high dividend assets [2] - Three products from E Fund, including the Hang Seng Dividend Low Volatility ETF (159545), Dividend Low Volatility ETF (563020), and Dividend Value ETF (563700), are evaluated for quarterly dividends, providing opportunities for monthly cash dividends when held together [2]