继举牌农业银行H股后，平安人寿又举牌招商银行H股。 1月8日，平安人寿发布公告称，平安资管受托该公司资金，投资于招商银行H股股票，于2025年12月31 日达到招商银行H股股本的20%，根据香港市场规则，触发举牌。截至2025年12月31日，该公司持有招 商银行H股股票的账面余额为439.56亿元。 在举牌招商银行H股的前一天，平安人寿还举牌了农业银行H股。 1月7日，平安人寿发布公告称，平安资管受托该公司资金，投资于农业银行H股股票，于2025年12月30 日达到农业银行H股股本的20%，根据香港市场规则，触发举牌。截至2025年12月30日，该公司持有农 业银行H股股票的账面余额为324.28亿元。 不过，险资买入银行股，并非没有约束，险资持有单一银行的股份比例受到严格监管。 值得注意的是，平安人寿举牌招商银行H股和农业银行H股均是第四次。 2025年1月、3月、6月，平安人寿增持招商银行H股分别达到5%、10%、15%，均触发举牌。 2025年2月、5月、8月，平安人寿增持农业银行H股分别达到5%、10%、15%，均触发举牌。 港交所披露信息显示，截至12月31日，平安人寿持有招商银行H股股份约9.22 ...

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]