Core Viewpoint - The insurance capital is actively participating in the stock market, with significant investments in listed companies, indicating a continued trend of insurance funds entering the market since 2025 [5][9]. Group 1: Recent Investments - On January 9, 2026, Taiping Life Insurance increased its stake in Shanghai Airport by acquiring 72.424 million shares through block trading, raising its total holdings to 124 million shares, which represents approximately 5.00% of the company's A-share capital [1][3]. - Prior to this acquisition, Taiping Life Insurance and its associated party held 51.9917 million shares, accounting for 2.09% of the A-share capital [3]. - The funds for this acquisition were sourced from insurance funds managed by Taiping Asset, including personal dividend product accounts and traditional insurance product accounts [3]. Group 2: Insurance Capital Trends - In December 2025, Ping An Life also made significant investments, acquiring 20% stakes in Agricultural Bank of China and China Merchants Bank, triggering mandatory disclosure [6]. - The total number of insurance capital acquisitions reached 36 in 2025, surpassing the previous high in 2020 and marking the highest since records began in 2015 [6][8]. - The insurance industry has seen a 35.92% year-on-year increase in equity asset allocation, with the total balance reaching 5.59 trillion yuan by the end of Q3 2025 [8]. Group 3: Future Outlook - A survey of insurance investment officers indicates a strong belief that opportunities in the market outweigh risks, with over 70% planning to increase their equity asset allocation in 2026 [9]. - The trend of increasing equity asset allocation is expected to continue, driven by the downward pressure on interest rates and the need for asset-liability matching [9]. - The insurance sector is adapting to a low-interest environment and regulatory changes, which are facilitating a more aggressive approach to equity investments [8][9].

1月15日金融一线消息，中国太平洋人寿保险股份有限公司（下称太保寿险）发布公告称，2026年1月9 日，该公司通过大宗交易方式增持上海机场（600009.SH）A股股票7242.4万股。本次举牌后，太保寿险 及其关联方及一致行动人太平洋资产管理有限责任公司共持有上海机场A股约1.24亿股，占该上海机场 A股股本比例为5.00%。 根据披露，根据2026年1月9日上海机场A股收盘价，太保寿险持有上海机场股票的账面余额约为人民币 40.67亿元，占该公司2025年三季度末总资产的比例为0.15%，符合监管要求。 截至2025年9月30日，太保寿险权益类资产账面余额为人民币5005.53亿元，占该公司2025年二季度末总 资产的比例为20.81%。 责任编辑：王馨茹 责任编辑：王馨茹 1月15日金融一线消息，中国太平洋人寿保险股份有限公司（下称太保寿险）发布公告称，2026年1月9 日，该公司通过大宗交易方式增持上海机场（600009.SH）A股股票7242.4万股。本次举牌后，太保寿险 及其关联方及一致行动人太平洋资产管理有限责任公司共持有上海机场A股约1.24亿股，占该上海机场 A股股本比例为5.00%。 根据 ...

Core Viewpoint - The article highlights the ongoing trend of insurance capital actively increasing their equity investments, with significant recent activities including the acquisition of shares in Shanghai Airport by Taibao Life Insurance, indicating a robust wave of insurance capital entering the market in 2026 [2][3][5]. Group 1: Recent Acquisitions - On January 9, Taibao Life Insurance increased its stake in Shanghai Airport by acquiring 72.424 million shares, raising its total holdings to 124 million shares, which constitutes approximately 5.00% of the company's A-share capital [2][3]. - Prior to this acquisition, Taibao Life Insurance and its asset management subsidiary held 51.9917 million shares, representing a 2.09% stake [3]. - The total value of Taibao Life Insurance's holdings in Shanghai Airport is approximately 4.067 billion yuan, accounting for 0.15% of the company's total assets as of Q3 2025 [3][4]. Group 2: Insurance Capital Trends - In December 2025, Ping An Life Insurance also made significant acquisitions, reaching a 20% stake in Agricultural Bank of China and China Merchants Bank, triggering mandatory disclosure [5]. - The frequency of insurance capital triggering the 5% disclosure threshold has become a notable trend in 2025, with a total of 36 instances recorded, surpassing previous highs [5][6]. Group 3: Equity Asset Allocation - As of Q3 2025, the total equity asset allocation by life and property insurance companies reached 5.59 trillion yuan, marking a 35.92% increase year-on-year [7]. - The equity asset allocation ratio for insurance companies has reached a historical high, with stock allocations accounting for 10% of total assets and combined stock and fund allocations exceeding 15% [7]. - Ping An Life Insurance reported an equity asset balance of 1.5 trillion yuan, which is 27.00% of its total assets, up from 19.81% in the previous year [7]. Group 4: Market Outlook and Investment Sentiment - The article notes that insurance capital is motivated by a low interest rate environment and new accounting standards, leading to a greater need for equity asset allocation [8]. - A survey of insurance investment officers indicates a prevailing sentiment that opportunities in the market outweigh risks, with over 70% planning to continue increasing equity allocations [8][9]. - The trend of reallocating assets in a declining interest rate environment is expected to further drive insurance capital towards equity investments, fostering a positive cycle of market recovery [9].

Core Viewpoint - Shenzhen Airport announced that by December 2025, passenger throughput is expected to reach 5.8587 million, representing a year-on-year growth of 9.49% [1] Passenger Traffic Summary - The cumulative passenger throughput for the current year is 66.4852 million, showing an increase of 8.15% year-on-year [1] - Domestic passenger throughput stands at 5.2867 million, with a year-on-year growth of 9.45% [1] - Regional passenger throughput is recorded at 49,300, reflecting a significant year-on-year increase of 20.46% [1] - International passenger throughput is 522,700, marking a year-on-year growth of 8.91% [1] Cargo and Mail Traffic Summary - Cargo and mail throughput is reported at 184,300 tons, with a year-on-year increase of 0.64% [1] - The cumulative cargo and mail throughput for the current year is 2,050,800 tons, indicating a year-on-year growth of 9.00% [1] Flight Operations Summary - The number of flight takeoffs and landings is 39,360, which represents a year-on-year increase of 4.90% [1]

Core Viewpoint - Shenzhen Airport reported significant growth in passenger and cargo throughput for December 2025 and the cumulative total for the year, indicating a positive trend in the aviation sector [1] Passenger Traffic - In December 2025, the passenger throughput reached 5.8587 million, representing a year-on-year increase of 9.49% [1] - The cumulative passenger throughput for 2025 was 66.4852 million, showing a year-on-year growth of 8.15% [1] Cargo and Mail Traffic - The cargo and mail throughput in December 2025 was 184,300 tons, which is a year-on-year increase of 0.64% [1] - The cumulative cargo and mail throughput for 2025 totaled 2,050,800 tons, reflecting a year-on-year growth of 9% [1]

Core Viewpoint - Shenzhen Airport announced that by December 2025, passenger throughput is expected to reach 5.8587 million, representing a year-on-year growth of 9.49% [1] Passenger Traffic Summary - The cumulative passenger throughput for the current year is 66.4852 million, with a year-on-year increase of 8.15% [1] - Domestic route passenger throughput is 5.2867 million, showing a year-on-year growth of 9.45% [1] - Regional route passenger throughput is 49,300, reflecting a significant year-on-year increase of 20.46% [1] - International route passenger throughput stands at 522,700, with a year-on-year growth of 8.91% [1] Cargo and Mail Traffic Summary - Cargo and mail throughput is 184,300 tons, marking a year-on-year increase of 0.64% [1] - The cumulative cargo and mail throughput for the current year is 2.0508 million tons, with a year-on-year growth of 9.00% [1] Flight Operations Summary - The number of flight takeoffs and landings is 39,360, which represents a year-on-year increase of 4.90% [1]

Market Performance - The A-share market showed mixed performance on January 14, with the Shanghai Composite Index briefly rising over 1% to reach a ten-year high before closing down 0.31% at 4126.09 points [1] - The Shenzhen Component Index increased by 0.56% to close at 14248.60 points, while the ChiNext Index rose by 0.82% to finish at 3349.14 points [1] Trading Volume - The combined trading volume of the Shanghai, Shenzhen, and Beijing markets reached a record high of 39,872 billion, an increase of 2,881 billion from the previous day [3] - This marked the third consecutive day of record trading volumes, with the previous day's volume at 36,991 billion and the day before that at 36,400 billion, surpassing the previous record of 34,549.33 billion set on October 8, 2024 [3] Sector Performance - Notable sectors with significant gains included Huawei Ascend, cross-border payments, AI data, computing, publishing, and precious metals [3] - Conversely, sectors such as aerospace, telecommunications, lithium mining, energy metals, banking, and airports experienced declines [3] Stock Highlights - The market saw rapid rotation of hotspots, with over 2,700 stocks rising. The AI application concept surged, with more than twenty constituent stocks hitting the daily limit, including Liou Co. with six consecutive limit-ups in nine days [3] - Other notable stocks included Xinhua Net, People’s Daily, and Sanjiang Shopping, which achieved three consecutive limit-ups, while Yiwang Yichuang had two limit-ups in three days [3] - The computing hardware concept also saw gains, with Guangxun Technology hitting a limit-up and a new high [3] - The semiconductor sector rose, with Yaxiang Integration achieving a limit-up and a historical high [3] - The commercial aerospace concept was active, with Haige Communication achieving three consecutive limit-ups and several other stocks like Datang Telecom and Jiayuan Technology also hitting limit-ups [3] Declines - The energy metals, insurance, and banking sectors faced the largest declines, with the lithium mining concept notably dropping, leading to Guocheng Mining hitting the daily limit-down [3]

Core Insights - The Jiangsu Provincial Development and Reform Commission has released a list of major projects for 2026, prominently featuring the Nantong New Airport project, which is set to accelerate construction and aims for the completion of the feasibility report by 2026 [1] - The Nantong New Airport is positioned as a significant addition to the Shanghai international aviation hub, with plans for two 3,600-meter runways and a terminal covering 520,000 square meters, targeting a passenger throughput of 40 million by 2035, expandable to 80 million [2] - The airport's location is approximately 100 kilometers from both Shanghai Pudong and Hongqiao airports, expected to absorb some overflow passenger traffic from Shanghai and the surrounding areas [3] Project Development - The Nantong New Airport project has seen recent developments, including the establishment of a joint venture company with a registered capital of 1 billion yuan, involving Shanghai Airport Group and Nantong Urban Construction Group [2] - The project is part of the broader Yangtze River Delta integration plan, which emphasizes the need for a new airport to meet the increasing passenger demand in the region [3][4] Regional Impact - The Yangtze River Delta airport cluster is projected to handle 28.77 million passengers in 2024, reflecting a 19.5% increase from the previous year, indicating a robust growth trajectory for air travel in the region [3] - The opening of the Jiaxing Nanhu Airport in December 2025 will complement the Nantong New Airport, enhancing the cargo and passenger transport capabilities in the region and supporting the Shanghai international aviation hub's functionality [4]

Group 1 - The core viewpoint of the article highlights the increasing trend of insurance capital stake acquisitions, with a notable example being Taiping Asset's acquisition of a 5% stake in Shanghai Airport, marking the first instance of such activity in 2026 [1] - In 2025, the number of stake acquisitions by insurance capital reached 41, a significant increase from 20 in 2024, setting a near ten-year high, second only to the historical peak in 2015 [1] - The current wave of stake acquisitions differs from previous ones, primarily driven by two considerations: the emphasis on high dividend stocks in a low-interest-rate environment and the strategy of long-term equity investments in high-quality targets with stable ROE to optimize asset structure [1] Group 2 - The trend of frequent stake acquisitions by insurance capital is expected to continue in 2026, driven by the same two investment logic considerations [1] - Other funds are focusing more on low-volatility dividend strategies, as exemplified by the low-volatility dividend index (H30269.CSI), which selects securities with stable dividends, high dividend yields, and low volatility [1] - As of January 13, the one-year dividend yield of the low-volatility dividend index was 4.45%, with the Huaxia low-volatility dividend ETF (159547) being the lowest fee ETF tracking this index [1]

Core Viewpoint - The Jiangsu Provincial Development and Reform Commission has officially released the list of major projects for 2026, which includes the construction of the Suzhou General Airport, indicating a significant investment in regional infrastructure and development [2]. Group 1: Project Overview - The Suzhou General Airport is set to be built with a runway measuring 1,600 meters in length and 45 meters in width, along with supporting facilities such as a comprehensive building, control tower, hangars, garages, and fueling facilities [3]. - The airport is strategically located in the southeastern part of Changshu and the northwestern part of Kunshan, aiming for completion and operation by the end of 2026 [3]. Group 2: Significance of the Project - Once completed, the Suzhou General Airport will serve multiple functions including aviation consumption, flight training, public services, transportation, and emergency rescue, contributing to the development of the low-altitude economy [4][13]. - The project will also provide a testing ground for industries such as flight training and aircraft manufacturing, enhancing regional economic capabilities [13]. - The airport is expected to promote cultural tourism by developing low-altitude sightseeing projects, thereby integrating aviation with tourism consumption [14]. Group 3: Design and Layout - The airport's design features a well-organized layout with a core square facing the main entrance, connecting various buildings through a covered walkway, and incorporating elements of modern Suzhou-style garden space [8][7]. - Public buildings include a comprehensive building (which houses the control tower), a restaurant, a hotel, and an aviation club, all contributing to the airport's functionality and aesthetic appeal [7]. Group 4: Classification of General Airports - It is important to note that a general airport is not the same as a civil airport. General airports are classified into A and B categories based on public access, with A1 being a type that allows commercial passenger flights [10][12]. - The Suzhou General Airport is classified as an A1 level general airport, which permits commercial passenger flights with aircraft seating more than 10 passengers [12].