8月7日，中国保险行业协会披露，近日，弘康人寿通过港股通二级市场，买入港股上市公司港华智慧能 源股票，持股比例达到5%，触发举牌。 协会披露信息显示，今年以来，险资举牌已经达到22次。梳理举牌标的可以发现，险资偏好较低估值、 较低波动、较高分红、较高业绩确定性等资产。 业内人士认为，增持并长期持有这类资产，可以增加险资权益配置盘的底仓资产，助力险企获得稳定现 金流的同时，降低险企权益投资整体波动性。 险资再度举牌公用事业股 根据披露信息，本次举牌前，弘康人寿直接持有港华智慧能源1.81172亿股，占其股本比例为4.9874%。 8月4日，公司买入该股45.8万股，触发举牌。本次举牌后，弘康人寿直接持有港华智慧能源1.8163亿 股，占其股本比例为5.00005%。 多位业内人士分析，险资大部分举牌可能出于赚取高股息或增加长期股权投资的考虑。从长期来看，高 股息资产展现出穿越时间周期的稳健特性，具备较好的长期配置价值，而这种长期配置价值恰好与险企 诉求相契合。 以8月4日港华智慧能源港股收盘价和同日日终港元兑人民币汇率为基准，弘康人寿持有港华智慧能源股 票的账面余额约为人民币6.6亿元，占弘康人寿2025年二季 ...

Core Viewpoint - The insurance industry is increasingly engaging in stock acquisitions, with a focus on undervalued, low-volatility, high-dividend, and high-certainty performance assets, as evidenced by the recent stake increase in Hong Kong-listed company Honghua Wisdom Energy by Hongkang Life [1][2][4] Group 1: Recent Developments - Hongkang Life acquired an additional 458,000 shares of Honghua Wisdom Energy, raising its stake to 5% and triggering a regulatory notice [2] - The total value of Hongkang Life's holdings in Honghua Wisdom Energy is approximately RMB 660 million, representing 1.31% of its total assets as of Q2 2025 [2] Group 2: Industry Trends - The insurance sector has seen 22 instances of stock acquisitions this year, continuing a trend from the previous year, with a significant proportion involving H-shares [2][3] - Public utilities are a favored sector for insurance capital, along with banking, energy, transportation, environmental protection, and electrical equipment companies, which typically exhibit low valuations and high dividend yields [3] Group 3: Investment Strategy - Insurers are increasingly focused on stable cash flow and dividend income, driven by pressure for asset reallocation and the need for long-term stable investment returns [4] - The shift in accounting standards and increased investment pressure have led to a new wave of stock acquisitions by insurers, who are seeking high-dividend assets that align with their long-term investment goals [4] - Regulatory encouragement for long-term capital investment is expected to further enhance the space for insurance capital in the stock market [4]

Investment Rating - The report assigns an "Accumulate" rating to the company [2][9] Core Viewpoints - The company is a leading operator of long-distance natural gas pipelines in Shaanxi Province, benefiting from high dividend yields and stable cash flows. The business model is characterized by a mix of stable pipeline transportation fees and city gas sales, with long-distance pipeline operations contributing 62.2% to revenue and 81.7% to gross profit in 2024 [6][9][11] - The company is expected to experience long-term growth driven by asset injections from the group and ongoing pipeline expansions. The acquisition of pipeline assets is anticipated to significantly increase gas sales volume, with a projected 70% year-on-year increase in gas sales volume in 2024 [6][9][11] - The company has a strong focus on shareholder returns, maintaining a dividend payout ratio above 60% from 2019 to 2024, with a projected dividend yield of approximately 5.6% based on the closing price on June 4, 2025 [6][9][29] Summary by Sections Company Overview - The company is controlled by Shaanxi Gas Group and is a major operator of long-distance natural gas pipelines in Shaanxi Province, with a pipeline network covering 4,569 kilometers and an annual gas transmission capacity of 17 billion cubic meters [12][54] Business Model - The primary business models include long-distance pipeline operations and city gas sales, with the former being the main profit contributor. The long-distance pipeline business operates on a stable fee structure, while city gas sales profit from the price difference between procurement and sales [16][19] Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 11.5% in gas transmission volume from 2014 to 2024. The revenue for 2024 is projected to be 90.33 billion yuan, a 19.6% increase compared to the previous year [8][54][20] Growth Drivers - The company is expected to benefit from the injection of group assets and the completion of key pipeline projects, which will enhance its gas transmission capacity significantly. Two major pipelines under construction are projected to add substantial capacity upon completion [11][54] Market Position - The company holds a monopolistic position in the regional market, supported by high entry barriers and a stable operational framework. The government pricing mechanism ensures a steady cash flow linked to gas transmission volumes [50][51]