Core Viewpoint - China Ping An Life Insurance Co., Ltd. has disclosed its investment in Agricultural Bank of China H-shares, reaching a 10% stake, triggering a mandatory disclosure under Hong Kong regulations [1][2]. Group 1: Basic Information - Stock Name and Code: Agricultural Bank of China (1288.HK) [1] - Transaction Date: May 12, 2025, when the investment reached 10% of the H-share capital [1]. - Announcement Date: May 15, 2025, as per Hong Kong Securities and Futures Ordinance [2]. Group 2: Company Financials - As of March 31, 2025, the total assets of the company were CNY 5,383.19 billion, net assets were CNY 358.04 billion, and the comprehensive solvency adequacy ratio was 227.92% [3]. Group 3: Investment Details - The book balance of the investment in Agricultural Bank H-shares was CNY 14.367 billion, accounting for 0.30% of the total assets as of May 12, 2025 [7]. - The book balance of equity assets was CNY 1,097.2 billion, representing 23.26% of total assets as of March 31, 2025 [9]. Group 4: Transaction Method and Funding - The investment was made through competitive bidding [11]. - The funding source for the investment in Agricultural Bank H-shares was the company's insurance liability reserves [12]. Group 5: Management and Reporting - The investment is managed through a delegated investment approach [12]. - The company will report the situation to the National Financial Regulatory Administration in accordance with relevant regulations [12]. Group 6: Other Information - No additional information required for disclosure [13].

近日，中国平安旗下平安人寿披露，平安资管受托该公司资金，投资于农业银行 H股股票，于2月17日 达到农业银行H股股本的5%，根据香港市场规则，触发举牌。 这是平安人寿2025年以来投资达到举牌线的第三家大行。截至目前，平安人寿持有的农行H股、邮储银 行H股、招行H股数量占三家银行H股股本均突破5%。另据港交所披露的数据显示，2月14日，平安集团 买入1.33亿工商银行H股后，持股比例升至18.08%。 险资举牌大型银行、股份制商业银行的H股，是当 前险资布局高股息资产的重要信号。 险资举牌的意义 文/《清华金融评论》 王茅 平安人寿举牌三大银行H股，本质上是险资在"资产荒"背景下追求稳健收 益的必然选择，既响应政策号召，也通过银保协同提升自身竞争力。对市 场而言，此举为银行板块注入流动性，并强化价值投资逻辑，但需关注后 续资金持续性与宏观环境变化。 二是平滑财务报表的波动。 新会计准则（IFRS9）下，险资可将银行股计入FVOCI科目（公允价值变动 计入其他综合收益），避免股价波动直接影响当期利润，增强财务稳定性。 三是政策响应与业务协同。 相关监管部门鼓励险资入市支持实体经济，银行股作为经济核心板块符合 政 ...