保险公司持股信息披露的盈亏

1OVERWEIGHT(Maintain)LI Jian, PhDlijian@htsc.com+(852) 3658 6112Sector performanceSource: Wind, Huatai ResearchJan-25May-25InsuranceCSI300 InsuranceAnalystSAC No. S0570521010001SFC No.AWF297(13)1142841May-24(%) Sep-24 This report must be read with important disclosures and analyst certifications located on the end of the report.Long-term equity investmentsrequireprudenceListedinsurance companies differ in their emphasis on long-term equityinvestments. PICC Group and PICC P&C have relatively highallocation ratios forlong-term equity investments, mainly in Industrial Bank and Huaxia Bank, withsuch investments accounting for 10.2% and 9.9% of their total investment assets,respectively (2024). China Life and Ping An follow, with allocations of 4.6% and3.2% (2024). In our view, the most critical factorforlong-term equity investmentshouldbe strategic synergy,rather than merely stable book performance.Furthermore, such investments impose significant pressure on solvency. If bookvalue remains persistently above market value, impairmentpressuresmay arise.Liquidity is also a concernfor long-term equity investments,with exits beingdifficult, especially when the investee operates in a regulated sectorsuch asbanking, which would trigger additional regulatory hurdlesupon exit. All these risksabovecall for prudent considerationforlong-term equityinvestments.“Seesaw”performance of stocksaroundshareholding disclosuresWehaveexamined the performance of stockssubject toshareholding disclosureduring 2015-2023.Roughly 70% of the stocks rose in the year leading up to theshareholding disclosure, with the highest gainat601%, suggesting insurance firmstendto favor strong-performing stocks.However,following the shareholdingdisclosure,the overall performance of these stocks tends to be more modest, withover60%of the stocks seeing price falls during the period of significantshareholdings,and the steepest annualized decline reaching 91%.Thisdemonstratesa pronounced“seesaw”effect around shareholding disclosure.According to our statistics,among the 82 stocksinvolved in133shareholdingdisclosuresduring 2015-2023, insurance firms had exitedsignificant holdings in 45stocksby the end of the period. These no longer heavily held stocks showedgreater divergence inperformancepre-and post-shareholding disclosure, partlyexplaining insurance firms’withdrawal. Over the long term, dividends remain themore stable source of returnfor insurance firmsfollowingshareholding disclosure.Industryrisks:significant deterioration in life insurers’NBV; worsening underwritingperformance in P&C insurance; material investment losses. This report must be read with important disclosures and analyst certifications located on the end of the report.DisclaimersAnalyst CertificationI/We, LI Jian, hereby certify that the viewsexpressed in this report accurately reflect the personal views of the analyst(s) aboutthe subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, relatedto the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential tothe recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investmentinstruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital mayoccur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report may bemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitation forthe purchase or sale of any security or financial instrument and in any jurisdiction where such