加仓3.62亿！锚定高股息低估值核心资产，中国平安再度增持中国人寿H股

新刊财经02-10

保险头部企业间“同业增持”易形成“一荣俱荣、一损俱损”的局面。2026年2月4日，据香港联交所正式披露的权益变动信息显示，中国平安保险(集团)股份有限公司(以下简称“中国平安”)于2月2日在场内斥资3.62亿港元完成对中国人寿H股(股票代码02628.HK)的增持，累计持股比例攀升至10.12%，成为近期港股市场及保险行业最受关注的资本运作之一。图片来源：东方财富网偏好高股息低估值中国平安多次举牌...

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Anchoring high Dividend's undervalued core assets, Ping An once again increased its holdings of China Life H shares","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"02628":1.5,"PNGAY":0.6,"PAImain":0.6,"03145":0.6,"02318":1.5,"HPAD.SI":0.6},"content_text":"保险头部企业间“同业增持”易形成“一荣俱荣、一损俱损”的局面。2026年2月4日，据香港联交所正式披露的权益变动信息显示，中国平安保险(集团)股份有限公司(以下简称“中国平安”)于2月2日在场内斥资3.62亿港元完成对中国人寿H股(股票代码02628.HK)的增持，累计持股比例攀升至10.12%，成为近期港股市场及保险行业最受关注的资本运作之一。图片来源：东方财富网偏好高股息低估值中国平安多次举牌增持港股中国平安此次增持，与其近年来偏好布局高股息、低估值H股核心资产的投资倾向有关。其增持是基于对中国人寿经营基本面、行业发展前景及港股市场长期投资价值的认可，核心目的并非谋求对中国人寿的控制权，也不参与中国人寿的日常经营管理。这并非中国平安对中国人寿H股的首次大规模增持，而是始于2025年8月。此后中国平安又以“分批增持、稳步加仓”的节奏多次增持，本次增持后已持有中国人寿H股的比例达10.12%。其增持轨迹，与其同年对招商银行H股、农业银行H股的举牌动作类似，均体现出聚焦高股息、低估值H股核心资产的投资策略。2026年初以来，港股市场呈现“震荡回升、估值修复”态势，但整体估值仍处于历史低位，以市盈率TTM衡量，无论是恒生指数还是很多港股个股，当前仍处于相对低位。港股市场因估值优势显著而具备较高的长期投资价值。随着港股市场政策环境持续优化，香港证监会不断完善监管规则、提升市场透明度与规范性，“港股通”标的范围亦不断扩大、交易成本逐步降低，为内地险资布局港股提供了更便捷高效的投资渠道。作为增持对象的中国人寿H股基本面向好，分红能力和估值也具有一定优势，成为中国平安持续增持的核心投资逻辑。2025年前三季度，中国人寿实现营业收入5,378.95亿元以及归母净利润1,678.04亿元，同比均明显增长；核心偿付能力充足率和综合偿付能力充足率也均满足监管要求，经营稳健。作为国内头部寿险企业，中国人寿分红政策稳定，分红比例持续保持在较高水平，能够为股东提供稳定投资回报，也吸引着中国平安。中国人寿H股近三年的平均股息率不仅高于同期香港银行的平均存款利率，也高于港股的平均股息率，其高股息特征恰与中国平安“追求长期稳定分红”的资产配置需求高度契合。截至本次增持日，中国人寿H股的市盈率(TTM)与市净率均具备一定估值优势。相比中国人寿A股，其H股还明显折价，进一步扩大了估值优势，虽然流动性处于劣势，但不影响长期投资者通过稳定分红路径获取回报。不仅中国平安，2025年以来，国内其他险资举牌也更加活跃，呈现“频次高、规模大、聚焦H股、偏好高股息”等鲜明特征。但中国平安的举牌动作仍最频繁且规模最大，除了举牌中国人寿，其还通过旗下平安人寿多次举牌农业银行H股、招商银行H股等重点标的。银行股、保险股等金融股成为中国平安等险资的举牌重点，与标的行业经营稳健、现金流充沛、分红稳定等特点相关，也高度契合险资“追求长期稳健收益”的资产配置需求。在目前利率持续下行背景下，传统固收类资产收益率覆盖负债成本越来越难，迫使保险资金向高股息、低估值的权益资产迁移。同时，监管层鼓励“长钱长投”，通过优化偿付能力规则和税收激励，引导险资以长期视角配置优质股权，使此类举牌行为成为险资通过稳定分红实现资本增值的优势合规路径。同业增持下“同业竞争”风险仍需警惕中国平安持续增持中国人寿H股的行为，本质上是对中国人寿经营基本面、行业地位和长期发展前景的认可，结合其作为国内头部寿险企业的专业投资和价值判断能力，增持相当于在为中国人寿的企业价值和未来成长“背书”，向市场传递出积极信号。而且中国平安以长期保值增值为投资目标，为中国人寿引入长期稳定资金的同时，也提升了股东结构的稳定性。不过，中国平安与中国人寿在产品、市场、客户等方面均存在激烈竞争，双方竞争关系早已得到市场和投资者的普遍确认。仅凭同业增持的行为很难打破外界的竞争认知，认同双方的“协作共赢”。相反，较高比例的同业持股可能引发市场对“同业竞争”的担忧，若未来出现中国平安试图通过股东地位影响中国人寿的经营决策、产品定价或市场布局等情形，则可能破坏行业公平竞争秩序以及双方合作关系。而且中国平安增持时，中国人寿H股的股价本身仍处于相对高位(月线图)，虽然结合业绩趋势从市盈率(TTM)角度看估值仍不高，中国平安也看好后者未来的发展前景而持续增持，但若后者未来的实际经营业绩显著偏离预期，中国平安仍将因后者股价下跌而遭受较大投资损失。图片来源：东方财富网保险股的投资回报高度依赖行业周期，寿险行业仍面临负债成本高企、保费增长不及预期的压力。中国人寿虽基本面稳健，仍难以快速破解目前这些行业共性难题。中国平安的增持，未来仍存在“高投入、低回报”的可能性。总体而言，保险头部企业间“同业增持”易形成“一荣俱荣、一损俱损”的局面，可能加剧行业风险集中，行业整体波动风险也因双方股权关联而放大。对于中国平安的同业增持行为，投资者应摒弃短期投机思维，聚焦企业长期经营基本面和内在价值，从而更好把握保险行业和港股市场的投资机会；同时，对市场波动可能带来的潜在风险也应充分关注，力求通过理性投资实现稳健获利。作者 | 孟青平编辑 | 吴雪","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2610217976","isCrawlerRequest":true}