Two central state-owned enterprises invest nearly 60 billion yuan to increase A-share holdings, trillion-yuan insurers follow with bullish stance

Corporate ActionMacro Impact 4
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Summary · why it matters

China Reform Holdings Corporation and China Chengtong Holdings Group simultaneously disclosed progress on large-scale secondary market purchases, having together deployed nearly 60 billion yuan into core A-share assets. China Reform’s investment arm used over 50 billion yuan from a special central bank relending facility for share buybacks and increases, while China Chengtong, together with Chengtong Capital and Chengtong Yang Capital, has cumulatively bought close to 10 billion yuan. Both firms define these purchases as medium- to long-term strategic allocations, with funds continuously deployed via the central bank’s special relending facility. On the same day, five central enterprises—China Coal Energy, CRRC, Aluminum Corporation of China, NARI Technology, and China Shenhua Energy—jointly announced share increases, buybacks, asset injections, and dividend plans. Among them, three controlling shareholders’ increase plans total between 1.2 billion and 2.4 billion yuan. Five insurance institutions with assets under management exceeding one trillion yuan each voiced support for the stock market. China Pacific Insurance said it will continue to add positions in technology, consumer, and new energy stocks and ETFs. Ping An Insurance stated it will increase allocations to emerging industries, advanced manufacturing, and undervalued value stocks. New China Life Insurance expressed confidence in the market’s long-term value and will raise equity allocations. PICC and China Life Group also expressed a firm bullish stance and plans to boost allocations. On the evening of July 20, more than 20 listed companies issued share increase and buyback announcements, with confirmed deployed funds exceeding 720 million yuan and planned implementation funds totaling between 4.64 billion and 7.6 billion yuan. China Securities Regulatory Commission Chairman Wu Qing visited a securities branch to exchange views with investor representatives, listening to suggestions on strengthening oversight of quantitative and AI program trading and encouraging listed companies to increase dividend payouts.

Impact on stocks 9

Others▲ · 9 stocks
China Shenhua Energy Co
601088
▲ PositiveCapitalrelevance

China Shenhua Energy announced share increases and dividend plans, directly benefiting from the state-owned enterprise buying spree.

Aluminum Corp of China Ltd
601600
▲ PositiveCapitalrelevance

Aluminum Corp of China announced share increases and asset injections as part of the central enterprise buying wave.

CRRC Corp Ltd Class A
601766
▲ PositiveCapitalrelevance

CRRC is one of five central enterprises that jointly announced share increases, buybacks, asset injections, and dividend plans.

China Coal Energy Co Ltd
601898
▲ PositiveCapitalrelevance

China Coal Energy is one of five central enterprises that jointly announced share increases, buybacks, asset injections, and dividend plans.

Off-coverage companies 5

China Reform Holdings Corporation LtdPrivate▲ Positive
Capitalrelevance

China Reform Holdings Corporation disclosed large-scale secondary market purchases of nearly 50 billion yuan via central bank relending facility.

中国人寿保险(集团)公司 (China Life Insurance (Group) Company)Private▲ Positive
Capitalrelevance

China Life Group expressed a firm bullish stance and plans to boost equity allocations.

北京诚旸投资有限公司Private± Mixed
relevance

国新投资有限公司 (China Reform State-owned Capital Investment platform)Private± Mixed
relevance

诚通资本Private± Mixed
relevance

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