鸿鹄基金再出手，55亿“押注”中国电信

Group 1 - The core viewpoint of the news highlights the strategic investment of the Honghu Fund in China Telecom, marking a significant move by insurance capital into the telecommunications sector [1][2] - The Honghu Fund, established in March 2024 with a total scale of approximately 50 billion yuan, aims to address the structural contradiction of "long money short allocation" in insurance funds [1] - As of early March 2025, the fund has fully deployed its capital across key sectors including telecommunications, consumption, and energy [1] Group 2 - China Telecom's attractiveness is underscored by its stable performance and high dividend policy, reporting a revenue of 523.57 billion yuan in 2024, a year-on-year increase of 3.10%, and a net profit of 33.01 billion yuan, up 8.43% [2] - The planned cash dividend payout ratio for China Telecom from 2023 to 2025 is set to be no less than 75%, significantly higher than the industry average [2] - The recent investment in China Telecom by the Honghu Fund reflects a broader trend of accelerated entry of insurance capital into the market, with the second batch of "long-term insurance capital investment" pilot programs expanding to 162 billion yuan as of March [2]