东吴证券研报指出，中国人寿前三季度归母净利润预计为1568亿元至1777亿元，预计同比增加523亿元 至732亿元，同比增长50%至70%。以此计算，三季度单季归母净利润约1159-1368亿元，同比增长 75%-106%。公告称，公司积极推进中长期资金入市，把握市场机会坚决加大权益投资力度，前瞻布局 新质生产力相关领域，持续优化资产配置结构，投资收益同比大幅提升。预计Q3利率上行或将带动公 司部分VFA业务转盈利，也对当期净利润产生利好影响。Q3末10年期国债到期收益率达1.86%，单季上 行21bps。看好公司作为寿险行业龙头的竞争优势，预计伴随公司个险营销转型的深入推进，队伍质态 和业绩表现将进一步提升。结合公司2025年前三季度经营情况，上调公司盈利预测至2025-2027年归母 净利润分别为1763/1781/1874亿元（前值为1075/1120/1205亿元），当前市值对应2025EPEV0.8x、 PB1.9x，维持"买入"评级。 ...

Core Viewpoint - The performance of listed insurance companies is showing a positive trend, with major players like China Life, New China Life, and PICC Property & Casualty reporting significant profit increases, driven primarily by strong equity investments [1][3]. Group 1: Performance Highlights - China Life leads the market with a projected net profit increase of 50% to 70%, while other major insurers also report over 40% growth in net profit [1]. - The recovery of the A-share market since 2025 has provided substantial returns for insurance investment portfolios, significantly boosting investment income [1]. - Insurers are actively increasing their equity investments and strategically positioning themselves in new productivity sectors, contributing to notable growth in investment returns [1]. Group 2: Operational Strengths - The insurance sector is experiencing robust performance on the liability side, with steady operational management and structural optimization supporting profit growth [1]. - Despite a lack of widespread monthly premium data, available figures indicate overall growth in premium scale, with a shift towards dividend insurance and floating income products in response to reduced preset interest rates [1]. - The property insurance sector is also seeing significant improvements in underwriting profits through quality enhancement and efficiency measures [1]. Group 3: Future Outlook - Multiple brokerage firms maintain an optimistic outlook for the insurance sector, anticipating a "double hit" in valuation and performance due to "asset-liability resonance" [3]. - Continued policy support, including encouragement for insurance capital to enter the market and the establishment of long-term assessment mechanisms, is expected to bolster industry development [3]. - As of the second quarter of 2025, the total investment in stocks by life and property insurance companies has exceeded 3 trillion yuan, marking a significant increase and a high proportion of stock investments [3].

10月19日，中国人寿预告前三季度预计实现归母净利1567.85-1776.89亿元，同比增幅在50-70%，实现高基数上的高增长。 参考近10年表现，国寿前三季度归母净利或有望创下历史新高。 此前不久，新华保险、人保财险也曾发布业绩预增公告，其中新华保险净利同比预增45-65%至299.86-341.22亿元，人保财险业增幅则在40-60%。 针对业绩高增，国寿方面表示公司聚焦价值创造与效益提升，持续深化资负联动，深入推进产品和业务多元，可持续发展能力进一步增强。 拆分资产负债两端表现，预计国寿本次利润"狂飙"，主要仍依靠资产端推动： 负债端，国寿上半年总保费创历史同期最好水平，但同比增幅仅为7.3%； 人身险行业前8个月保费整体增幅只在11%左右，虽保持较快增长，但较5成以上的利润变化仍有不小差距。 资产端，国寿指出今年以来股票市场回稳向好势头不断巩固，公司把握市场机会坚决加大权益投资力度，前瞻布局新质生产力相关领域，持续优化资产配置 结构，投资收益同比大幅提升。 三季度单季度，A股创业板指、科创50、深证成指、上证指数涨幅分别为50.4%、49.02%、29.25%、12.73%，预计国寿三季度利润大增 ...

变的是党建与治理的深度融合 中国人寿始终将党的建设作为根本性、全局性工作。近年来，该公司将党建工作深度融入公司治理体系，通过建立"党委前置研究"机制，确保党的方针 政策在战略决策中得到贯彻；通过"党建+"模式推动基层组织建设与业务发展同频共振。 中国人寿牢固树立党的一切工作到支部的鲜明导向，在实践中不断优化基层党支部建设。截至2025年10月，全系统共有各级党组织5888个，其中党委 399个，党总支30个，党支部5459个。全系统党员共6万余人，党员总数持续提升，组织基础不断夯实。营销员党员约1.8万人，全部纳入公司党支部管理。 践行"四抓落实"，开展"关键小事"调研攻关，打造机关、条线、基层、营销员"四个党建品牌"，评选"两优一先"、"四强"党支部、优秀党支部书记，创建红 旗党员示范岗、责任区、突击队、服务队，探索营销员党建工作模式。 面对新时代的挑战，中国人寿以党建引领锻造高质量发展的"红色引擎"，在助力乡村振兴、运营服务、抢险救灾等重大任务中，党员干部冲锋在前，展 现了国有企业的政治担当。 不变的是服务国计民生的使命 从1949年到2025年，中国人寿保险股份有限公司（以下简称"中国人寿"）已风雨兼程 ...

瑞银发布研报称，中国人寿(02628)发盈喜，料今年首三季税后净利润将同比升50%至70%，达1,570亿 至1,780亿元人民币，远高于市场预期;其中第三季税后净利润同比升75%至106%，主要因投资收入大幅 增长及保险服务业务复苏推动。基于盈喜、资产管理规模扩大及利率上升，该行将国寿2025至2027年税 后净利润预测分别上调79%、23%及24%;瑞银将国寿目标价由27.4港元升至29港元，维持"买入"评级。 该行估算首三季新业务价值(VNB)将同比增36%，相较上半年增幅为20%，反映第三季增长势头强劲。 股息方面，虽然预期全年税后净利润将表现强劲，但该行认为股息不会以同等幅度增长，因集团目标股 息稳定增长。假设股息提高10%至30%，H股股息收益率将达3.4%至4%。 ...

该行估算首三季新业务价值(VNB)将同比增36%，相较上半年增幅为20%，反映第三季增长势头强劲。 股息方面，虽然预期全年税后净利润将表现强劲，但该行认为股息不会以同等幅度增长，因集团目标股 息稳定增长。假设股息提高10%至30%，H股股息收益率将达3.4%至4%。 智通财经APP获悉，瑞银发布研报称，中国人寿(02628)发盈喜，料今年首三季税后净利润将同比升50% 至70%，达1,570亿至1,780亿元人民币，远高于市场预期;其中第三季税后净利润同比升75%至106%，主 要因投资收入大幅增长及保险服务业务复苏推动。基于盈喜、资产管理规模扩大及利率上升，该行将国 寿2025至2027年税后净利润预测分别上调79%、23%及24%;瑞银将国寿目标价由27.4港元升至29港元， 维持"买入"评级。 ...

摩根大通：维持中国人寿"增持"评级，基本面仍有上行空间。 ...

展望未来，摩通看到三项基本面催化剂，伴随其强劲的盈利势头。首先，2025财年共识每股股息0.7元 (按年增长7.9%)有上调空间，等同约4%收益率。其次，凭借强劲盈利及稳健资本状况，公司有潜力进 行首度股份回购，管理层于今年上半年业绩简报中并未排除此可能性。第三，客户对无风险资产人寿保 单的需求强劲，受分销渠道强化支持。此外，摩通预期政府对保障业务增长进一步政策支持，包括健康 保险及私人养老金，并可能于年底增加税务优惠。在摩通看来，国寿将成为这些发展的主要受益者。 摩根大通发表研报指，中国人寿发布了前九个月强劲的盈利预喜，净利润为1568亿至1777亿元，按年增 长50%至70%。摩通预期，市场将对此公告作出正面反应，特别是盈利预喜仅于业绩公布前10天发布； 维持"增持"评级，基本面仍有上行空间，如股息预期上调、更快责任准备金增长潜力，以及政府政策支 持；采用2026财年8倍市盈率，目标价为31港元。 ...

Core Viewpoint - The insurance industry is showing positive performance as several listed insurance companies have reported significant profit increases for the first three quarters of 2025, with net profit growth rates exceeding 40% for major players like China Life Insurance, which leads with a growth forecast of 50%-70% [1][2] Financial Performance - China Life Insurance expects a net profit of approximately 156.79 billion to 177.69 billion yuan for the first three quarters of 2025, representing a year-on-year increase of about 50% to 70% [2] - New China Life Insurance anticipates a net profit of 29.99 billion to 34.12 billion yuan, with a year-on-year growth of 45% to 65% [2] - PICC Property and Casualty has indicated a net profit growth of 40% to 60% for the same period, continuing the positive trend from the first half of the year [2] Investment Performance - The strong performance of equity investments has been a key driver of net profit growth for the insurance companies, supported by stable operations and structural optimization on the liability side [3] - The A-share market has shown a recovery, with the CSI 300 index rising by 12.88%, creating a favorable environment for equity investments [3] - China Life Insurance has focused on enhancing investment portfolio stability and long-term returns through strategic asset allocation and increased equity investments [3] Market Trends - The insurance sector is experiencing a shift towards floating income products, with China Life's individual insurance channel seeing over 50% of new premium income coming from dividend insurance [5] - The overall premium income for major insurers has shown growth, with China Life's total premium reaching 525.09 billion yuan in the first half of 2025, a 7.3% year-on-year increase [4][5] Regulatory Support - Policies encouraging insurance funds to invest in the stock market have been implemented, with a target for large state-owned insurance companies to allocate 30% of new premiums to A-share investments starting in 2025 [7] - By the end of Q2 2025, the balance of investments in stocks by life insurance companies reached 2.87 trillion yuan, marking a significant increase from previous quarters [8] Future Outlook - Analysts are optimistic about the insurance sector's performance, expecting continued profit growth driven by improved investment returns and favorable market conditions [6] - The combination of strong equity market performance and regulatory support is anticipated to lead to a recovery in insurance stock valuations [6][7]

Core Viewpoint - Citigroup's research report indicates that China Life Insurance expects a significant increase in net profit for the first three quarters of this year, projecting a year-on-year rise of 50% to 70%, reaching between 156.8 billion to 177.7 billion yuan, which shows a marked acceleration compared to the growth rate in the first half of the year [1] Financial Performance - The estimated net profit for the first three quarters, calculated at a midpoint of 60%, is expected to be 167.2 billion yuan, which exceeds market expectations and outperforms other peers in the industry [1] - For the third quarter alone, net profit is projected to grow by 75% to 106% year-on-year, reaching between 115.9 billion to 136.8 billion yuan, despite a high base from the previous year [1] Investment Factors - The growth in net profit is primarily attributed to significantly improved investment returns, increased equity investment allocation, optimized asset allocation structure, and proactive investments in new productive forces [1] - Citigroup has set a target price of 27.7 Hong Kong dollars for China Life Insurance and maintains a "Buy" rating [1]