此乃要件 請即處理 閣下如對本通函或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下全部中國人壽保險股份有限公司股份售出或轉讓，應立即將本通函及隨附的臨 時股東大會代表委任表格交予買方或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他 代理商，以便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CHINA LIFE INSURANCE COMPANY LIMITED 續展持續關連交易 及 2025年第二次臨時股東大會通告 獨立董事委員會及獨立股東之獨立財務顧問 中國人壽保險股份有限公司謹定於2025年12月30日（星期二）上午9時30分假座中國北京市西城 區金融大街16號中國人壽廣場A座二層多功能廳舉行臨時股東大會。臨時股東大會通告載列於 本通函的第18頁至第20頁。 不論 閣下能否出席臨時股東大會，務請細閱臨時股東大會通告並儘早將隨附的代表委任表格 按 ...

Core Viewpoint - The company is deeply integrating sustainable development concepts into its asset management system, focusing on green building projects to support the green transformation of the real economy [1] Group 1: Green Foundations - The company incorporates advanced technology and intelligent design from the beginning of building projects to optimize resource utilization efficiency [2] - The projects utilize energy-efficient curtain wall systems and intelligent shading technology, significantly reducing energy consumption [2] - Solar photovoltaic technology is applied to supplement daily electricity needs, reducing reliance on traditional power grids and carbon emissions [2] Group 2: Green Operations - The company promotes a culture of sustainability through comprehensive waste classification and resource recycling systems [3] - Energy-saving habits are encouraged, with smart control systems implemented in public areas to reduce energy consumption [3] - Regular sustainable-themed activities are organized to enhance environmental awareness and promote continuous improvement [3] Group 3: Green Benchmarking - The company's building projects have received recognition from authoritative green building evaluation systems, establishing them as industry benchmarks [4] - Several buildings have achieved international LEED certification, showcasing excellence in sustainability and resource efficiency [4] - The company’s buildings have also received WELL HSR certification, reflecting commitment to tenant health and safety [4] Group 4: Recognition and Future Directions - The Xiamen China Life Building has been awarded a "carbon neutral" certificate, becoming a "zero-carbon building" [5] - The company is committed to aligning with national strategic goals and enhancing green practices to contribute to green economic development [5] - The recognition and honors received validate the company's advanced standards in green technology and sustainable management [5]

二、中国人寿保险股份有限公司榕江支公司应按照有关规定及时办理变更及许可证换领事宜。 2025年11月25日，黔东南金融监管分局发布批复称，《关于中国人寿（601628）保险股份有限公司榕江 支公司忠诚镇营销服务部变更营业场所的请示》（国寿人险东发〔2025〕163号）收悉。经审核，现批 复如下： 一、同意中国人寿保险股份有限公司榕江支公司将营业场所变更为：贵州省黔东南苗族侗族自治州榕江 县古州镇西环北路48号4楼。 ...

二、接此批复文件后，中国人寿保险股份有限公司永安市支公司第九营销服务部应立即停止一切经营活 动，于15个工作日内向国家金融监督管理总局三明监管分局缴回许可证，并按照有关法律法规要求办理 相关手续。 一、同意撤销中国人寿保险股份有限公司永安市支公司第九营销服务部。 2025年11月27日，国家金融监督管理总局三明监管分局发布批复称，《关于撤销中国人寿（601628）保 险股份有限公司永安市支公司第九营销服务部的请示》（国寿人险闽发〔2025〕600号）收悉。经审 核，现批复如下： ...

一、同意撤销中国人寿保险股份有限公司永安市支公司第十五营销服务部。 2025年11月27日，国家金融监督管理总局三明监管分局发布批复称，《关于撤销中国人寿（601628）保 险股份有限公司永安市支公司第十五营销服务部的请示》（国寿人险闽发〔2025〕598号）收悉。经审 核，现批复如下： 二、接此批复文件后，中国人寿保险股份有限公司永安市支公司第十五营销服务部应立即停止一切经营 活动，于15个工作日内向国家金融监督管理总局三明监管分局缴回许可证，并按照有关法律法规要求办 理相关手续。 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.68%, Green Power Environmental (01330) at 69.12%, and Da Zhong Public Utilities (01635) at 69.03% [1] - Alibaba-W (09988), Meituan-W (03690), and Pop Mart (09992) saw the largest increases in holding amounts over the last five trading days, with increases of +3.329 billion, +1.319 billion, and +1.060 billion respectively [1] - The largest decreases in holding amounts were observed in Zijin Mining (02899) at -861 million, SMIC (00981) at -815 million, and Lenovo Group (00992) at -430 million [1][2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 100.87 billion shares, 72.68% holding ratio [1] - Green Power Environmental (01330): 2.80 billion shares, 69.12% holding ratio [1] - Da Zhong Public Utilities (01635): 3.68 billion shares, 69.03% holding ratio [1] - Other notable companies include Haotian International Construction Investment (01341) at 68.75% and China Shenhua (01088) at 67.00% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988): +3.329 billion, +21.6752 million shares [1] - Meituan-W (03690): +1.319 billion, +13.7526 million shares [1] - Pop Mart (09992): +1.060 billion, +4.9058 million shares [1] - Other companies with significant increases include ZTE Corporation (00763) and China Merchants Bank (03968) [2] Recent Decreases in Holdings (Last 5 Trading Days) - Zijin Mining (02899): -861 million, -26.2640 million shares [2] - SMIC (00981): -815 million, -12.1252 million shares [2] - Lenovo Group (00992): -430 million, -43.6821 million shares [2] - Other companies with notable decreases include China Mobile (00941) and China Pacific Insurance (02328) [2]

经搜众君汇总国家金融监督管理局江苏监管局官网2025年11月份发布的行政许可批复文件得知，今年11月份，江苏有10位保险从业者任职资格获监管核 准，所涉岗位有：主要负责人、副总经理、董事、独立董事、总经理助理。 经搜众君汇总国家金融监督管理局江苏监管局官网2025年11月份发布的行政许可批复文件得知，今年11月份，江苏有10位保险从业者任职资格获监管核 准，所涉岗位有：主要负责人、副总经理、董事、独立董事、总经理助理。 行政许可批复主要信息如下： 11月10日，江苏金融监管局核准赵小勤中信保诚人寿保险有限公司江苏省分公司总经理助理的任职资格。 11月10日，江苏金融监管局核准宦刘庆中国人寿保险股份有限公司江苏省分公司副总经理的任职资格。 11月21日，江苏金融监管局核准俞永明陆家嘴国泰人寿保险有限责任公司江苏分公司副总经理的任职资格。 11月21日，江苏金融监管局核准鲁宁、蒋鸿雁、陈亮紫金财产保险股份有限公司董事的任职资格，核准张婉苏、杨炳生紫金财产保险股份有限公司独立董 事的任职资格。 11月21日，江苏金融监管局核准陈家悦中国人寿财产保险股份有限公司江苏省分公司总经理助理的任职资格。 11月25日，江苏金 ...

Core Viewpoint - China Life Insurance (Overseas) is actively providing financial support to clients affected by the fire in Tai Po, Hong Kong, by facilitating insurance policy loan applications and expediting claims processing [1] Group 1: Financial Support Initiatives - The company has completed its first insurance policy loan application related to the Tai Po fire incident to assist clients with urgent financial needs [1] - Estimated compensation amount for claims related to the incident has exceeded 1 million Hong Kong dollars [1] Group 2: Claims Processing and Support Services - A green claims channel was established immediately after the incident, following the principles of "pay as much as possible, pay quickly, and reasonable pre-compensation" to simplify the claims process [1] - The company has implemented various emergency support measures, including a 24-hour emergency support hotline and prioritizing claims for affected clients [1] Group 3: Employee Engagement and Community Support - The company encourages all employees to participate in voluntary blood donation and charity activities, with over 300 employees donating to the Hong Kong Chinese Enterprises Charity Fund [1] - Additional support measures include waiving administrative fees, providing financial assistance, emotional support, and emergency medical aid [1]

Core Insights - The long-term investment return assumption is a crucial parameter affecting the intrinsic value of life insurance companies, reflecting their expectations regarding capital market conditions and investment strategies. In 2024, most life insurance companies have lowered their long-term investment return assumption from 4.5% to 4.0% [9][11]. Investment Returns Analysis - From 2010 to 2024, listed life insurance companies had a total investment return that exceeded the long-term investment return assumption in only 5 out of 15 years, with the remaining 10 years showing negative deviations. The cumulative total investment return deviation for the industry is -0.38% [3][6][37]. - As of the first three quarters of 2025, the total investment return for the year is approximately 3.5%, slightly below the long-term investment return assumption of 4.0%. A strong performance in the fourth quarter could make 2025 the first year since 2020 to exceed the long-term investment return assumption [3][13]. Company-Specific Performance - In 2024, China Life's total investment return was 4.02%, while its comprehensive investment return was 5.94%, both exceeding the long-term investment return assumption of 4.0% [17][18]. - Ping An Life's total investment return for 2024 was 3.32%, with a comprehensive investment return of 7.25%, also above the long-term assumption [19][21]. - For 2024, Taikang Life's total investment return was 3.03%, while its comprehensive investment return was 7.33%, surpassing the long-term assumption [22][23]. - New China Life reported a total investment return of 3.56% and a comprehensive investment return of 6.84% for 2024, both exceeding the long-term assumption [24][25]. - PICC Life's total investment return was 3.70%, with a comprehensive investment return of 14.1%, significantly above the long-term assumption [28][29]. - AIA's estimated long-term investment return assumption for 2024 is 3.4%, which is below the 4.0% threshold, indicating a cautious outlook [30][33]. Summary of Deviations - The average deviation of total investment returns from long-term assumptions for the industry is -0.38%, while the average deviation for comprehensive investment returns is 0.66%. Companies like PICC Life and AIA show better performance with positive deviations [37][38].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index falling by 1.28% to close at 25,760.73 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index dropped by 1.68% and 1.58%, respectively [1][2]. Sector Performance - Major technology stocks and large financial stocks collectively dragged down market sentiment, with notable declines in companies like Bilibili (-3%), NetEase (-2.94%), and Alibaba (-2.17%) [4][5]. - The financial sector also faced losses, particularly in insurance stocks, with China Pacific Insurance down by 4% and China Life Insurance down by over 3% [6]. - The biopharmaceutical sector saw declines, with WuXi AppTec falling by over 3% and other major players like BeiGene and WuXi Biologics also experiencing losses [7]. Commodity and Other Stocks - In contrast, stocks in the non-ferrous metals and precious metals sectors performed well, with China Molybdenum and China Aluminum rising by over 2% [8]. - Airline stocks strengthened, with China Eastern Airlines and China Southern Airlines both gaining over 2%, supported by a new action plan promoting the integration of cultural tourism and civil aviation [9]. Capital Flows - Southbound capital saw a net inflow of 2.279 billion HKD, indicating continued interest in Hong Kong stocks from mainland investors [9]. Future Outlook - Analysts suggest that the current market adjustments may create opportunities for recovery in 2026, with expectations of a necessary interest rate cut in December due to rising unemployment and declining real wages [11].