Core Viewpoint - China Life Insurance leverages its comprehensive financial advantages and business synergy to provide a full range of financial and insurance services throughout the entire lifecycle, emphasizing its commitment to customer protection and service diversity [1][10]. Group 1: Comprehensive Financial Services - The company offers life insurance services covering health, retirement, medical, education, and accident insurance, while its property insurance services span various sectors from production to personal safety [1]. - China Life is implementing the "333 strategy" to enhance service diversity, inclusivity, and accessibility, aiming for a unified service approach under the motto "One China Life, One Lifetime of Protection" [1]. Group 2: Child Protection Initiatives - The "Worry-Free Childcare" initiative launched in 2024 provides dedicated insurance for childcare institutions in Guangdong, offering up to 100 million yuan in liability coverage for institutions and 10,000 yuan in personal accident medical insurance for each child [2]. - The company has expanded its coverage for children's insurance needs, providing approximately 1.8 trillion yuan in protection for about 27.3 million family members in 2024, and has developed products benefiting over 70 million children [3]. Group 3: Health and Medical Insurance - The "Great Love Without Borders" project, initiated in 2019, has insured 5.9 million people, with 2024 seeing approximately 1.14 million participants, covering 47% of the city's basic medical insurance population [4][5]. - The project also includes cancer screening initiatives, with plans to conduct at least 10,000 screenings for nasopharyngeal cancer in 2024 [5]. Group 4: Elderly Care and Support - The "Yikangbao" program provides 500 yuan monthly for long-term care for severely disabled elderly individuals, with over 56,300 beneficiaries and total payments of approximately 24.8 million yuan [7][8]. - The "Silver Age Safety" insurance project has been implemented for elderly individuals, covering over 90% of the elderly population in Guangdong, with total claims reaching 2.3 billion yuan [9]. Group 5: Support for New Employment Groups - In 2024, the company provided insurance coverage for over 34.47 million individuals in the "two new" employment groups, with property insurance covering nearly 160 billion yuan in risks [6]. Group 6: Commitment to Social Stability - China Life Insurance emphasizes its role as a stabilizing force in society, providing risk protection across all life stages and contributing to social development and the dignity of aging [10].

Core Viewpoint - The article highlights the development and impact of inclusive insurance products, particularly the "Hui Min Bao" initiative in various cities, which aims to provide affordable healthcare coverage to a broader population, especially vulnerable groups like the elderly and low-income individuals [1][2][4]. Group 1: Hui Min Bao Overview - "Hui Min Bao" is a government-guided, commercially operated insurance initiative that integrates with basic medical insurance, forming a multi-tiered medical security system [2]. - The "Sui Sui Kang" insurance product, launched in Guangzhou, has seen over 14.71 million participants and generated premiums exceeding 2.6 billion yuan, with total claims amounting to 2.14 billion yuan [2][4]. - The product is characterized by low entry barriers and high coverage levels, with minimal restrictions on residency, age, or pre-existing conditions, effectively reducing the financial burden on insured individuals [2][3]. Group 2: Targeted Services and Innovations - The "Yi Kang Bao" initiative in Jiangmen combines medical and nursing care, providing insurance benefits for elderly individuals with severe disabilities, with over 56,300 beneficiaries and total payouts around 24.8 million yuan [3]. - The "Da Ai Wu Jiang" project in Zhuhai extends medical insurance to include diverse health management services, saving approximately 42 million yuan in healthcare costs through early diagnosis and treatment initiatives [4]. - The "Yin Ling An Kang" program, initiated in Guangzhou, offers accident insurance for the elderly, with over 18.36 million participants and total claims exceeding 370 million yuan [5][6]. Group 3: Challenges and Future Directions - The insurance industry faces challenges in promoting inclusive insurance, including low consumer awareness and limited access in rural areas, which hinder the uptake of insurance products [8][9]. - The company is exploring various strategies to enhance the reach and effectiveness of inclusive insurance, such as leveraging technology for streamlined claims processes and increasing public awareness through educational initiatives [8][9]. - Future development of inclusive insurance will require stronger collaboration between government and enterprises, as well as improved data support to expand the insurable population [9].

丨证券研究报告丨 报告要点 [Table_Summary] 二季度政策端与市场交投趋势稳中向好，我们认为优质的非银行业红马当前仍有较高的配置性价比，从盈 利和分红的稳定性维度出发，推荐江苏金租、中国平安及中国财险。 分析师及联系人 [Table_Title] 当前还有哪些值得重视的红马？ 行业研究丨行业周报丨投资银行业与经纪业 [Table_Author] 吴一凡 谢宇尘 程泽宇 SFC：BUV596 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 此外，综合业绩弹性及估值分位，推荐新华保险、中国人寿、香港交易所、中信证券、东方财 富、同花顺、九方智投控股。 核心数据跟踪 行业：本周非银金融指数 0.2%，相对沪深 300 的超额收益为 1.3%，行业排名靠后（16/31）； 年初至今非银金融指数-7.2%，相对沪深 300 的超额收益为-4.8%，行业排名靠后（29/31）。 本周非银板块整体表现较强。 市场：市场热度有所回落，两市日均成交额 10,9 ...

Group 1 - FMR LLC increased its stake in China Life from 5.93% to 6.10% as of May 28 [1] - The average share price for this transaction was 16.0235 HKD [1]

非银行业周报 20250601 险资"长钱"持续入市 2025 年 06 月 01 日 ➢ 平安获批成立 300 亿私募基金，险资"长钱"持续入市，权益投资端有望充 分受益优质上市公司标的长期价值增长。根据财联社报道，平安资管近期获批成 立恒毅持盈(深圳)私募基金管理有限公司，注册资本 3 亿元，将作为基金管理人 向平安人寿定向发行契约型私募证券投资基金，首期基金规模 300 亿元。基金投 向主要是符合政策导向和险资配置需要的优质上市公司。近期先资持续推进险资 长期投资试点，如泰康发起成立稳行私募基金（首期规模 120 亿）和阳光保险发 起成立阳光和远私募（总规模 200 亿），有望聚焦境内市场和中国香港市场的优 质上市公司，在合理管控风险的前提下实现基金的中长期稳健增值，利率中枢下 行背景下权益投资有望贡献投资收益弹性，更好地实现资产负债匹配。 ➢ 人身险保费持续回暖，银行存款利率"破 1"背景下，保险产品需求有望持 续回暖。国家金融监管总局发布保险行业前 4 月保费数据，人身险行业 2025 年 1-4 月实现累计保费收入 19496 亿元，同比+1.3%，今年以来累计保费同比增速 首度转正。近期六大国有 ...

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Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The Hong Kong Stock Exchange is expected to benefit from the expansion of the asset side, with an increase in trading activity due to leading A-share companies listing in Hong Kong and quality Chinese concept stocks returning to the Hong Kong market [3] - There are signs of relaxation in the private placement of securities firms, with recent approvals for capital increases focusing on supporting the real economy [4] - The insurance sector is likely to see a reduction in liability costs due to the recent decrease in LPR and deposit rates, which may lead to a further decline in the preset interest rates of insurance products [5] Summary by Sections Non-Bank Financial - The report maintains a positive outlook on the non-bank financial sector, highlighting the potential for growth driven by market activity and regulatory support [1][3] Securities Firms - Daily average stock fund transaction volume was 1.31 trillion, down 5.6% week-on-week, but up 50% year-on-year, indicating a robust market despite recent fluctuations [4] - The China Securities Association is developing evaluation methods for securities firms to enhance their functions, with a significant focus on technology finance [4] - Valuations and institutional holdings in the securities sector are currently low, suggesting potential opportunities for growth [4] Insurance - The recent adjustments in LPR and deposit rates are expected to lower the cost of liabilities for insurance companies, which may enhance their operational quality [5] - The insurance sector is projected to experience a decline in new business value growth compared to 2024, but overall operational quality is expected to improve [5] Recommended and Benefiting Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Stock Exchange, and China Pacific Insurance [6] - Benefiting stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The Hong Kong Stock Exchange is expected to benefit from the expansion of the asset side, with an increase in trading activity due to leading A-share companies listing in Hong Kong and quality Chinese concept stocks returning to the Hong Kong market [3][4] - The report highlights the recent relaxation of regulations regarding securities firms' private placements, with a focus on financing for sectors related to the real economy [4] - The insurance sector is anticipated to see a reduction in liability costs due to the recent decrease in LPR and deposit rates, which may lead to a further decline in the preset interest rates for insurance products [5] Summary by Sections Non-Bank Financial - The report indicates a positive outlook for the non-bank financial sector, with a focus on the benefits from the expansion of the asset side in the Hong Kong market [3][4] Securities Firms - The average daily trading volume for stock funds was 1.31 trillion, a decrease of 5.6% week-on-week, but a year-on-year increase of 50% [4] - The China Securities Association is developing a special evaluation method for securities firms, emphasizing support for technology-driven enterprises [4] - The report suggests that the valuation of the securities sector is currently low, and there are opportunities for growth due to continued macroeconomic support for the stock market [4] Insurance - The recent adjustments in LPR and deposit rates are expected to lower the cost of liabilities for insurance companies, potentially leading to improved operational quality [5] - The report anticipates a decline in new business value growth compared to 2024, but an overall improvement in operational quality is expected [5] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Stock Exchange, and China Pacific Insurance [6] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a potential increase of over 15% relative to the benchmark index [6]. Core Insights - The insurance industry has shown signs of recovery, with total premium income for the first four months of 2025 reaching CNY 25,955 billion, a year-on-year increase of 2.3%. The premium income for April alone was CNY 4,210 billion, up 9.6% year-on-year [3]. - Life insurance has transitioned to positive growth, driven by the launch of dividend and annuity products in April, alongside a shift in distribution channels towards long-term savings products. Health insurance, while experiencing short-term fluctuations, is expected to maintain long-term growth [4]. - The property insurance sector has benefited from increased auto sales, with premiums from auto insurance and non-auto insurance reaching CNY 2,967 billion and CNY 3,519 billion respectively in the first four months of 2025, reflecting year-on-year growth of 4.3% and 5.9% [5]. Summary by Sections Life Insurance - Life insurance premiums for January to April 2025 totaled CNY 16,061 billion, a year-on-year increase of 1.2%. In April, the premium income was CNY 2,229 billion, up 16.8% year-on-year [4]. - The health insurance segment reported premiums of CNY 3,255 billion for the first four months, with a slight year-on-year increase of 2.4%. However, April saw a decline of 2.9% year-on-year [4]. Investment Products - New contributions to policyholder investment funds showed signs of recovery, with total contributions of CNY 3,076 billion from January to April, down 4.8% year-on-year, but April alone saw a 16.3% increase [5]. - The independent accounts of investment-linked insurance products reported stable contributions of CNY 49 billion, indicating a need for improved market conditions to enhance customer risk appetite [5]. Property Insurance - The property insurance sector's performance was bolstered by strong auto sales, with total premiums reaching CNY 2,967 billion for auto insurance and CNY 3,519 billion for non-auto insurance in the first four months of 2025 [5]. - The report highlights that the growth in non-auto insurance was primarily driven by liability, health, and accident insurance, with April premiums increasing by 8.9%, 14.7%, and 27.8% respectively [5]. Future Outlook - The report anticipates that life insurance will gradually emerge from its adjustment phase, focusing on high-quality development in a low-interest-rate environment. Property insurance will aim for a balance between scale and value [7]. - Investment suggestions include focusing on companies like China Pacific Insurance, New China Life, China Life, Ping An Insurance, Sunshine Insurance, and China Property Insurance, which are expected to benefit from improving product structures and market conditions [7].

Group 1 - The core viewpoint emphasizes the importance of rural revitalization through industry, livelihood, and talent support, with a focus on sustainable development in Yunnan Province [3][4] - The company has invested 404,200 yuan in 2024 to support the full industrial chain of black-boned chickens, benefiting over 800 farmers and generating 38,000 yuan in collective dividends [2] - A total of 12 skill training sessions were organized, covering 280 participants and cultivating 37 leading figures in wealth creation [2] Group 2 - The company has conducted 21 environmental sanitation activities and visited 126 underprivileged individuals to promote the construction of beautiful and livable villages [2] - The company plans to introduce deep processing enterprises and expand e-commerce sales channels to enhance the sustainable development of local agricultural products [4] - A collaborative mechanism of "insurance + meteorology + emergency" will be established to provide customized risk management services for new agricultural entities [4]