股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人壽保險股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02628 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,441,175,000 | RMB | | 1 | RMB | | 7,441,175,000 | FF301 第 1 ...

中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.90%, Green Power Environmental (01330) at 68.72%, and Haotian International Construction Investment (01341) at 67.17% [1] - The latest holding ratio rankings for the top 20 companies in Hong Kong Stock Connect show significant ownership levels, with China Telecom leading at 98.40 billion shares [1] - The largest increases in holding amounts over the last five trading days were seen in Tencent Holdings (00700) with an increase of 3.236 billion yuan, Pop Mart (09992) with 1.836 billion yuan, and China Life (02628) with 867 million yuan [1] Group 2 - The largest decreases in holding amounts over the last five trading days were recorded for the Tracker Fund of Hong Kong (02800) with a decrease of 5.224 billion yuan, China Mobile (00941) with 2.977 billion yuan, and Zijin Mining (02899) with 2.691 billion yuan [3] - The data indicates significant trading activity in the Hong Kong Stock Connect market, reflecting investor sentiment and potential shifts in portfolio allocations [1][3]

在净流入比方面，南方东西精选（03441）、中国中药（00570）、百奥赛图-B（02315）以51.51%、 44.99%、44.77%位列市场前三。 在净流出比方面，广深铁路股份（00525）、华新建材（06655）、昆仑能源（00135） 以-57.47%、-54.93%、-53.60%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 腾讯控股(00700) | 12.07 亿 | 7.63% | 621.000（+2.31%） | | 泡泡玛特(09992) | 7.42 亿 | 14.21% | 231.400（+7.03%） | | 中国人寿(02628) | 5.66 亿 | 16.39% | 35.180（+3.17%） | | 长飞光纤光缆(06869) | 3.69 亿 | 10.82% | 75.200（+15.43%） | | 金山云(03896) | 3.45 亿 | 18.68% | 7.810（+3.44%） | | 蜜雪集团(02097) | 3.31 亿 | 25.73 ...

其中，中国人寿将与关联方国寿启远于2026年9月30日前订立合伙协议，共同设立北京国寿养老产业股 权投资基金二期（有限合伙），基金认缴出资总额达85亿元。出资结构上，中国人寿作为有限合伙人认 缴84.915亿元，国寿启远作为普通合伙人认缴850万元，双方将按约定分期缴付出资。该基金由国寿股 权担任管理人，后者为中国人寿控股股东集团公司的间接全资子公司，拥有保险资金私募股权基金管理 人资质，截至2025年8月末管理基金规模已达420亿元，在医疗健康、银发经济领域具备深厚投资经验。 与此同时，中国人寿同步披露另一项重磅投资，拟与浦东创投、国投先导等多方联合设立汇智长三角 （上海）私募基金合伙企业，基金认缴出资总额50.515亿元，其中中国人寿认缴40亿元，占比近80%。 该基金由国寿资本担任管理人，而国寿资本是中国人寿旗下专业另类投资平台国寿投资的100%控股子 公司，作为专注新经济的基金管理平台，其管理基金及产品超30只，累计签约规模超2100亿元，具备成 熟的科创领域投资能力。 近日，中国人寿（601628.SH）接连发布两则公告，宣布拟投资设立一只养老产业股权投资基金和一只 长三角私募基金，直接认缴出资额合 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The report discusses the upcoming capital injection into large state-owned insurance companies, which is expected to enhance the strength of leading insurers amid industry consolidation [5] - It highlights that the estimated capital injection scale is around 200 billion yuan, which will significantly improve the solvency ratios of the involved companies [5] - The report emphasizes the importance of monitoring the pricing of the capital increase and its impact on book value per share (BVPS) and embedded value per share (EVPS) [5] Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 37,190.62 billion yuan, with the same amount for circulating market capitalization [2] Capital Injection Details - The report anticipates that the capital injection will be approximately 200 billion yuan, which will account for about 16.5% of the expected net assets of China Life, China Ping An, and China Taiping by the end of 2026 [5][8] - The solvency ratio is expected to improve by approximately 23 basis points due to this capital injection [5][8] Investment Recommendations - The report suggests that investors should focus on the pricing of the capital increase and its effects on BVPS and EVPS [5] - It reiterates the investment value of the insurance sector, highlighting companies such as China Taiping, China Ping An, China Life, New China Life, and China Pacific Insurance as key focuses [5]

Report Industry Investment Rating - Not provided in the content Core Views of the Report - The new "Insurance Company Asset - Liability Management Measures (Draft for Comment)" has five major changes, aiming to strengthen the supervision of insurance companies' asset - liability management and guide long - term operations [2]. - In 25Q3, the solvency indicators of the insurance industry declined, mainly due to the increase in equity capital occupation and the pressure on both the asset and liability sides [2]. - The rise in long - term bond yields and the good performance of the A - share market in 25Q3 improved the investment returns of the insurance industry and reduced industry risks, but the credit risks of some under - performing insurers need attention [2]. - Large - scale life insurance companies have an advantage in scale premium growth, while small and medium - sized insurers show significant differentiation [2]. - The issuance scale of insurance sub - debt has shrunk [2]. Summary by Relevant Catalogs New "Insurance Company Asset - Liability Management Measures (Draft for Comment)" - **Five major changes**: System integration, organizational framework improvement, clear regulatory indicators, optimized indicator calculation methods, and improved regulatory measures [2][4]. - **Regulatory indicators for property insurance companies**: Precipitation fund coverage ratio to prevent short - term fund long - term investment, income coverage ratio and pressure - scenario liquidity coverage ratio to guide long - term operations [2][5]. - **Regulatory indicators for life insurance companies**: Effective duration gap to prevent asset - liability table fluctuations, comprehensive investment income coverage ratio and net investment income coverage ratio to guide long - term operations [2][5]. 25Q3 Insurance Industry Solvency - **Solvency indicators**: The comprehensive solvency ratio was 186.3% and the core solvency ratio was 134.3%, down 18.2 and 13.5 percentage points respectively from 25Q2, mainly due to the decline of life insurance companies [2]. - **Reasons for the decline**: Increased equity asset allocation, higher risk factors for equity assets under the new rules, and pressure on both the asset and liability sides [2]. 25Q3 Insurance Industry Investment and Profit - **Investment returns**: The rise in long - term bond yields and the good performance of the A - share market improved investment returns, with the total net profit of most insurers with outstanding insurance sub - debt increasing from 92.7 billion yuan in Q2 to 246.9 billion yuan in Q3 [2][24]. - **Profit differentiation**: Among 41 insurers with available data and outstanding insurance sub - debt, property insurance companies' net profit decreased by 3.306 billion yuan in 25Q3, while life insurance companies' net profit increased by 155.65 billion yuan [2]. Scale Premium Growth of Insurance Companies - **Large - scale life insurance companies**: As of 25Q3, China Post Life and New China Life had year - on - year scale premium growth rates of 18.65% and 17.96% respectively, showing relatively high and stable growth [2]. - **Small and medium - sized life insurance companies**: There was significant differentiation, with some companies having high growth rates and others having negative growth [2]. Insurance Sub - debt Issuance - **Issuance scale**: In 2024, 117.5 billion yuan of insurance sub - debt was issued, with 57.3 billion yuan in 24Q3. In 2025, 104.2 billion yuan was issued, a 11.3% year - on - year decrease. As of January 22, 2026, only 5 billion yuan was issued [2]. Investment Recommendations - Screened state - owned and central - owned enterprise insurance company sub - debt with a valuation yield > 2.2%, core solvency ratio > 100%, comprehensive solvency ratio > 150%, and risk comprehensive rating of BBB or above, such as 24 China Property Insurance Capital Supplementary Bond, 25 Great Wall Life Perpetual Bond 01, etc. [3]

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

Company Overview - China Life Insurance Company Limited is a major state-owned insurance company in China, employing nearly 100,000 individuals, including 7,586 with postgraduate degrees and 71,710 with bachelor's degrees [4] Recruitment Incident - A jobseeker shared an experience online where a recruiter from China Life made excessive demands, stating that the applicant "did not deserve weekends off" due to their limited qualifications [2][3] - The incident occurred on the job platform Boss Zhipin, which specializes in online recruitment and is publicly listed [2] Response and Consequences - Following the viral nature of the conversation, Boss Zhipin issued a statement on January 19, indicating that the recruiter had made inappropriate remarks and received a formal warning [3] - China Life confirmed that the matter is under investigation, highlighting the scrutiny faced by the company due to the recruiter's actions [3]

一、同意中国人寿保险股份有限公司大冶支公司灵乡营业部将营业场所变更为：湖北省黄石市大冶市灵 乡镇宫台村灵乡大道东153号。 二、中国人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年1月30日，国家金融监督管理总局黄石监管分局发布批复称，《关于中国人寿（601628）保险股 份有限公司大冶市支公司灵乡营业部机构变更营业场所的请示》(国寿人险鄂黄石发〔2026〕1号)收 悉。经审核，现批复如下： ...