Core Viewpoint - China Life Group held its 2026 work meeting and disciplinary inspection meeting, highlighting significant growth in various financial metrics for 2025 [1] Financial Performance - In 2025, China Life Group reported a consolidated operating revenue of 1.28 trillion yuan, an increase of 11.3% year-on-year [1] - The consolidated premium income reached 887.4 billion yuan, reflecting a year-on-year growth of 7.4% [1] - Consolidated investment income was 401.1 billion yuan, showing a substantial increase of 17.6% compared to the previous year [1] - The consolidated net profit saw a significant increase, although specific figures were not disclosed [1] - Total consolidated assets amounted to 8.56 trillion yuan, marking a year-on-year growth of 14.4% [1] - The management asset scale reached 17.5 trillion yuan, with an 11% year-on-year increase [1] Economic Impact - China Life Group's role as an economic stabilizer and social stabilizer has been enhanced, providing risk protection amounting to over 1,400 trillion yuan [1] - Investment services to the real economy increased by 800 billion yuan, totaling 5.4 trillion yuan [1]

会议指出，2025年，全系统真抓实干、攻坚克难，集团"333战略"平稳起步，以最佳业绩实现"十四 五"顺利收官，为开创"十五五"高质量发展新局面打下坚实基础。持续加强党的全面领导，进一步健全 学习贯彻重要指示批示精神闭环落实机制，党建工作系统构建，形成全新格局。经营绩效再创新高，集 团合并营业收入1.28万亿元，同比增长11.3%；合并保费收入8874亿元，同比增长7.4%；合并投资收益 4011亿元，同比增长17.6%；合并净利润大幅增长；合并总资产8.56万亿元，同比增长14.4%；管理资产 规模17.5万亿元，同比增长11%。经济减震器和社会稳定器功能更好发挥，为经济社会提供风险保障金 额超1400万亿元，投资服务实体经济增加8000亿元达到5.4万亿元。风险防控有力有序有效，寿险公 司、财险公司、养老险公司风险综合评级，资产公司年度监管评级均获行业最高等级。 会议强调，中国人寿全系统要自觉把思想和行动统一到党中央对形势的科学判断和决策部署上来，全面 推进数智变革，着力塑造未来国寿，纵深推进集团"333战略"全面突破。以科技为支撑、以场景为牵 引、以价值为导向，统筹技术创新与运营升级，统筹自主可控与开放 ...

Group 1 - Ping An Life increased its stake in China Life by acquiring 11.891 million H-shares at an average price of HKD 32.0553 per share, totaling approximately HKD 381 million, raising its holding to 681 million shares, or 9.14% of the total [1] - This is not the first time Ping An Life has increased its stake in China Life, having previously crossed the 5% threshold in August 2025 and continued to accumulate shares thereafter [1] - In addition to China Life, Ping An Life has also increased its holdings in China Pacific Insurance, acquiring 1.7414 million H-shares at an average price of HKD 32.0655, raising its stake from 4.98% to 5.04% [1] Group 2 - The head of non-bank financial industry research at Guosen Securities noted that "insurance stake acquisitions" are based on the logic of expanding dividend assets, indicating three key signals: insurance stocks have medium to long-term valuation recovery potential, enhanced high-dividend strategies, and improved asset-liability linkage efficiency under new standards [2] - Ping An Life's investment strategy extends beyond the insurance sector, having made multiple stake acquisitions in major state-owned banks, including Agricultural Bank and China Merchants Bank, with ownership percentages surpassing 5%, 10%, 15%, and 20% [2] - The co-CEO of China Ping An emphasized the importance of understanding the investment strategy rather than focusing solely on stake acquisitions, highlighting the need for asset-liability matching in their investment approach [2] Group 3 - Ping An Life follows a "three criteria" principle for investments: reliable operations, expected growth, and sustainable dividends, which are core standards for evaluating long-term stock holdings [3] - The demand for insurance stake acquisitions can be categorized into two types: one based on dividend yield focusing on stable cash flow expectations, and the other based on ROE targeting state-owned enterprises with mature profit models [3] - The trend of insurance stake acquisitions is expected to continue into 2026, with ongoing market demand for both types of investment strategies [4]

Core Viewpoint - The demand for dividend-type annuity insurance is increasing due to population aging and the need for family wealth management, positioning it as a crucial tool for retirement planning [1][4] Product Offerings - China Life Insurance Company has launched two new dividend-type annuity insurance products: GuoShou XinHongFu Annuity Insurance and GuoShou XinHongLi Annuity Insurance, targeting individuals aged 28 days to 75 years [1][4] - These products combine guaranteed benefits with floating returns, providing a stable income source while allowing policyholders to share in the company's profits [1][4] Product Features - GuoShou XinHongFu Annuity Insurance offers special survival benefits, annual pension payments, and maturity benefits, enhancing the quality of life for retirees [5] - GuoShou XinHongLi Annuity Insurance shares similar features, including special survival benefits and the right to participate in profit sharing, although the distribution of dividends is uncertain [5] Company Performance - In the first three quarters of 2025, China Life reported a net profit exceeding 167.8 billion yuan, a 60.5% increase year-on-year, with total assets reaching 7.417981 trillion yuan [8] - The company maintained an A-class risk rating for 30 consecutive quarters, with total premiums exceeding 700 billion yuan by November 30, 2025 [8][9] Commitment to Customers - China Life aims to provide high-quality insurance products and services, focusing on enhancing the well-being and security of its customers [8]

该行指出，国寿目前估值相当于未来于12个股价对内含价值0.5倍及市账率1.22倍，估值具吸引力，重申 其为内地存款"搬家"及股市上涨趋势的主要受益者。 该行分析，中国人寿2025年新业务价值预计增长35%，但对比前九个月42%的增速，去年第四季度增长 动能有所减弱。这主要由于部分需求已在8月底定价利率下调前提前释放，同时部分省级分公司在达成 全年目标后，优先为2026年开门红销售进行准备。瑞银认为，相关准备工作将推动公司于1月份实现强 劲的新业务增长，尤其在银行保险渠道方面表现值得期待。 智通财经APP获悉，瑞银发布研报称，将中国人寿(02628)目标价从29港元大幅上调至42港元，维持"买 入"评级。此次上调主要基于三大理由：新业务价值增长前景改善、宏观条件有利带动内含价值预测上 调(上调对其寿险业务股价对内含价值预测由0.45倍升至0.6倍)，以及估值基准更新至2026年。 ...

每经AI快讯，港股内险股震荡走高，截至发稿，新华保险(01336.HK)涨3.48%，报65.4港元；中国太保 (02601.HK)涨3.48%，报39.9港元；中国平安(02318.HK)涨3.03%，报73.1港元；中国人寿(02628.HK)涨 1.02%，报35.54港元。 ...

消息面上，2026年以来，银行超50万亿元的天量高息定期存款到期，资金流向成为市场热议的话题。东 海证券指，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销售火 热，头部险企新单保费增速亮眼。该行预计，在居民稳健理财需求持续释放、银保渠道产能进一步兑现 的支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长 动能将持续领先行业。 华创证券指出，着眼短期，预计上市险企2025年业绩预增可期，或主要受投资端业绩驱动。把握中期， 2026年上半年基数压力相对较小，权益市场活跃+负债端欣欣向荣，有望驱动业绩超预期。放眼长远， 当前长端利率企稳趋势明显，利差损压力大幅减轻，该行认为PEV估值或有望向1x修复，居民挪储或带 动NBV强劲增长，或驱动部分优质龙头险企PEV估值提升至1x以上。 内险股震荡走高，截至发稿，新华保险（601336）(01336)涨3.48%，报65.4港元；中国太保（601601） (02601)涨3.48%，报39.9港元；中国平安（601318）(02318)涨3.03%，报73.1港元；中国人寿（601628） (02 ...

华创证券指出，着眼短期，预计上市险企2025年业绩预增可期，或主要受投资端业绩驱动。把握中期， 2026年上半年基数压力相对较小，权益市场活跃+负债端欣欣向荣，有望驱动业绩超预期。放眼长远， 当前长端利率企稳趋势明显，利差损压力大幅减轻，该行认为PEV估值或有望向1x修复，居民挪储或带 动NBV强劲增长，或驱动部分优质龙头险企PEV估值提升至1x以上。 智通财经APP获悉，内险股震荡走高，截至发稿，新华保险(01336)涨3.48%，报65.4港元；中国太保 (02601)涨3.48%，报39.9港元；中国平安(02318)涨3.03%，报73.1港元；中国人寿(02628)涨1.02%，报 35.54港元。 消息面上，2026年以来，银行超50万亿元的天量高息定期存款到期，资金流向成为市场热议的话题。东 海证券指，受存款搬家催化，以及权益市场提振带动分红险保险竞争力提升，2026保险"开门红"销售火 热，头部险企新单保费增速亮眼。该行预计，在居民稳健理财需求持续释放、银保渠道产能进一步兑现 的支撑下，"开门红"期间行业整体保费规模将保持高增态势，头部险企凭借渠道与产品优势，保费增长 动能将持续领先行业。 ...

Core Insights - The aging population and the increasing demand for wealth management are driving the growth of dividend-type annuity insurance as a key tool for retirement planning [1] - China Life Insurance Company has launched two new dividend-type annuity insurance products, namely GuoShou XinHongFu and GuoShou XinHongLi, aimed at providing a combination of guaranteed benefits and floating returns [1][3] Product Overview - GuoShou XinHongFu Annuity Insurance is designed to protect the elderly by offering special survival benefits and annual pension payments, ensuring a quality retirement life [3][8] - The product is available for individuals aged between 28 days and 75 years, and it provides a maturity benefit based on the total premiums paid, excluding interest [3][8] - GuoShou XinHongLi Annuity Insurance shares similar features with GuoShou XinHongFu, including special survival benefits, pension payments, maturity benefits, and death benefits, along with the opportunity for policyholders to share in the company's profits through dividend distribution [8] Company Performance - China Life reported a net profit of over 167.8 billion yuan for the first three quarters of 2025, marking a 60.5% increase year-on-year [8] - The company's total assets reached 74,179.81 billion yuan, with investment assets growing by 10.2% compared to the end of 2024 [8] - The company has maintained an A-class risk rating for 30 consecutive quarters and achieved a comprehensive solvency adequacy ratio of 183.94% as of the third quarter of 2025 [9]

瑞银发表报告，将中国人寿目标价从29港元大幅上调至42港元，维持"买入"评级。此次上调主要基于三 大理由：新业务价值增长前景改善、宏观条件有利带动内含价值预测上调(上调对其寿险业务股价对内 含价值预测由0.45倍升至0.6倍)，以及估值基准更新至2026年。该行指出，国寿目前估值相当于未来于 12个股价对内含价值0.5倍及市账率1.22倍，估值具吸引力，重申其为内地"存款搬家"及股市上涨趋势的 主要受益者。 ...