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: 2025年12月1日 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: 2025年11月30日 狀態: 新提交 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 | | 2. 股份分 ...

Summary of Key Points Core Viewpoint - China Life Insurance has faced multiple administrative penalties for various violations, including misleading policyholders and providing benefits outside of insurance contracts, resulting in significant fines across several branches [2][3][4][5]. Group 1: Administrative Penalties - China Life Insurance's Quanzhou branch was fined a total of 330,000 yuan for deceiving policyholders and making misleading comparisons between insurance terms and bank deposit rates [2][3]. - The head of the Quanzhou branch's marketing department, Chen Zhenyi, received a warning and was fined 97,000 yuan for his role in the violations [2][3]. - The Anxi branch was fined 100,000 yuan for inaccurate financial data, with the head, Zheng Zhirong, receiving a warning and a fine of 11,000 yuan [4]. - The Nan'an branch was penalized 180,000 yuan for similar financial inaccuracies, with manager Dai Peikun fined 30,000 yuan [4]. - The Yongchun branch faced an 110,000 yuan fine for untrue financial data, with the manager receiving a warning and a fine of 13,000 yuan [4]. - The Quanzhou district branch was fined 140,000 yuan for providing benefits outside of the contract, with deputy manager Pan Jinbian fined 45,000 yuan [4]. - The second marketing service department of the Nan'an branch was fined 120,000 yuan for inaccurate financial data, with manager Liu Jianfeng receiving a warning and a fine of 16,000 yuan [5].

Core Viewpoint - The insurance industry in Hong Kong has rapidly mobilized to support rescue and recovery efforts following a severe fire incident in Tai Po, demonstrating its role as an economic stabilizer and social safety net through emergency response measures and significant financial contributions [1][4]. Group 1: Emergency Response Actions - Multiple insurance companies, including China Life, China Pacific, and Taikang Insurance, activated emergency response plans immediately after the fire, establishing management teams and simplifying claims processes to ensure rapid support for affected clients [2][3]. - China Life's overseas branch initiated emergency claims services, proactively contacting policyholders to ensure timely assistance [2]. - China Taiping Insurance quickly identified affected clients and established a claims hotline, demonstrating a commitment to rapid response and support [3]. Group 2: Financial Contributions - Insurance institutions have collectively donated over 60 million HKD to aid in rescue efforts, with AIA Hong Kong contributing 20 million HKD for emergency assistance and community recovery [4][6]. - China Ping An announced a donation of 10 million HKD for emergency relief and recovery efforts, emphasizing its commitment to supporting affected communities [4][5]. - Taikang Insurance pledged 10 million RMB for urgent relief and community rebuilding, showcasing the industry's solidarity with the affected population [6]. Group 3: Reinsurance Support - Reinsurance companies, such as China Re, played a crucial role in stabilizing market confidence by providing essential support for local insurers in managing disaster-related claims [7][8]. - China Re activated its emergency response mechanism to assist direct insurers in assessing losses and expediting claims processes, reinforcing the insurance system's resilience [7]. - Qianhai Reinsurance established a dedicated task force to support claims services and ensure timely compensation for affected areas, enhancing the overall response capability of the insurance sector [8].

11月27日至28日，由省委金融办、省发展改革委、省民政厅、省金融监管局联合主办，陕西丝路金 融研究院协办的2025年陕西省"险资入陕"交流观摩活动在西安举办。 11月28日，险资机构投资团队分赴西安市丝路科学城、集成电路创新中心、陕西空天动力创新中 心、曲江文旅产业园区、龙腾半导体项目基地、西安财金投资管理公司等重点园区与企业实地考察，深 入了解项目融资需求，推动产投合作加快落地。 保险资金作为天然的"耐心资本"，具有规模大、期限长、来源稳等显著优势，在服务国家战略、支 持实体经济和保障国计民生中发挥着重要作用。省委金融办相关负责人表示，将联合省发展改革委、省 民政厅、陕西金融监管局等部门，持续加大工作力度，进一步畅通资本与项目合作渠道，推动保险资金 与陕西优质项目深度对接，为谱写陕西新篇、争做西部示范注入强劲金融动能。（记者：孙丹） 在2025年陕西省"险资入陕"交流大会上，政府有关部门负责人、险资机构代表以及省内高端制造、 能源化工、文化旅游等重点领域的产业园区、重点企业和上市后备企业负责人共计300余人参会。人保 资本保险资产管理公司、中保投资公司、太平洋资产管理公司等头部险资机构专家围绕保险资金支持 ...

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Views - The insurance sector is preparing actively for the 2026 "opening red" period, with a focus on dividend insurance products, which are expected to outperform traditional insurance due to higher yield rates [6] - The brokerage sector continues to show high profitability, with wealth management, investment banking, and overseas business expected to drive earnings improvement [5][7] - The long-term interest rates are stabilizing at the bottom, which is expected to support the asset side logic and improve the liability cost for insurance companies [6] Summary by Sections Insurance Sector - The insurance companies are gearing up for the 2026 "opening red" with dividend insurance becoming the main product, offering a yield rate significantly higher than traditional insurance [6] - The market share of listed insurance companies is expected to increase due to the expansion of bank insurance channels and the release of "storage demand" [6] - The overall outlook for the liability side is optimistic, with potential improvements in the value rate of dividend insurance supported by rate adjustments and structural optimization [6] Brokerage Sector - The average daily trading volume of stock funds from January to November increased by 77.1% year-on-year, indicating strong market activity [7] - The China Securities Regulatory Commission has proposed to include commercial real estate in the public REITs pilot program, which is expected to enhance the market for REITs [7] - Major brokerage firms are expected to see significant ROE expansion under the current growth-oriented strategy, with low valuations presenting strategic allocation opportunities [7] Recommended Stocks - Recommended stocks include China Pacific Insurance, Ping An Insurance, China Life Insurance H, Huatai Securities, Guotai Junan, and others [8]

Core Insights - China Life Property & Casualty Insurance in Rizhao City has efficiently completed compensation for 35,200 acres of disaster-affected autumn grain, disbursing 7.8411 million yuan to 19,377 affected farmers, which is 52 days earlier than last year, providing strong financial support for autumn planting [1][3] - The company has established a comprehensive risk protection system for grain production, including innovative insurance solutions covering the entire lifecycle of crops, and has initiated commercial insurance products alongside policy-based insurance [3][4] Group 1 - The company has implemented an emergency response mechanism to enhance the efficiency of autumn grain compensation, including simplified claims processes and point-to-point services [1][2] - A "Party Member Pioneer Harvest Team" has been formed to assist farmers in harvesting autumn grain and preparing for winter wheat planting, while also establishing an information-sharing mechanism with local agricultural and meteorological departments [2][3] - The company has adopted a technology-driven approach for claims assessment, utilizing satellite remote sensing, drone aerial photography, and on-site inspections to improve efficiency and ensure fair compensation [2][3] Group 2 - The company has shifted its focus to risk protection for winter wheat, implementing measures such as improved insurance plans, pest monitoring, and expert guidance for field management to ensure increased summer grain production and food security [4] - The company has expedited the compensation process, starting payments on October 14, significantly ahead of the usual timeline, to support farmers before the autumn planting season [3] - The company aims to minimize disaster losses while ensuring fair and timely compensation, thereby reinforcing the food security defense line [3]

Core Viewpoint - The core viewpoint emphasizes the importance of inclusive finance in ensuring that the benefits of reform and development are equitably shared among all people, particularly through targeted financial services for vulnerable groups and small and micro enterprises [1] Group 1: Inclusive Financial Services - China Life Insurance Group has been actively enhancing the diversity, inclusiveness, and accessibility of financial services, focusing on key areas such as vulnerable groups, small and micro enterprises, and rural revitalization [1] - The "Women's Health Insurance" program, launched in collaboration with the All-China Women's Federation, allows women to obtain specific disease coverage with low premiums, ensuring affordability and timely payouts [2] - The company has developed various inclusive insurance products, including critical illness insurance and long-term care insurance, and has participated in over 200 critical illness insurance projects [2] Group 2: Support for Specific Groups - China Life's property insurance company has launched the "Military Care" project, providing risk protection for over 18.27 million veterans and their families, amounting to nearly 61 trillion yuan in risk coverage [3] - The "Worker Care" project has provided risk protection for nearly 1.3 million workers and their families, totaling over 3.8 trillion yuan in coverage [3] Group 3: Support for Small and Micro Enterprises - China Life's subsidiary, Guangfa Bank, has tailored personalized credit solutions for small and micro enterprises, exemplified by a 3-day approval process for a 3.28 million yuan loan to a high-tech company [4][5] - The bank's inclusive small and micro enterprise loans grew by approximately 5.9% by the end of the third quarter of 2025, with a weighted average interest rate decrease of 36 basis points compared to the beginning of the year [5] Group 4: Agricultural Insurance Initiatives - The introduction of commercial fruit tree comprehensive meteorological index insurance has provided farmers with confidence and protection against adverse weather conditions, covering over 40,000 acres with risk protection exceeding 35 million yuan [6] - China Life has provided risk protection for over 100 million acres of major crops, including rice, wheat, and corn, with total risk coverage exceeding 100 billion yuan [7]

Regulatory Dynamics - The China Insurance Asset Management Association has been renamed to include "Bank," marking a new phase in self-regulation for the banking and insurance asset management industry [8] - Beijing has upgraded vehicle insurance real-name authentication to a dual-factor verification system using "facial recognition + mobile verification" [9] - The Beijing Financial Regulatory Bureau reported that the insurance depth and density in the region remain the highest in the country [10] - Shenzhen's insurance industry reported a premium income growth rate of 12.2% in the first ten months, leading among first-tier cities [12] - Guangdong supports insurance funds to legally increase equity investment ratios and actively participate in merger and acquisition projects [13] - Shaanxi has established mechanisms to support insurance funds in setting up private equity venture capital funds [14] Company Dynamics - Taikang Life has increased its stake in Hong Kong-listed Fuhong Hanlin by purchasing 51,850 shares, raising its holding to 5.26% [16] - China Life has increased its stake in China National Railway Signal & Communication by 115,800 shares [17] - Dajia Life has invested over 20 billion in the Huage Nengrong (Shenzhen) Expressway [18] - China Life and Cainiao have jointly established a logistics investment fund with a scale exceeding 1.7 billion [19] - Caixin Jixiang and Guoshou Capital have laid out the first water and electricity private REIT in the country [20] - China Post has been approved to operate insurance agency business [25] - 法巴天星 has been approved to commence operations, with significant stakes held by both the French insurance group and Xiaomi [26] Industry Dynamics - The recent fire in Hong Kong's Tai Po district highlighted the low penetration rate of home insurance in mainland China, with many older residential areas lacking coverage [62] - Insurance capital has accelerated its equity investments, with 37 instances of stake acquisitions this year, the highest in nearly a decade [63] - The China Insurance Investment Fund became the largest winner in the IPO of "domestic Nvidia" Moer Thread, acquiring 437,520 shares [64][65] - The insurance industry is optimistic about the upcoming market trends, with expectations of a "spring surge" in stock market activity [66] - The China Actuarial Association suggests that insurance products should shift towards being less sensitive to interest rates [67] Personnel Changes - Zhao Yulong has been elected as the president of the China Insurance Industry Association [38] - He Xin has been approved to serve as the chairman of Dongfang Jiafu Life Insurance [40] - The board of directors of Zhong An Online has elected Yin Hai as chairman [41] - Key management adjustments have been made at China Reinsurance [42]