Regulatory Dynamics - Nine departments support insurance institutions to develop commercial health insurance products suitable for drug retail scenarios and encourage the development of drone delivery liability insurance [6][7] - The Ministry of Finance announced that the central government will allocate approximately 1.2 trillion yuan for basic pension insurance subsidies in 2025 [9] - The Ministry of Finance stated that agricultural insurance premiums are expected to exceed 155 billion yuan in 2025, with nearly 80% coming from government subsidies [11] - The People's Bank of China maintained the 1-year and 5-year Loan Prime Rate (LPR) at 3.0% and 3.5% respectively [14] - The National Bureau of Statistics projected a GDP growth of 5% for 2025, with industrial added value growth of 5.9% [15] Company Dynamics - China Life plans to invest 4 billion yuan to establish a partnership focusing on technology innovation in the Yangtze River Delta region [26] - China Life's overseas total assets exceeded 452.8 billion HKD, participating in multiple star innovation enterprises' equity investments [27] - China Life's overseas company subscribed to approximately 2.4 billion HKD in Hong Kong's multi-currency digital green bonds [28] - China Pacific Insurance's cumulative original insurance premium income for 2025 is projected to be 258.115 billion yuan, an increase of 8.1% year-on-year [34] - China Taiping expects a 215% to 225% increase in annual profit attributable to shareholders for 2025 compared to the previous year [33] Industry Dynamics - Seven Chinese insurance companies ranked in the "2026 Global Brand Value 500" list, with Ping An at 32nd and China Life at 104th [55] - The insurance asset management sector registered 314 plans in 2025, with a total scale of 510.443 billion yuan, showing a decrease in both quantity and scale year-on-year [58] - The insurance industry is expected to see a "double increase" in premiums and profits in 2025, benefiting from a rising equity market [56][57] - The cumulative payout for Zhong An Insurance in 2025 reached 17.9 billion yuan, with AI integrated into the entire claims process [38][39]

合伙企业专注于养老产业领域投资，是本公司落实健康中国战略、支持实体经济发展的重要体现。合伙 企业投资采取轻重资产结合模式，坚持"战略配置、价值投资、长期投资"的核心投资理念，围绕存量养 老不动产项目并购以及新增养老不动产项目拓展两条主线，持续赋力国寿康养生态圈的构建。合伙企业 通过对养老不动产项目的投资将实现持续的资产管理和经营管理，获取运营收入和资产增值收益。同 时，合伙企业对存量养老不动产项目收购，有利于规范管理关系，提升管理效率，优化持股结构，实现 有效风险隔离。 集团公司为本公司的控股股东，目前持有本公司约68.37%的已发行股本，为本公司的关连人士。集团 公司间接持有国寿启远及国寿股权的全部股权，因此国寿启远及国寿股权均为本公司的关连人士。因 此，本次交易构成本公司在上市规则第14A章下的关连交易。由于本次交易适用的一个或多个百分比率 超过0.1%但少于5%，因此根据上市规则第14A章，本次交易须遵守申报及公告规定，但获豁免遵守独 立股东批准的规定。 中国人寿 中国人寿 分时图 日K线 周K线 月K线 45.73 -1.17 -2.49% 3.86% 2.58% 1.28% 0.00% 1.28% ...

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities in the non-bank financial sector [5][14]. Core Insights - The report highlights that the non-bank sector is currently underweight by 3.08 percentage points, despite an increase in holdings during the fourth quarter of 2025. It emphasizes the potential for profit improvement and low valuations in non-bank stocks due to the influx of household funds into the market [3][5]. - The report notes a significant increase in the allocation to the insurance sector, with the proportion rising from 1.03% to 2.13%, while the insurance index saw a substantial increase of 23.42% in the fourth quarter [5][8]. - The report suggests that the brokerage sector has also received increased allocations, with public fund holdings rising from 0.85% to 1.08%, although it remains underweight by 2.30 percentage points [5][8]. Summary by Sections Non-Bank Sector - The non-bank sector remains underweight overall by 3.08 percentage points, with a positive outlook for long-term capital inflows and wealth management opportunities [5][8]. - Specific recommendations include increasing holdings in companies such as Jiufang Zhituo Holdings, Tonghuashun, Guoxin Securities, and others, as they are expected to benefit from the ongoing market dynamics [5][8]. Insurance Sector - The insurance sector's allocation has increased significantly, with a focus on low-valuation stocks as capital continues to flow into the market. The report recommends increasing holdings in China Life, Ping An, and China Pacific Insurance [5][8]. Brokerage Sector - The brokerage sector has seen a rise in public fund holdings, with notable increases in individual stocks like CITIC Securities and Huatai Securities. The report suggests that the retail business share is likely to improve, making these stocks attractive [5][8]. Financial Technology and Diversified Finance - The report indicates a decrease in the allocation to diversified finance and financial technology sectors, but highlights potential investment opportunities in companies like Lakala and Yuexiu Financial Holdings due to ongoing policy support and technological advancements [5][8].

人民财讯1月23日电，中国人寿(601628)1月23日公告，公司拟与国寿启远(北京)养老产业投资管理有限 公司("国寿启远")(作为普通合伙人)于2026年9月30日前订立合伙协议，藉以成立北京国寿养老产业股权 投资基金二期(有限合伙)。合伙企业全体合伙人认缴出资总额为85亿元，其中，公司认缴出资额为 84.915亿元，国寿启远认缴出资额为850万元。国寿股权投资有限公司将作为合伙企业的管理人。 ...

人民财讯1月23日电，中国人寿（601628）1月23日公告，公司与上海浦东引领区投资中心、上海国投先 导人工智能私募投资基金合伙企业及国寿基础设施投资管理有限公司(各方均作为有限合伙人)，拟与创 智和瑞(上海)企业管理有限公司(作为普通合伙人)及领智盈(上海)企业管理合伙企业(作为特殊有限合伙 人)订立合伙协议，以成立汇智长三角(上海)私募基金合伙企业(有限合伙)。合伙企业全体合伙人认缴出 资总额为50.515亿元，其中，中国人寿认缴出资额为40亿元。国寿资本投资有限公司将作为合伙企业的 管理人。基金拟以人工智能引导"科技创新、产业升级"为主线，与上海市和浦东新区市区两级开展合 作，以参股型私募股权投资方式，重点投向人工智能技术和相关应用，以及包括集成电路、生物医药等 其他各类科技创新产业（300832），有助于提升保险资金投资收益，符合保险资金配置需求。 ...

| 序 | 当事人名 | 主要违法违规行为 | 行政处罚内容 | 作出决定 | | --- | --- | --- | --- | --- | | 를 | 彩 | | | 机关 | | | 中国人寿 | | | | | | 财产保险 | | | | | | 股份有限 | | 对机构管告并罚款0.5 | 表感金融 | | 1 | 公司安陆 | 内控管理不到位 | 万元。对谢鹏智告并 | | | | | | | 监管分局 | | | 市支公司 | | 罚款0.5万元。 | | | | 及相关责 | | | | | | 任人 | | | | | 序 | 当事人名 | 主要违法违规行为 | 行政处罚内容 | 作出决定 | | --- | --- | --- | --- | --- | | 号 | 彩 中国人天 | | | 机关 | | | 财产保险 | | | | | | 股份有限 | | 对机构管告并罚款0.5 | 老感金融 | | 1 | 公司安陆 | 内控管理不到位 | 万元。对谢鹏智告并 | 监管分局 | | | 市支公司 | | 罚款0.5万元。 | | | | 及相关责 | | | | | | 任人 | ...

中国人寿公告宣布重大股权投资计划。 中国人寿保险股份有限公司（以下简称"中国人寿"）于2026年1月23日发布重要公告称，公司拟作为有 限合伙人，与多方共同设立一家合伙企业。 这意味着，这家"寿险巨无霸"正在拓展其在战略性新兴产业的投资布局。组建专业架构的合伙企业 根据公告，中国人寿、浦东创投、国投先导及国寿基础（各方均作为有限合伙人）拟与创智和瑞（作为 普通合伙人）及领智盈上海（作为特殊有限合伙人）订立合伙协议，借以成立合伙企业。 该基金主要通过参股型直接股权投资方式，投资于成长期企业或战略新兴产业，投资领域主要为人工智 能、集成电路和生物医药三大先导行业中的科技创新企业。公告特别指出，拟投资于人工智能领域的比 例不低于实缴出资额的70%。设立双委员会治理机制 在治理结构方面，合伙企业将设立投资决策委员会和投资顾问委员会。投资决策委员会由七名委员组 成，由管理人国寿资本委派。投资顾问委员会由五名委员组成，中国人寿、浦东创投、国投先导、领智 盈上海及国寿资本将各委派一名委员。界定为需申报的关联交易 中国人寿在港股公告中说明了本次交易的性质。集团公司作为公司的控股股东，亦是国寿资本的间接控 股股东，而国寿基础及 ...

Group 1 - On January 23, 2026, Alibaba-W (09988), Pop Mart (09992), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 4.748 billion, 2.660 billion, and 2.614 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) also held the top three positions, with transaction amounts of 3.322 billion, 1.798 billion, and 1.370 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top active trading companies included Alibaba-W (09988) with a net buy amount of -0.595 billion, Pop Mart (09992) with a net buy amount of +0.480 billion, and Tencent Holdings (00700) with a net buy amount of +0.396 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy amount of -0.895 billion, Tencent Holdings (00700) had a net buy amount of -0.156 billion, while Pop Mart (09992) recorded a net buy amount of +0.268 billion [2]

1月23日金融一线消息，中国人寿公告，公司拟与上海浦东引领区投资中心（有限合伙）等多方成立汇 智长三角（上海）私募基金合伙企业（有限合伙）。合伙企业全体合伙人认缴出资总额为50.5亿元，其 中公司认缴出资额40亿元，国寿资本投资有限公司将作为合伙企业的管理人，构成关联交易。 公告指出，合伙企业将聚焦长三角地区，投资于人工智能、集成电路和生物医药三大先导行业中的成长 期科技创新企业。 责任编辑：李琳琳 1月23日金融一线消息，中国人寿公告，公司拟与上海浦东引领区投资中心（有限合伙）等多方成立汇 智长三角（上海）私募基金合伙企业（有限合伙）。合伙企业全体合伙人认缴出资总额为50.5亿元，其 中公司认缴出资额40亿元，国寿资本投资有限公司将作为合伙企业的管理人，构成关联交易。 公告指出，合伙企业将聚焦长三角地区，投资于人工智能、集成电路和生物医药三大先导行业中的成长 期科技创新企业。 中国人寿保险股份有限公司与关联人共同投资公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 返投风险等。 一、关联交易概述 (一)关 ...

Core Viewpoint - China Life Insurance (02628.HK) plans to establish a partnership with Guoshou Qiyuan to invest in the elderly care real estate sector, with a total investment of RMB 8.5 billion [1][2] Group 1: Partnership Details - The partnership agreement is expected to be signed by September 30, 2026, with total contributions amounting to RMB 8.5 billion, where China Life contributes RMB 8,491,500,000 and Guoshou Qiyuan contributes RMB 8,500,000 [1] - Guoshou Qiyuan will act as the general partner, managing the partnership [1] Group 2: Investment Focus - The partnership will focus on investments in the elderly care industry, specifically through acquiring or establishing companies that operate elderly care real estate projects [1][2] - Investment strategies include (a) investing in and holding real estate, (b) leasing real estate, and (c) utilizing public-private partnerships for real estate [1] Group 3: Strategic Objectives - The partnership aims to enhance the construction of the Guoshou Kangyang ecosystem by focusing on both existing elderly care real estate acquisitions and new project developments [2] - The investment approach combines light and heavy asset models, emphasizing strategic allocation, value investment, and long-term investment [2] - Acquiring existing elderly care real estate projects is expected to improve management efficiency and optimize ownership structures, thereby achieving effective risk isolation [2]