2025年11月14日，国家金融监督管理总局吕梁监管分局发布批复称，《中国人寿（601628）保险股份有 限公司山西省分公司关于撤销孝义市支公司兑镇营销服务部的请示》（国寿人险晋发〔2025〕339号） 收悉。经审核，现批复如下： 二、接此批复文件后，此公司应立即停止一切经营活动，于15个工作日内向吕梁金融监管分局缴回许可 证，并按照有关法律法规要求办理相关手续。 一、同意撤销中国人寿保险股份有限公司孝义市支公司兑镇营销服务部。 ...

二、接此批复文件后，此公司应立即停止一切经营活动，于15个工作日内向吕梁金融监管分局缴回许可 证，并按照有关法律法规要求办理相关手续。 一、同意撤销中国人寿保险股份有限公司吕梁分公司交口县坛索村营销服务部。 2025年11月14日，国家金融监督管理总局吕梁监管分局发布批复称，《中国人寿（601628）保险股份有 限公司山西省分公司关于撤销吕梁分公司交口县坛索村营销服务部的请示》（国寿人险晋发〔2025〕 342号）收悉。经审核，现批复如下： ...

二、接此批复文件后，此公司应立即停止一切经营活动，于15个工作日内向吕梁金融监管分局缴回许可 证，并按照有关法律法规要求办理相关手续。 一、同意撤销中国人寿保险股份有限公司文水县支公司开栅镇营销服务部。 2025年11月14日，国家金融监督管理总局吕梁监管分局发布批复称，《中国人寿（601628）保险股份有 限公司山西省分公司关于撤销文水县支公司开栅镇营销服务部的请示》（国寿人险晋发〔2025〕337 号）收悉。经审核，现批复如下： ...

一、同意撤销中国人寿保险股份有限公司孝义市支公司高阳镇营销服务部。 二、接此批复文件后，此公司应立即停止一切经营活动，于15个工作日内向吕梁金融监管分局缴回许可 证，并按照有关法律法规要求办理相关手续。 2025年11月14日，国家金融监督管理总局吕梁监管分局发布批复称，《中国人寿（601628）保险股份有 限公司山西省分公司关于撤销孝义市支公司高阳镇营销服务部的请示》（国寿人险晋发〔2025〕338 号）收悉。经审核，现批复如下： ...

二、接此批复文件后，此公司应立即停止一切经营活动，于15个工作日内向吕梁金融监管分局缴回许可 证，并按照有关法律法规要求办理相关手续。 一、同意撤销中国人寿保险股份有限公司孝义市支公司水峪煤矿营销服务部。 2025年11月14日，国家金融监督管理总局吕梁监管分局发布批复称，《中国人寿（601628）保险股份有 限公司山西省分公司关于撤销孝义市支公司水峪煤矿营销服务部的请示》（国寿人险晋发〔2025〕340 号）收悉。经审核，现批复如下： ...

一、同意撤销中国人寿保险股份有限公司文水县支公司西城乡营销服务部。 2025年11月14日，国家金融监督管理总局吕梁监管分局发布批复称，《中国人寿（601628）保险股份有 限公司山西省分公司关于撤销文水县支公司西城乡营销服务部的请示》（国寿人险晋发〔2025〕336 号）收悉。经审核，现批复如下： 二、接此批复文件后，此公司应立即停止一切经营活动，于15个工作日内向吕梁金融监管分局缴回许可 证，并按照有关法律法规要求办理相关手续。 ...

Core Viewpoint - The insurance sector is experiencing a strong performance, with major companies seeing significant stock price increases. Group 1: Company Performance - China Life Insurance and China Pacific Insurance both saw their stock prices rise by over 3% [1] - China People’s Insurance, New China Life Insurance, and Ping An Insurance also followed suit with similar gains [1]

Key Points - On November 14, significant net inflows were observed for Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981), with net inflows of 2.247 billion, 2.160 billion, and 798 million respectively [1][2] - The top three companies with the highest net outflows were China Shenhua (01088), China Life (02628), and Kuaishou-W (01024), with net outflows of -259 million, -248 million, and -213 million respectively [1][2] - In terms of net inflow ratios, ICBC South China (03167), Southern Hong Kong Technology (03442), and Southern Hong Kong Stock Connect (03432) led the market with ratios of 100.00%, 83.79%, and 78.17% respectively [1][2] - The companies with the highest net outflow ratios included Kunlun Energy (00135), Tongrentang (03613), and Modern Dairy (01117), with ratios of -56.35%, -48.89%, and -48.07% respectively [1][2] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 2.247 billion, representing a 14.18% increase, closing at 154.900 with a decrease of 4.38% [2] - Tencent Holdings (00700) saw a net inflow of 2.160 billion, with a 16.74% increase, closing at 641.000 with a decrease of 2.29% [2] - SMIC (00981) recorded a net inflow of 798 million, with an 11.40% increase, closing at 73.500 with a decrease of 2.78% [2] - Other notable inflows included Xiaomi Group-W (01810) with 611 million and a 10.30% increase, and China Construction Bank (00939) with 559 million and a 36.81% increase [2] Top 10 Net Outflows - China Shenhua (01088) experienced a net outflow of -259 million, with a -46.43% decrease, closing at 41.640 with a decrease of 2.21% [2] - China Life (02628) had a net outflow of -248 million, representing an -8.70% decrease, closing at 27.380 with a decrease of 3.25% [2] - Kuaishou-W (01024) saw a net outflow of -213 million, with a -9.27% decrease, closing at 67.100 with a decrease of 2.89% [2] - Other significant outflows included Agricultural Bank (01288) with -188 million and a -27.08% decrease, and Sanofi (01530) with -176 million and a -9.38% decrease [2] Net Inflow Ratios - ICBC South China (03167) achieved a net inflow ratio of 100.00% with a net inflow of 28,900 [3] - Southern Hong Kong Technology (03442) had a net inflow ratio of 83.79% with a net inflow of 20,525,100 [3] - Southern Hong Kong Stock Connect (03432) recorded a net inflow ratio of 78.17% with a net inflow of 203,000 [3] - Other notable ratios included China Everbright Bank (06818) with 75.72% and a net inflow of 1.07 billion [3]

2、摩根基金管理（中国）有限公司 摩根基金管理（中国）有限公司（以下简称"本公司"）已与中国人寿保险股份有限公司（以下简称"中 国人寿"）签订了基金销售代理协议，现决定自本公告之日起，新增中国人寿为本公司以下基金的代销 机构。投资人可通过中国人寿开展以下基金的申购、赎回、定期定额等相关业务。具体的业务流程、办 理时间和办理方式以中国人寿的规定为准。 ■ 有关上述基金销售的具体事宜请仔细阅读上述基金的招募说明书、基金产品资料概要及基金合同等相关 法律文件。 投资者可通过以下途径咨询有关详情： 1、中国人寿保险股份有限公司 客服电话：95519 公司网址：www.e-chinalife.com 客服电话：400-889-4888 公司网址：am.jpmorgan.com/cn 特此公告。 摩根基金管理（中国）有限公司 二○二五年十一月十九日 ...

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]