Core Viewpoint - The event "Guoshou 700 Walking" organized by China Life in Changsha emphasizes the company's commitment to promoting health and wellness as part of the "Healthy China" strategy, engaging over 500 participants in a vibrant community activity [3][7]. Group 1: Event Highlights - The event featured a lively opening performance with participants dressed as mermaids and fairies, creating an interactive atmosphere [3]. - Over 500 participants engaged in a group fitness activity led by professional coaches, showcasing the event's focus on health and community [3]. - The event included a unique experience on the "Dawangshan Happy Cloud Bus," a high-tech, driverless aerial sightseeing platform, highlighting the integration of technology and nature [5]. Group 2: Company Initiatives - China Life's Changsha branch aims to embody the principle of serving the people and actively supports the "Healthy China" initiative [3]. - The "Guoshou 700 Walking" series has been conducted in over 200 cities nationwide since its inception in 2016, with participation exceeding 1 million customers, reflecting the company's dedication to social responsibility [7]. - The event also included financial literacy activities, promoting consumer rights and risk awareness among participants, contributing to a stable financial ecosystem [7].

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 277.62% and Sinopec Oilfield Service (01033) at 276.83% [1][2]. - The premium rates for the top three companies indicate a strong market preference for their H-shares compared to A-shares [2]. Group 2: Bottom AH Share Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -7.20%, with China Merchants Bank (03968) at -0.80% and Heng Rui Medicine (01276) at 4.11% [1][3]. - The negative premium for Contemporary Amperex Technology suggests a potential undervaluation of its H-shares relative to A-shares [3]. Group 3: Premium Deviation Values - Zhongwei New Materials (02579) has the highest deviation value at 77.12%, indicating a significant difference from its historical average premium rate [1][4]. - The lowest deviation values are seen in Northeast Electric (00042) at -22.71%, suggesting a consistent underperformance compared to its historical premium [1][5].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [3][5]. Core Insights - As of Q3 2025, the balance of insurance funds has steadily increased, with stock assets' proportion rising while bond assets' proportion has decreased. The importance of active management in investments is expected to grow [3][5]. - The insurance industry fund utilization balance reached CNY 37.5 trillion, up 12.6% year-to-date, driven by stable growth in new and renewal premiums, with an overall premium growth of 8.8% year-on-year [5][6]. - The allocation to stock assets increased to CNY 3.62 trillion, representing 10.0% of total assets, up 2.5 percentage points year-to-date [5][6]. - The report emphasizes the need for insurance companies to shift from passive to active asset management strategies to enhance investment returns [5][6]. Summary by Sections Fund Utilization - The insurance industry's fund utilization balance as of Q3 2025 is CNY 37.5 trillion, a 12.6% increase from the beginning of the year. Life insurance accounts for CNY 33.7 trillion (up 12.6%), while property insurance accounts for CNY 2.4 trillion (up 7.5%) [5][6]. - Premium growth for the insurance industry was 8.8% year-on-year, with life insurance growing by 10.2% and property insurance by 4.9% [5][6]. Asset Allocation - Stock asset allocation reached CNY 3.62 trillion, a 1.19 trillion increase year-to-date, with a 10.0% share of total assets, up 2.5 percentage points from the start of the year [5][6]. - The proportion of bond assets is 50.3%, a slight decrease of 0.8 percentage points from the previous quarter, while bank deposits decreased to 7.9% [5][6]. - Other assets, primarily non-standard assets, decreased to 18.4% [5][6]. Investment Strategy - The report highlights the need for improved active management capabilities in the investment sector, as net investment yields are declining in a low-interest-rate environment [5][6]. - It is suggested that insurance companies should adopt more flexible asset allocation strategies to optimize returns [5][6]. Stock Recommendations - The report recommends specific stocks including New China Life, Ping An Insurance, China Pacific Insurance, China Life, and China People's Insurance Group [5][6].

Core Viewpoint - The article emphasizes the importance of the "Two Rural" strategy initiated by China Life Insurance to enhance rural financial services and support the national rural revitalization strategy, particularly in the context of the 14th Five-Year Plan's concluding year [1][2]. Group 1: Strategic Initiatives - China Life Insurance has launched the "Two Rural Revitalization" strategic plan to develop rural areas as independent business platforms, focusing on diversified sales, comprehensive services, and brand promotion [1]. - The "Two Rural Star Production Unit System" aims to establish a graded evaluation and construction system for all rural grassroots outlets, ensuring coordinated development and resource allocation [2]. - The "Two Rural Revitalization Model Room Construction" focuses on creating benchmark outlets that excel in development willingness, performance indicators, and innovative models, supported by special policies and funding [2]. Group 2: Infrastructure and Service Improvements - The transformation of previously outdated rural outlets has led to improved facilities and services, creating a welcoming environment for customers and enhancing the overall service experience [3]. - China Life has implemented hardware upgrades in rural outlets, including detailed regulations for design and equipment, and established "Love Stations" to provide convenient services [4]. - The integration of government and insurance services at rural outlets has streamlined processes for residents, such as health insurance payments, significantly reducing the need for travel [5]. Group 3: Product and Service Diversification - The company has recognized the growing insurance needs of rural residents and has innovated its service model by collaborating with local property insurance companies to create a blended insurance service approach [6]. - Successful examples include partnerships between life and property insurance branches, enhancing service efficiency for rural populations [6]. - The ongoing development of rural outlets is characterized by strong management practices, substantial investment, and innovative approaches, aligning with national rural revitalization goals [6]. Group 4: Community Engagement and Trust Building - The upgrades in service and infrastructure have fostered trust and satisfaction among rural residents, with tangible benefits such as accessible services and clear policy communication [7]. - The commitment to local service delivery and community integration has positioned China Life as a key player in promoting inclusive financial services in rural areas [7].

Group 1 - The financial regulatory bureau of Hotan approved the request for China Life Property & Casualty Insurance Co., Ltd. to change the business location of its Hotan branch [1] - The new business address is specified as No. 25, Tunkun West Road, Hotan City, Xinjiang Uygur Autonomous Region, on the third floor [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - China Life Insurance's stock price has experienced fluctuations, with a recent decline of 2.02%, while the company shows a year-to-date increase of 4.89% in stock price [1][2]. Group 1: Stock Performance - As of November 17, China Life's stock price is 43.25 CNY per share, with a market capitalization of 1,222.448 billion CNY [1]. - The stock has seen a 2.70% decline over the past five trading days, a 1.76% increase over the past 20 days, and a 2.78% increase over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, China Life reported a net profit of 167.804 billion CNY, marking a year-on-year growth of 60.54% [2]. - The company has distributed a total of 226.344 billion CNY in dividends since its A-share listing, with 51.103 billion CNY distributed over the last three years [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders has increased to 119,700, a rise of 15.32% from the previous period [2]. - The average number of circulating shares per shareholder is 214,145, which is a decrease of 16.86% compared to the previous period [2].

Core Viewpoint - The insurance sector has shown impressive investment performance in the first three quarters of 2025, driven by a favorable stock market and increased bond yield volatility, leading to higher investment returns for insurance companies [1][2]. Investment Performance - Five listed insurance companies reported significant investment returns, with New China Life achieving an annualized return of 8.6%, while China Pacific Insurance and China Life reported non-annualized returns of 5.2% and 6.42%, respectively [1][2]. - China Life's total investment income reached RMB 368.55 billion, marking a 41.0% year-on-year increase [3]. - China Reinsurance's total investment income was RMB 862.50 billion, reflecting a 35.3% year-on-year growth [3]. Investment Strategies - Insurance companies are actively responding to the demand for long-term capital entry into the market, leveraging their patient capital advantage to steadily increase equity holdings [1][2]. - China Reinsurance has increased its long-duration bond allocation and focused on long-term growth potential in equity investments [3]. - China Pacific Insurance has maintained a disciplined asset allocation strategy, actively managing equity investments with a focus on undervalued and high-dividend stocks [3]. Alternative Investments - Alternative investments are becoming a key focus for insurance companies as part of their diversification strategies and business transformation efforts [4]. - China Reinsurance is actively promoting business transformation by investing in asset-backed plans and public/private REITs [5]. - China Ping An is also increasing its allocation to quality alternative assets to diversify and enhance its revenue sources [6]. Product Performance - A total of 1,483 insurance asset management products achieved positive returns this year, with a 93.8% success rate, and four products exceeded 100% returns [8].

Core Points - The National Financial Supervision Administration approved the request to revoke the third marketing service department of China Life Insurance Co., Ltd. in Datian County [1] - Following the approval, the department must cease all business activities immediately and return its license within 15 working days [1] - The company is required to comply with relevant laws and regulations during the process of handling the revocation [1]

Core Insights - Insurance companies are transforming their apps from mere claims processing tools into comprehensive "health partners" and "lifestyle managers" that provide continuous service interactions beyond just insurance transactions [1][2][6] Group 1: Service Innovations - Insurance apps are increasingly offering diverse services, such as mental health assessments through the "Emotional Support Station" on the China People's Insurance app, allowing users to evaluate their psychological state [2][4] - China Life's app has introduced a "Pension Zone," providing users with easy access to information about various pension facilities and enabling online appointment scheduling [3][4] - The integration of medical services is exemplified by Ping An Life's app, which offers "domestic second opinions" from top hospital experts, addressing the shortage of medical resources in lower-tier facilities [4][6] Group 2: Strategic Shift - The evolution of insurance apps reflects a strategic shift from "post-incident compensation" to "full-cycle health management," enhancing user engagement and trust through regular service interactions [4][6] - The focus has shifted from merely selling policies to managing user relationships throughout their life cycles, incorporating health, retirement, and wealth management services [6][7] - Regulatory guidance is pushing insurance companies to integrate health management with insurance services, emphasizing risk reduction as a key business logic [6][7] Group 3: Market Dynamics - The user engagement metrics indicate a successful transition, with China People's Insurance app's monthly active users increasing from 3.35 million to nearly 4 million within a year [5][6] - The competitive landscape is evolving, with large insurers leveraging their resources to create comprehensive service platforms, while smaller firms focus on niche markets and partnerships to enhance their offerings [7][8]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].