华源证券研报指出，中国人寿第三季度营收和归母净利润分别同比增长54.8%和91.5%至2987亿元和1269亿元，从而拉动前三季度的营收和归母净利润的同比增速至25.9%和60.5%，3季度末 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA LIFE INSURANCE COMPANY LIMITED 公告 保險資金另類投資委託投資管理協議下之持續關連交易 茲提述本公司日期為2023年4月27日的公告及日期為2023年5月24日的通函，內容有關 本公司與國壽投資訂立的現有協議，現有協議將於2025年12月31日屆滿。 董事會宣布，本公司擬與國壽投資訂立新協議，據此，國壽投資將繼續在遵循有關法 律法規及監管機構所限定的保險資金運用的範圍內，以及本公司投資指引的前提下， 以自主方式對本公司委託給國壽投資的資產進行投資和管理，而本公司將就國壽投資 向本公司提供的投資和管理服務向其支付投資管理服務費、產品管理費、不動產運營 管理服務費及業績獎勵。 上市規則的影響 集團公司為本公司的控股股東，目前持有本公司約68.37%的已發行股本，為本公司的 關連人士。國壽投資是集團公司的全資附屬公司，為集團公司的聯繫人，也構成本公 司的關連人士。因此 ...

Market Performance - The Hang Seng Index rose by 550.49 points, an increase of 2.12%, closing at 26,485.9 points [1] - The H-share Index increased by 192.73 points, closing at 9,355.97 points, with a rise of 2.1% [1] - The Hang Seng Tech Index gained 158.37 points, closing at 5,944.22 points, reflecting a growth of 2.74% [1] Trading Volume - The total trading volume on the main board reached HKD 234.653 billion [1] Blue-chip Stocks - Tencent Holdings rose by 2.38%, closing at HKD 644 [1] - Hong Kong Exchanges and Clearing increased by 2.22%, closing at HKD 433 [1] - China Mobile saw a rise of 0.58%, closing at HKD 87.15 [1] - HSBC Holdings increased by 3.05%, closing at HKD 110.7 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.3%, closing at HKD 39.64 [1] - Sun Hung Kai Properties increased by 0.72%, closing at HKD 97.55 [1] - Henderson Land Development rose by 0.71%, closing at HKD 28.24 [1] Chinese Financial Stocks - Bank of China rose by 0.88%, closing at HKD 4.57 [1] - China Construction Bank increased by 1.5%, closing at HKD 8.14 [1] - Industrial and Commercial Bank of China rose by 0.96%, closing at HKD 6.31 [1] - Ping An Insurance saw an increase of 3.11%, closing at HKD 58 [1] - China Life Insurance rose by 4.86%, closing at HKD 25.9 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.19%, closing at HKD 4.25 [1] - China National Petroleum Corporation increased by 1.08%, closing at HKD 8.45 [1] - CNOOC Limited saw a rise of 2.65%, closing at HKD 20.88 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA LIFE INSURANCE COMPANY LIMITED 公告 續展國壽投資與安保基金之持續關連交易 茲提述本公司日期為2022年10月27日的公告，內容有關（其中包括）國壽投資與安保基 金訂立的現有框架協議，該協議將於2025年12月31日屆滿。 董事會宣布，國壽投資擬於現有框架協議屆滿後繼續與安保基金進行日常交易，主要 包括基金產品的認（申）購和贖回，以及私募資產管理。就此，國壽投資擬於2025年12 月31日前與安保基金訂立框架協議。 集團公司為本公司的控股股東，目前持有本公司約68.37%的已發行股本，為本公司的 關連人士。國壽投資是集團公司的全資附屬公司，為集團公司的聯繫人，也為本公司 的關連人士。資產管理公司為本公司的非全資附屬公司，並由集團公司持有其40%的 已發行股本，為本公司的關連附屬公司。安保基金為資產管理公司的非全資附屬公 司，也為本公司的關連附屬公司。因此，框架協 ...

Group 1 - The core viewpoint is that listed insurance companies are experiencing significant profit growth, with notable increases in net profit for major players like China Life and New China Life in Q3 2025 [1][2] - China Life's net profit growth rate is +92%, New China Life +88%, People's Insurance +49%, Ping An +45%, and Taikang +35% [1] - The insurance sector is expected to maintain a strong growth trend in Q4 2025 and throughout the year, driven by a vibrant equity market [1][2] Group 2 - Short-term growth is attributed to a high-performing equity market, with expectations for continued rapid net profit growth in Q4 [2] - The long-term value reassessment logic is driven by a combination of long-term interest rates hitting a bottom and increased equity allocation, enhancing investment efficiency [2] - The insurance sector, particularly undervalued Hong Kong insurance stocks, presents good investment opportunities due to ongoing interest margin recovery [2]

Core Viewpoint - The insurance sector in Hong Kong is experiencing significant growth, with major companies reporting higher-than-expected profits in Q3 2025, and the trend is expected to continue into Q4 2025 [1][2] Group 1: Company Performance - China Life reported a 92% increase in net profit for Q3 2025, while New China Life saw an 88% increase, and other major insurers like PICC and Ping An reported increases of 49% and 45% respectively [1] - The stock prices of major insurers have risen significantly, with China Life up 4.62%, New China Life up 4.59%, and Ping An up 3.02% as of the latest report [1] Group 2: Market Conditions - The insurance sector is benefiting from a high-performing equity market, which is expected to sustain rapid profit growth in Q4 2025 [2] - The current market conditions are characterized by a dynamic adjustment of preset interest rates and a shift towards dividend insurance, which is improving the quality of liabilities and driving valuation recovery [1][2] Group 3: Investment Outlook - The insurance sector, particularly undervalued Hong Kong insurers, presents good investment opportunities due to the ongoing recovery of interest spreads driven by both asset and liability management strategies [2]

Core Viewpoint - The domestic insurance stocks have seen a significant increase in their share prices, indicating positive market sentiment towards the sector [1] Group 1: Stock Performance - China Life Insurance (601628) has risen by 4.62%, reaching HKD 25.84 [1] - New China Life Insurance (601336) has increased by 4.59%, now priced at HKD 50.65 [1] - Ping An Insurance (601318) has experienced a 3.02% rise, with shares at HKD 57.95 [1] - China Pacific Insurance (02328) has grown by 2.6%, trading at HKD 18.91 [1]

二、中国人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人寿保险股份有限公司石河子分公司钟家庄镇营销服务部将营业场所变更为：新疆石河子 市144团（钟家庄镇）二社区常安路202栋3号。 2025年11月3日，石河子金融监管分局发布批复称，《关于中国人寿（601628）保险股份有限公司石河 子分公司钟家庄镇营销服务部变更营业场所的请示》（国寿人险石发〔2025〕77号）收悉。经审核，现 批复如下： ...

Core Insights - The article emphasizes the importance of digital transformation in the insurance industry, as outlined in the "New National Ten Articles" issued by the State Council in September 2024, which aims to enhance the sustainable development capacity and digital intelligence level of the insurance sector [1][2]. Group 1: Digital Transformation Initiatives - China Life Insurance Company is integrating a customer-centric approach into its technological innovations, with its core platform, the "China Life Life Insurance" App, serving as a model for implementing the "New National Ten Articles" and promoting digital finance [3]. - The company has addressed the pain points in insurance service efficiency, particularly in claims processing, by leveraging artificial intelligence to create a fully automated claims process, reducing the time from application to payout to as little as 3 minutes [4]. Group 2: Comprehensive Service Ecosystem - The "China Life Life Insurance" App integrates core business functions to create a closed-loop ecosystem that addresses the full lifecycle needs of users, enhancing convenience and warmth in insurance services [5]. - The app features a "digital steward" for insurance management, allowing users to easily track their insurance products and statuses, thereby ensuring peace of mind [5]. - It also serves as a "wealth management steward," providing users with a comprehensive view of their assets and offering diversified asset allocation solutions [5]. - The app includes a "health management steward," offering customized health plans and resources, thus extending insurance coverage into proactive health management [5]. - Additionally, the app has introduced a "senior mode," which is the first in the industry to receive certification for accessibility, making it easier for elderly users to navigate and utilize the app's features [6]. Group 3: Broader Implications for the Industry - The integration of advanced technology into insurance services not only enhances user experience but also represents a significant step in the financial supply-side reform, breaking down barriers and improving access to high-quality insurance and financial services [7]. - The ongoing evolution of the "China Life Life Insurance" App exemplifies the insurance industry's response to the call for digital finance, showcasing a new model of inclusive finance that is resilient, warm, and accessible [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that China Life's new business sales have shown strong improvement quarter by quarter, with significant growth in investment income [5] - In Q3 2025, the company's revenue and net profit attributable to shareholders increased by 54.8% and 91.5% year-on-year, reaching 298.7 billion yuan and 126.9 billion yuan respectively [5] - The report indicates that the company's net asset value grew by 22.8% year-to-date, reaching 625.8 billion yuan, and the new business value (NBV) increased by 41.8% [5][11] Financial Performance - The company's Q3 2025 net profit reached 126.9 billion yuan, a 91.5% increase from Q3 2024, driven by reduced insurance service costs and strong new business sales [8][11] - The total investment income for the first three quarters of 2025 increased by 41% to 368.6 billion yuan, with an investment return rate of 6.42%, up 104 basis points year-on-year [13] - The report projects the company's net profit for 2025-2027 to be 173.5 billion, 153.8 billion, and 186.4 billion yuan respectively, with year-on-year growth rates of 62%, -11.4%, and 21.2% [11][22] Business Development - The company has shown a clear trend of improving new policy sales, with a year-on-year growth rate of 52.5% in Q3 2025 [8][11] - The report notes that the sales team has improved its skills in selling floating-rate products, contributing to the strong sales performance [8] - The company is expected to perform well in the 2026 sales season, supported by a stable sales team and improved retention rates [8]