Core Insights - The insurance sector experienced a rise of 1.84% on October 21, with China Life leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Insurance Sector Performance - China Life (601628) closed at 43.99, with a gain of 3.51% and a trading volume of 484,900 shares [1] - New China Life (601336) closed at 68.30, up 1.55% with a trading volume of 279,300 shares [1] - China Pacific Insurance (601601) closed at 37.33, with a modest increase of 0.70% and a trading volume of 520,700 shares [1] - Ping An Insurance (601318) closed at 58.08, with a slight increase of 0.31% and a trading volume of 762,200 shares [1] Capital Flow Analysis - The insurance sector saw a net inflow of 322 million yuan from institutional investors, while retail investors experienced a net outflow of 225 million yuan [1] - Major stocks like Ping An Insurance had a net inflow of 338 million yuan from institutional investors, but a net outflow of 108 million yuan from speculative funds [2] - New China Life had a net inflow of approximately 90.38 million yuan from institutional investors, while retail investors saw a net outflow of about 128 million yuan [2]

随着揭幕红绸落下，宣告着"中国人寿号"品牌专列正式启动，列车内外全面展示中国人寿品牌形象与理念，将保险保障、健康养老等综合服务 理念融入市民日常出行场景，成为中国人寿穿梭于城市地下的"流动品牌舞台"。 仪式现场，全体参与的领导嘉宾一起登上列车，沉浸式试乘体验与互动。"这趟专列不仅是中国人寿的移动宣传窗口，更是我们向市民传递温 暖与责任的纽带。"中国人寿寿险安徽省分公司员工代表试乘后感慨道。30年来，中国人寿寿险安徽省分公司的营销队伍从青涩走向成熟，累 计为千万江淮家庭送去风险保障，助力无数企业筑牢安全防线，用专业与坚守书写了金融央企服务地方的责任篇章。此次地铁品牌专列的启 航，正是对这30年营销成果的一次集中展示，更是对未来服务升级的郑重宣告。 站在营销30周年的新起点，中国人寿寿险安徽省分公司将以此次专列发行为契机，持续深化品牌传播与服务创新，通过更多元的场景化传播、 更精准的个性化服务，推动金融服务走进更多市民生活场景。同时，公司将以营销30周年为契机，启动系列客户回馈与品牌升级活动，为推进 中国式现代化美好安徽建设贡献国寿力量。 中国人寿 CHINA LIFE f 7 15 忠恩施書 FFE B te ...

一连串的三季报预增公告，似乎预示着上市险企们将在本月交出不错的成绩单。 近日，新华保险（601336.SH，01336.HK）、中国财险（02328.HK）、中国人寿（601628.SH， 02628.HK）三季报陆续"预喜"，预计前三季度净利润将实现同比大幅增长，涨幅在四成到七成左右。 "我们预计各上市险企三季度净利润在高基数下仍可实现高增长。"东吴证券首席战略官、非银金融首席 分析师孙婷团队表示。 从几张"预喜"公告信息来看，几家上市险企三季报净利润预增的主要推动力一致指向了资本市场上涨带 来的投资收益高增。 上市险企接连预喜 新华保险10月13日晚间发布的前三季度业绩预增公告开启了上市险企三季报预喜的序幕。 公告信息显示，新华保险预计前三季度归母净利润为299.86亿元至341.22亿元，同比增长45%至65%。 方正证券数据显示，如最终实现，新华保险累计和单季度利润规模将创历史新高，2025年前三季度利润 超过2024年全年利润规模（262.3亿元）。得益于利润高增，公司ROE亦将创历史新高。 之后，人保财险和中国人寿陆续发布预喜公告，人保财险预计前三季度归母净利润同比增长40%到 60%；中国人寿预 ...

截至上半年末，A股五大上市险企上半年末股票投资余额总计较去年末增加了4118.58亿元，增幅为 28.7%。 一连串的三季报预增公告，似乎预示着上市险企们将在本月交出不错的成绩单。 近日，新华保险（601336.SH，01336.HK）、中国财险（02328.HK）、中国人寿（601628.SH， 02628.HK）三季报陆续"预喜"，预计前三季度净利润将实现同比大幅增长，涨幅在四成到七成左右。 "我们预计各上市险企三季度净利润在高基数下仍可实现高增长。"东吴证券首席战略官、非银金融首席 分析师孙婷团队表示。 从几张"预喜"公告信息来看，几家上市险企三季报净利润预增的主要推动力一致指向了资本市场上涨带 来的投资收益高增。 上市险企接连预喜 新华保险10月13日晚间发布的前三季度业绩预增公告开启了上市险企三季报预喜的序幕。 公告信息显示，新华保险预计前三季度归母净利润为299.86亿元至341.22亿元，同比增长45%至65%。 方正证券数据显示，如最终实现，新华保险累计和单季度利润规模将创历史新高，2025年前三季度利润 超过2024年全年利润规模（262.3亿元）。得益于利润高增，公司ROE亦将创历史新高。 ...

Core Viewpoint - The Baoding Regulatory Bureau of the National Financial Supervision Administration has approved the dissolution of China Life Property & Casualty Insurance Co., Ltd.'s Baigou New Town branch, requiring the company to cease all operations and return its license within 15 working days [1]. Summary by Sections - Approval of Dissolution: The regulatory body has officially agreed to the request for the dissolution of the Baigou New Town branch of China Life Property & Casualty Insurance Co., Ltd. [1] - Immediate Actions Required: Following the approval, the company must immediately halt all business activities and return its operating license to the Baoding Financial Regulatory Bureau within a specified timeframe [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 54.6 yuan for 2026 [2][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 156.785 billion to 177.689 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50% to 70% [2][6]. - The third quarter of 2025 is projected to yield a net profit of 115.854 billion to 136.758 billion yuan, indicating a quarterly growth rate of 75% to 106% [6]. - The significant growth in profits is primarily driven by increased equity investments, with the company actively seizing market opportunities [6]. Financial Performance Summary - **Revenue Forecasts**: - 2024: 528.567 billion yuan - 2025E: 597.961 billion yuan - 2026E: 538.228 billion yuan - 2027E: 581.141 billion yuan - **Net Profit Forecasts**: - 2024: 106.935 billion yuan - 2025E: 176.476 billion yuan - 2026E: 114.417 billion yuan - 2027E: 137.478 billion yuan - **Earnings Per Share (EPS)**: - 2024: 3.78 yuan - 2025E: 6.24 yuan - 2026E: 4.05 yuan - 2027E: 4.86 yuan - **Price-to-Earnings Ratio (P/E)**: - 2025E: 6.8 [2][6][7]. Investment Strategy - The company has increased its allocation to equity assets, with stocks rising by 1.12 percentage points to 8.7% and funds increasing by 0.28 percentage points to 4.92%, making a total equity asset allocation of 13.62% [6]. - The report highlights the company's strategy of flexible asset allocation to capture structural market opportunities, with total investment assets reaching 7.13 trillion yuan as of mid-2025, a 7.8% increase from the previous year [6][7].

Group 1 - Hong Kong insurance stocks experienced a significant increase on October 21, with China Life (02628.HK) rising by 5.44% to HKD 24.8 [1] - New China Life (01336.HK) saw a gain of 3.68%, reaching HKD 50.1 [1] - Ping An Insurance (02318.HK) increased by 2.67%, trading at HKD 55.75 [1] - China Pacific Insurance (02328.HK) rose by 2.35%, with a price of HKD 19.19 [1]

当前资本市场回暖背景下，保险资金加大权益资产配置力度的趋势明显。华泰证券指出，近年来在"推 进中长期资金入市"政策引导下，险企积极把握权益市场机会，主动提升股票与基金配置比例。以中国 人寿为例，其2025年上半年股票+基金合计配置规模较去年同期增长约36%，且FVTPL类股票占比较 高，在股市上涨环境中更具业绩弹性，有望持续受益于资本市场结构性行情。 场内ETF方面，截至2025年10月21日 10:05，中证港股通非银行金融主题指数强势上涨3.05%，港股通非 银ETF(513750)上涨3.40%。前十大权重股合计占比79.88%，其中中国人寿上涨6.72%，中国太平上涨 4.66%，新华保险、中信建投证券等个股跟涨。 规模方面，截至2025年10月20日，港股通非银ETF最新规模达207.78亿元。资金流入方面，拉长时间 看，港股通非银ETF近5个交易日内有3日资金净流入，合计"吸金"9.62亿元。 近期，非银金融板块三季报业绩预告密集发布，整体表现超预期。近日，新华保险发布业绩预增公告 称，经初步测算，公司2025年前三季度实现归属于母公司股东的净利润预计为299.86亿元至341.22亿 元，与20 ...

Group 1 - The core viewpoint of the articles indicates that the US and China are set to return to the negotiation table, which has positively impacted stock markets, with US stocks rising and Hong Kong stocks opening higher [1] - The Hang Seng China Enterprises ETF (159960) increased by 1.60%, with notable gains in constituent stocks such as China Life (02628) up 6.21%, SMIC (00981) up 4.39%, and Xpeng Motors-W (09868) up 4.18% [1] - The US President has identified three major issues for negotiation: rare earths, fentanyl, and soybeans, while the Chinese Foreign Ministry emphasized the need for equal and respectful negotiations [1] Group 2 - According to China Merchants Securities, the Hong Kong stock market is expected to experience a period of volatility before a potential upward trend, driven by factors such as continuous innovation in the Chinese tech industry and a low probability of high tariffs being implemented [1] - The upcoming Fourth Plenary Session of the Communist Party discussing the "14th Five-Year Plan" is anticipated to boost risk appetite among investors [1] - The expectation of continued interest rate cuts by the Federal Reserve is likely to lead to sustained capital inflows, improving fundamentals and profit expectations, which may drive a slow bull market trend in Hong Kong stocks [1] Group 3 - The Hang Seng China Enterprises ETF closely tracks the performance of the Hang Seng China Enterprises Index, which includes all H-share companies listed on the Hong Kong Stock Exchange [2] - As of October 20, 2025, the top ten weighted stocks in the Hang Seng China Enterprises Index include Alibaba-W (09988), Tencent Holdings (00700), and China Construction Bank (00939), collectively accounting for 55.33% of the index [2]

光大证券发布研报称，受益于权益投资收益增长，业绩大超预期。该行认为2025年前三季度三家上市险 企在去年同期"924行情"带来的较高基数下进一步实现利润高增的共同原因为股票市场回稳向好推动权 益投资收益同比大幅增长，其中第三季度沪深300指数累计上涨17.9%，涨幅较去年同期扩大1.8pct。该 行指出，股票仓位明显提升，险企资产端弹性加大。 内险股全线走高，截至发稿，中国人寿(02628)涨5.44%，报24.8港元；新华保险（601336）(01336)涨 3.68%，报50.1港元；中国平安(02318)涨2.67%，报55.75港元；中国财险(02328)涨2.35%，报19.19港 元。 消息面上，近期多家险企发布2025年前三季度业绩预增公告。中国人寿预计前三季净利润1568-1777亿 元，同比增长50%-70%；新华保险预计前三季净利润299.9-341.2亿元，同比增长45%-65%；中国财险预 计前三季净利润375-428亿元，同比增长40%-60%。 ...