智通财经APP获悉，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 (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。 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。 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%。 ...

Core Viewpoint - The Hong Kong insurance stocks experienced a collective surge, with notable increases in share prices for major companies in the sector [1] Group 1: Stock Performance - China Life Insurance led the gains with an increase of over 4% [1] - China Pacific Insurance rose by 3.5% [1] - New China Life Insurance saw a rise of 2.6% [1] - Other companies such as New China Life, Ping An Insurance, China Pacific Insurance, and AIA Group all recorded increases of over 2% [1]

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong insurance stocks, with China Life leading the gains at over 4% [1] - Major insurance companies such as China Life, New China Life, and PICC have announced significant profit increases, with net profit growth exceeding 40% year-on-year, and China Life leading with a projected increase of 50% to 70% [1] - The strong performance in equity investments is identified as a key driver behind the net profit growth of these companies [1] Group 2 - Several brokerage firms maintain an optimistic outlook on the insurance sector, anticipating a "double hit" in valuation and performance due to "asset-liability resonance" [1] - Continuous policy support from multiple departments encourages insurance capital to enter the market as long-term funds, promoting the establishment of a long-term assessment mechanism [1]

第三，今年迄今，小摩观察到客户对无风险资产人寿保单的需求强劲，受分销渠道强化支持。这预期将 推动责任准备金加速增长及保险盈利提升。此外，小摩预期政府对保障业务增长进一步政策支持，包括 健康保险及私人养老金，并可能于年底增加税务优惠。在小摩看来，国寿将成为这些发展的主要受益 者。 摩根大通发布研报称，中国人寿（601628）(02628)发布了2025年前九个月强劲的盈利预喜，净利润为 1,568亿至1,777亿元人民币，按中国企业会计准则(ASBE)计算，同比增长50%至70%。小摩预期，市场 将对此公告作出正面反应，特别是盈利预喜仅于业绩公布前10天发布;维持顶级"增持"评级，基本面仍 有上行空间，如股息预期上调、更快责任准备金增长潜力，以及政府政策支持;采用2026财年8倍市盈 率，目标价31港元。 展望未来，小摩识别国寿三项基本面催化剂，伴随其强劲的盈利势头。首先，小摩看到2025财年共识每 股股息0.7元人民币(同比增长7.9%)有上调空间，等同约4%收益率。其次，国寿是少数未完全采用市值 估值计算偿付能力的保险公司之一。凭借强劲盈利及稳健资本状况，公司有潜力进行首度股份回购，管 理层于今年上半年业绩 ...

第三，今年迄今，小摩观察到客户对无风险资产人寿保单的需求强劲，受分销渠道强化支持。这预期将 推动责任准备金加速增长及保险盈利提升。此外，小摩预期政府对保障业务增长进一步政策支持，包括 健康保险及私人养老金，并可能于年底增加税务优惠。在小摩看来，国寿将成为这些发展的主要受益 者。 小摩认为，中国政府对保险行业的改革议程，将越来越多地惠及国有大型保险公司(如国寿)，因为它们 是市场最大参与者，并正摆脱业务低效率。尽管如此，代理业务复苏及责任准备金结构改善，应仍是长 期关键基本面驱动力。小摩视对参与型保单的持续推进持看好态度，尤其是在债券收益率下降的背景 下。 智通财经APP获悉，摩根大通发布研报称，中国人寿(02628)发布了2025年前九个月强劲的盈利预喜，净 利润为1,568亿至1,777亿元人民币，按中国企业会计准则(ASBE)计算，同比增长50%至70%。小摩预 期，市场将对此公告作出正面反应，特别是盈利预喜仅于业绩公布前10天发布;维持顶级"增持"评级， 基本面仍有上行空间，如股息预期上调、更快责任准备金增长潜力，以及政府政策支持;采用2026财年8 倍市盈率，目标价31港元。 展望未来，小摩识别国寿三 ...

10月19日，中国人寿保险股份有限公司（以下简称"中国人寿"，股票代码：601628.SH，2628.HK）发 布2025年前三季度业绩预增公告。 经初步测算，2025年前三季度，中国人寿预计实现归属于母公司股东的净利润约人民币1567.85亿元到 人民币1776.89亿元，与2024年同期相比，将增加约人民币522.62亿元到人民币731.66亿元，同比增长约 50%到70%。 （文章来源：21世纪经济报道） ...

Core Viewpoint - The three listed insurance companies in China have announced significant profit growth forecasts for the first three quarters of 2025, driven by improved equity investment returns and favorable market conditions [5][6]. Group 1: Earnings Forecasts - China Life Insurance expects a net profit attributable to shareholders of 156.8-177.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50%-70%. The estimated net profit for Q3 2025 is projected to be 115.9-136.8 billion yuan, with a growth of 75%-106% [5]. - New China Life Insurance anticipates a net profit attributable to shareholders of 29.99-34.12 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 45%-65%. The Q3 2025 net profit is expected to be 15.2-19.3 billion yuan, with a growth of 58%-101% [5]. - China Pacific Insurance forecasts a net profit of 37.5-42.8 billion yuan for the first three quarters of 2025, indicating a year-on-year growth of 40%-60%. The estimated Q3 2025 net profit is projected to be 13-18.3 billion yuan, with a growth of 57%-122% [5]. Group 2: Performance Drivers - The strong earnings growth is attributed to a recovery in the stock market, which has significantly boosted equity investment returns. The CSI 300 Index rose by 17.9% in Q3, an increase of 1.8 percentage points compared to the same period last year [6]. - As of the end of September, the yield on 10-year government bonds increased by 21 basis points compared to the end of June, which is expected to positively impact China Life's service fees in Q3 [6]. - New China Life's acquisition of a stake in Hangzhou Bank is anticipated to contribute positively to its financial results due to a change in accounting treatment for the investment [6]. - China Pacific Insurance benefits from a reduction in the impact of major disasters and improvements in its non-auto insurance segment, leading to enhanced underwriting profits [6]. Group 3: Asset Allocation Trends - As of the end of H1 2025, the total stock investment of five major listed insurance companies reached 1.8 trillion yuan, a growth of 28.9% from the beginning of the year, with stock investments now accounting for 9.3% of total investment assets, an increase of 1.5 percentage points [7]. - The proportion of total invested assets in TPL stocks for these companies is 5.6%, up by 0.3 percentage points from the start of the year, indicating a significant increase in asset flexibility [7]. - New China Life's stock investment proportion is 8.9%, while China Life's is 6.7%, both showing increases from the beginning of the year, suggesting a trend towards higher equity exposure among insurance firms [7].

整体来看，分红实现率表现优于上一年度，较2023年度分红实现率集中在25%—50%的情况有大幅改 善，还有不少在售产品的红利实现率甚至超过了100%。 当前，存款利率持续走低，兼具"保证利益"与"红利分配"的分红型保险产品逐渐成为市场新宠，各大险 企纷纷转型分红险赛道。作为检验分红险产品收益高低的核心指标，分红实现率向来备受保险消费者关 注。随着分红险分红实现率披露接近尾声，各家险企成绩单也一并出炉。10月20日，北京商报记者梳理 了各家险企最新的分红险分红实现率，一探究竟。 红利实现率有所回暖 随着银行存款利率的持续走低，人身险产品预定利率一降再降，分红险的"保底收益+浮动收益"模式在 当前环境下优势凸显。在购买分红险过程中，消费者最关心的是分红实现率，也称作红利实现率。 分红险红利实现率是衡量分红型保险产品实际分红与演示预期之间匹配程度的指标，计算方式为分红期 间实际派发的红利金额除以销售利益演示红利。 也就是说，如果分红实现率高于100%，则意味着相关产品的分红情况好于销售时的演示情况。 当前，分红险分红实现率披露已经接近尾声，10月20日，据北京商报记者不完全统计，目前已有超70家 人身险公司披露了2 ...

Core Viewpoint - The event organized by the Chifeng City Veterans Affairs Bureau aims to enhance employment opportunities for veterans by facilitating direct engagement with quality companies in the region [1][5]. Group 1: Employment Opportunities - The event included visits to three companies: Inner Mongolia Mengdu Sheep Industry, COFCO Jiajia Kang, and China Life Insurance, providing veterans with insights into potential job roles [1][3]. - Veterans were able to observe production processes, ask questions about job responsibilities, work intensity, and salary, thereby alleviating concerns about job compatibility [3][5]. Group 2: Company Engagement - Inner Mongolia Mengdu Sheep Industry showcased its meat processing, packaging, and storage processes, allowing veterans to understand the operational aspects of the industry [3]. - COFCO Jiajia Kang focused on roles related to breeding technology, supply chain management, and quality inspection, explaining job responsibilities and growth opportunities [3]. - China Life Insurance introduced its corporate culture and career paths in the financial sector, helping veterans gain a new perspective on financial industry roles [3]. Group 3: Future Initiatives - The Chifeng City Veterans Affairs Bureau plans to continue focusing on the employment needs of veterans by integrating more quality company resources and conducting personalized employment matching activities [5]. - The initiative aims to bridge the gap in veteran employment, ensuring they can successfully transition into new roles [5].

Core Viewpoint - On October 20, China Life made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month, with a trading volume of 10.41 billion HKD and a net buying amount of 1.37 billion HKD, closing up 2.44% [1] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on October 20 was 369.37 billion HKD, accounting for 33.62% of the day's total trading amount, with a net selling amount of 21.97 billion HKD [1] - Alibaba-W led the trading volume with 96.98 billion HKD, followed by SMIC and Tencent Holdings with trading amounts of 53.97 billion HKD and 44.91 billion HKD, respectively [1] Frequent Trading Stocks - The stocks that appeared most frequently on the active trading list over the past month were Alibaba-W and Huahong Semiconductor, each appearing 15 times, indicating strong interest from Hong Kong Stock Connect funds [1] - China Life's recent appearance marks its first in nearly a month, highlighting a potential shift in investor interest [1] Individual Stock Performance - Tencent Holdings had a trading amount of 44.91 billion HKD with a net buying amount of 0.97 billion HKD, closing up 3.21% [1] - SMIC recorded a trading amount of 53.97 billion HKD with a net selling amount of 3.25 billion HKD, closing up 3.91% [1] - Alibaba-W had a significant trading amount of 96.98 billion HKD but faced a net selling amount of 17.54 billion HKD, closing up 4.86% [1] - China Life's trading amount was 10.41 billion HKD with a net buying amount of 1.37 billion HKD, closing at 23.520 HKD, up 2.44% [1]