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]

Core Viewpoint - Insurance capital is increasingly entering the real estate sector, driven by the need for stable cash flows and the long-term nature of real estate investments [1][2][3] Group 1: Recent Transactions - Lujiazui Guotai Life Insurance announced the purchase of the Qiantan Hui N5 office building in Shanghai for a total price of 895 million yuan (approximately 8.95 billion yuan, including VAT), completed on October 31 [2] - Other insurance companies, including Zhong Postal Insurance, have also made significant real estate investments, such as the acquisition of the landmark project Bohua Plaza in Shanghai [2] Group 2: Investment Characteristics - Real estate, particularly commercial office buildings in first-tier cities, offers long-term stable returns and aligns well with the long-term liabilities of insurance capital [3] - The value stability and strong anti-inflation capabilities of real estate help diversify investment risks and reduce the impact of price fluctuations on overall investment portfolios [3] Group 3: Market Trends - In the current asset scarcity environment, high-quality real estate projects are expected to provide stable rental income and potential appreciation [4] - The insurance sector is diversifying its investment methods in real estate, with examples including the listing of Huaxia Kaide Commercial REIT and the establishment of a 16 billion yuan Pre-REITs acquisition fund [4] Group 4: Professional Investment Capabilities - Real estate investment is complex and requires high professional capabilities from investment institutions, necessitating the establishment of a robust research and investment system [5] - Insurance companies must enhance their asset valuation capabilities and develop differentiated assessment models for various types of underlying assets [6]

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 ...

从资金流向上来看，当日保险板块主力资金净流出5.91亿元，游资资金净流入1.15亿元，散户资金净流 入4.77亿元。保险板块个股资金流向见下表： 证券之星消息，11月18日保险板块较上一交易日下跌0.85%，中国太保领跌。当日上证指数报收于 3939.81，下跌0.81%。深证成指报收于13080.49，下跌0.92%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 59.62 | -0.35% | 44.57万 | 26.64亿 | | 601628 | 中国人寿 | 43.02 | -0.92% | 9.65万 | 4.16 Z | | 618109 | 中国人保 | 8.51 | -0.93% | 53.07万 | 4.53亿 | | 601336 | 新华保险 | 67.00 | -1.03% | 12.60万 | 8.46 Z | | 601601 | 中国太保 | 34.86 | -1.72% | 42.22万 | 14.78 ...

Core Insights - The insurance sector is characterized by a "high elasticity" label, with a significant profit increase driven by investment performance, as evidenced by a 68% year-on-year profit growth in Q3 2025, with investment performance contributing 79% of the pre-tax profit increment for the first three quarters [3][11][12] - The "14th Five-Year Plan" emphasizes strong rule of law, strict regulation, risk mitigation, and development promotion, indicating a strategic focus on enhancing the legal framework and regulatory environment for the insurance industry [3][27][28] - The ongoing "anti-involution" policy is expected to boost dividend insurance, while property insurance is undergoing comprehensive governance to improve high-risk insurance types [3][19][27] - The strategic positioning of insurance assets is evolving, with a notable increase in stock and fund investments by listed insurance companies, projected to reach an additional 875.2 to 943.4 billion yuan in A-shares from 2025 to 2027 [3][11][19] - The insurance sector's valuation recovery is anticipated to continue, with recommendations to focus on undervalued, high-elasticity stocks such as China Life, Ping An, and others [3][19][21] Review of Performance - The insurance sector index has risen by 13.5% since the beginning of the year, underperforming the CSI 300 index by 4.1 percentage points [6][10] - In Q3 2025, the total net profit of listed insurance companies reached 426 billion yuan, a year-on-year increase of 33.5%, with significant contributions from investment performance [11][12][19] Policy Outlook - The "15th Five-Year Plan" outlines key directions for the insurance industry, focusing on high-quality development, technological independence, and comprehensive reform [24][28] - The regulatory environment is expected to remain stringent, with a focus on risk mitigation and the promotion of sustainable growth in the insurance sector [27][31] Liability and Asset Management - The "anti-involution" policy is driving a shift towards dividend insurance, while property insurance is seeing a rationalization of competition [3][19][27] - The strategic focus on asset allocation is expected to enhance the investment capabilities of insurance funds, with a projected increase in equity market allocations [3][11][19] Investment Recommendations - The report suggests maintaining a focus on undervalued, high-elasticity stocks within the insurance sector, highlighting companies such as China Life and Ping An as key investment opportunities [3][19][21]

Core Viewpoint - The insurance stocks in China have collectively declined, with significant drops observed in major companies such as China Life and New China Life, amidst a backdrop of changing investment strategies and market conditions [1] Group 1: Stock Performance - China Pacific Insurance (601319) fell by 4.59%, trading at 7.07 HKD [1] - New China Life (601336) decreased by 4.48%, trading at 48.62 HKD [1] - China Life (601628) dropped by 3.48%, trading at 26.04 HKD [1] - China Property & Casualty Insurance (02328) declined by 3.05%, trading at 18.42 HKD [1] Group 2: Investment Data - As of the end of Q3, the total stock investment balance for life and property insurance companies reached 3.62 trillion CNY, showing an increase in both scale and proportion compared to the end of Q2 [1] - The bond allocation ratio for life insurance companies has decreased quarter-on-quarter, while both life and property insurance companies have seen a decline in bank deposit allocation scale and proportion [1] Group 3: Analyst Insights - Liu Xinqi, Chief Analyst of Non-Bank Financials at Guotai Junan Securities, noted that the net investment yield for insurance companies is on a downward trend due to a low interest rate environment and narrowing credit spreads [1] - There is a pressing need for insurance companies to shift their asset allocation strategies from passive to active management, aiming to optimize asset allocation structures and achieve stable investment returns [1]

一、同意中国人寿财产保险股份有限公司杭州市钱塘区支公司营业场所变更为：浙江省杭州市钱塘区下 沙街道天城东路433号和毓创新中心3-1号楼2层3-1-205、3-1号楼2层3-1-206、3-1号楼2层3-1-207。 2025年11月13日，国家金融监督管理总局浙江监管局发布批复称，《关于变更中国人寿（601628）财产 保险股份有限公司杭州市钱塘区支公司营业场所的请示》（国寿财险浙发〔2025〕162号）收悉。经审 核，现批复如下： 二、中国人寿财产保险股份有限公司杭州市钱塘区支公司应按照有关规定及时办理变更及许可证换领事 宜。 ...

Core Viewpoint - China Life Insurance Company is committed to the mission of "protecting people's health" and actively participates in the construction of a multi-level medical security system, aligning with national policies to address aging population and rural revitalization [1][2][10] Summary by Sections Multi-level Health Security Development - The company has developed a multi-level health security system that aligns with national trends and policies, focusing on policy health insurance, long-term care insurance, and urban customized commercial medical insurance [2][10] - The national policy emphasizes the sustainable development of commercial insurance and the improvement of urban and rural residents' major illness insurance mechanisms [1][2] Major Illness Insurance - As one of the first institutions to undertake major illness insurance, China Life has built a comprehensive operational system covering underwriting, claims, medical verification, and risk control since 2012 [2][3] - The company has served over 40 million insured individuals in Guangxi, significantly reducing the financial burden of major illnesses through efficient claims processes [3][5] Long-term Care Insurance - China Life is a pioneer in the long-term care insurance system, responding to the challenges of an aging population and establishing a standardized operational framework since the pilot program began in 2016 [3][5] - The company has developed various representative service models in cities like Chengdu, Guangzhou, and Tianjin, contributing valuable experience for the establishment of a long-term care insurance system suitable for China's context [3][5] Urban Customized Commercial Medical Insurance - The company has actively participated in over 100 "惠民保" projects, which provide effective supplementary insurance for low-income and elderly populations [5][6] - Projects like "大爱无疆" in Zhuhai and "西湖益联保" in Hangzhou have been successful in bridging the gap in insurance coverage for vulnerable groups, promoting the development of the pharmaceutical industry [6][8] Future Development Plans - Looking ahead to the "15th Five-Year Plan," the company aims to consolidate its position in major illness insurance, enhance urban medical insurance, and accelerate the development of long-term care insurance [9][10] - The company plans to innovate in new fields and strengthen cooperation with government policies to meet diverse health insurance needs [9][10]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [22]. Core Insights - The insurance index rose by 2.62%, outperforming the market by 3.71 percentage points, with significant individual stock performance variations [1]. - As of Q3 2025, the total balance of insurance funds reached 37.5 trillion, with life insurance companies holding 33.73 trillion and property insurance companies holding 2.39 trillion [2]. - The solvency adequacy ratio for insurance companies was reported at 186.3% for comprehensive and 134.3% for core solvency, with property insurance companies showing a strong solvency position [2]. - The report highlights a shift in asset allocation, with a decrease in bond allocation and an increase in equity and fund holdings, suggesting a more aggressive investment strategy in the current market environment [5]. Summary by Sections Market Performance - The insurance sector showed a positive performance with a 2.62% increase in the index, outperforming the broader market [1]. - Individual stock performances varied, with notable increases in stocks like Taiping (+10.96%) and PICC (+3.16%) [1]. Fund Allocation - As of Q3 2025, the allocation of insurance funds was as follows: bonds 50.3%, stocks 10%, and funds 5.5%, with a slight increase in stock and fund allocations [4]. - Life insurance companies had a bond allocation of 51% and a stock allocation of 10.1%, while property insurance companies had a bond allocation of 40.6% and a stock allocation of 8.7% [4]. Company Performance - New China Life reported a cumulative premium income of 181.973 billion, a 17% year-on-year increase [2]. - China Pacific Life's cumulative premium income was 241.322 billion, reflecting a 9.9% increase, while its property insurance segment saw a modest 0.4% growth [2][3]. - ZhongAn Online reported a cumulative premium income of 29.822 billion [3]. Investment Recommendations - The report suggests a strong beta attribute for the sector in the short term, with a focus on asset performance as a key driver [5]. - Long-term recommendations include companies like China Pacific, China Life, and New China Life based on fundamental performance and valuation [10].

Core Insights - The insurance industry has seen a significant increase in premium growth, reaching a record high due to the recent suspension of certain traditional insurance products [1][9][11] - Major players like Ping An and Xinhua Insurance have consistently reported premium growth exceeding 10% and 18% respectively, with Xinhua rising to the fifth position in the industry [1][19][21] - Companies such as Zhongyou and AIA are experiencing rapid growth, while Sunshine Life is expected to surpass 100 billion in premiums this year [1][25][26] - MetLife has achieved a milestone by surpassing 30 billion in premiums, climbing five positions to rank 18th in the industry [1][29] Premium Growth Trends - As of Q3 2025, the total premium income for life insurance companies reached 3.84 trillion, marking a substantial increase compared to earlier in the year [9][11] - The premium growth rate for the industry has exceeded 10%, the highest in nearly four years, driven by the suspension of 2.5% priced traditional insurance products [11][13] - The surge in premiums was particularly notable in July and August 2025, with growth rates reaching around 40% during these months [13][14] Company Performance - Ping An Life has maintained a premium growth rate above 10% for two consecutive years, with a current growth rate of 11.7% [21][22] - Xinhua Insurance has reported an impressive growth rate of 18.6%, making it the fastest-growing among the top six insurers [22][23] - Zhongyou Life's premium income reached 151.3 billion, with a growth rate of 17.7%, narrowing the gap with Taiping Life [25] - Sunshine Life's premium growth rate surged to 29.9%, with expectations to exceed 100 billion in total premiums by year-end [26] - AIA has maintained a consistent growth rate of over 10% for 12 consecutive years, showcasing stable performance across quarters [27] Market Dynamics - The top six insurers have shown resilience, with premium growth rates improving compared to the previous year, while smaller insurers are experiencing a slowdown [30][33] - The disparity in growth rates among insurers has widened, with many smaller firms reporting negative growth, particularly those with premiums below 300 billion [36][39] - The shift towards bancassurance channels has been a key strategy for larger firms, contributing to their premium growth while smaller firms struggle to compete [30][33]