证券代码：601628 证券简称：中国人寿 编号：临 2025－036 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国人寿保险股份有限公司 一、《关于公司 2025 年第三季度报告的议案》 董事会审计委员会已审议通过该项议案。 议案表决情况：同意 12 票，反对 0 票，弃权 0 票 二、《关于公司 2024 年度考核结果的议案》 1 议案表决情况：同意 12 票，反对 0 票，弃权 0 票 三、《关于公司高管人员 2025 年度绩效目标责任书的议案》 第八届董事会第二十一次会议决议公告 本公司第八届董事会第二十一次会议于 2025 年 10 月 16 日以书面方式 通知各位董事，会议于 2025 年 10 月 30 日在北京召开。会议应出席董事 12 人，实际出席董事 11 人。董事长、执行董事蔡希良，执行董事利明光、刘 晖、阮琦，非执行董事王军辉、胡锦、牛凯龙，独立董事林志权、陈洁、 卢锋现场出席会议；独立董事翟海涛以视频方式出席会议。非执行董事胡 容因其他公务无法出席会议，书面委托非执行董事牛凯龙代为出席 ...

中国人寿10月30日公告，2025年第三季度实现营业收入2986.6亿元，同比增长54.80%；归属于上市公司 股东的净利润1268.73亿元，同比增长91.50%；基本每股收益4.49元。前三季度实现营业收入5378.95亿 元，同比增长25.90%；归属于上市公司股东的净利润1678.04亿元，同比增长60.50%；基本每股收益 5.94元。 ...

每经AI快讯，10月30日，中国人寿(601628.SH)公告称，第三季度营收为2986.6亿元，同比增长54.8%； 净利润为1268.73亿元，同比增长91.5%。前三季度营收为5378.95亿元，同比增长25.9%；净利润为 1678.04亿元，同比增长60.5%。业绩变动主要系公司持续深化资负联动，深入推进产品和业务多元，科 学管控负债成本，同时把握市场机会加大权益投资力度，投资收益同比大幅提升。 ...

中国人寿保险股份有限公司 2025 年第三季度报告 证券代码：601628 证券简称：中国人寿 中国人寿保险股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 一、主要财务数据 （一）主要会计数据和财务指标 单位：人民币百万元 | | 项目 | 本报告期末 | | 上年度末 | | 本报告期末 比上年度末 增减变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 资产总计 | | 7,417,981 | | | 6,769,546 | 9.6% | | 合计 | 归属于母公司股东的股东权益 | 625,828 | | | 509,675 | 22.8% | | | 项目 | 本报告期 | | 本报告期 | 年初至 | 年初至报告期末 比上年同期 | | | | （7-9 | 月） | 比上年同期 | 报告期末 | | | | | | | 增减变动幅度 | （1-9 月） | 增减变动幅度 | | 营业收入 | | | 298, ...

中国人寿公告，第三季度营收为2986.6亿元，同比增长54.8%；净利润为1268.73亿元，同比增长 91.5%。前三季度营收为5378.95亿元，同比增长25.9%；净利润为1678.04亿元，同比增长60.5%。 ...

Core Points - China Life Insurance announced the signing of a Renminbi unit deposit agreement with Guangfa Bank on September 27, 2024, effective until July 14, 2026 [1] - The board of directors approved a supplementary agreement on October 30, 2025, which includes a new "interest rate adjustment guarantee clause" [1] - The agreed deposit interest rate was adjusted from a reduction of 0.10 percentage points from the benchmark rate to a reduction of 0.7 percentage points, and the transaction limit was increased from 6 billion to 10 billion [1] - The supplementary agreement becomes effective upon signing or stamping and affixing the official seal [1]

Core Viewpoint - China Life Insurance announced a plan to invest RMB 2 billion in a joint venture with related parties for the Guoshou Investment-Yuan Zhi Fund equity investment plan, which constitutes a related party transaction but does not qualify as a major asset restructuring or require shareholder meeting approval [1] Group 1 - The investment amount is RMB 2 billion [1] - The transaction is classified as a related party transaction [1] - The transaction does not meet the criteria for major asset restructuring [1]

Core Viewpoint - The insurance sector experienced a decline of 0.98% on October 30, with China Life leading the drop, while the overall market indices also fell [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3986.9, down 0.73% - The Shenzhen Component Index closed at 13532.13, down 1.16% [1]. Group 2: Individual Stock Performance - New China Life (601336) closed at 70.90, up 1.21% with a trading volume of 315,600 shares and a turnover of 2.262 billion yuan - China Pacific Insurance (601601) closed at 37.75, up 0.40% with a trading volume of 529,600 shares and a turnover of 2.009 billion yuan - Ping An Insurance (601318) closed at 58.65, down 0.51% with a trading volume of 745,700 shares and a turnover of 4.424 billion yuan - China Reinsurance (601319) closed at 8.70, down 1.47% with a trading volume of 729,500 shares and a turnover of 643 million yuan - China Life Insurance (601628) closed at 44.38, down 1.86% with a trading volume of 206,000 shares and a turnover of 926.76 million yuan [1]. Group 3: Capital Flow Analysis - The insurance sector saw a net inflow of 260 million yuan from institutional investors, while retail investors experienced a net inflow of 33.01 million yuan - However, speculative funds recorded a net outflow of 293 million yuan [1]. Group 4: Detailed Capital Flow by Company - China Pacific Insurance (601601) had a net inflow of 216 million yuan from institutional investors, but a net outflow of 109 million yuan from speculative funds - New China Life (601336) had a net inflow of 123 million yuan from institutional investors, with a net outflow of 9.31 million yuan from speculative funds - China Reinsurance (601319) experienced a net outflow of 2.81 million yuan from institutional investors, but a net inflow of 37.96 million yuan from retail investors - Ping An Insurance (601318) had a net outflow of 21.07 million yuan from institutional investors and 119 million yuan from speculative funds, with a net inflow of 14 million yuan from retail investors - China Life Insurance (601628) had a net outflow of 55.69 million yuan from institutional investors, a net outflow of 20.94 million yuan from speculative funds, and a net inflow of 76.62 million yuan from retail investors [2].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The recent meeting of the Life Insurance Industry Liability Reserve Assessment Rate Expert Consultation Committee expressed a more positive outlook compared to the previous quarter, indicating a reduced likelihood of adjustments to the upper limit of the preset interest rate in the medium term [4][5] - The preset interest rate research value for ordinary life insurance products is currently at 1.90%, down from 1.99% in the previous quarter, reflecting a year-on-year decrease of 9 basis points [4] - The report highlights that the long-end interest rates have stabilized since the beginning of 2025, with the decline in preset interest rates showing a narrowing trend [4] Summary by Sections Industry Overview - The total market capitalization of the industry is 33,163.22 billion [1] - The report notes that the financial regulatory authority has issued a notification to establish a mechanism linking preset interest rates with market rates, which is expected to guide companies in prudent pricing and asset-liability management [4][8] Market Trends - The meeting's statements have shifted from concerns about continuous declines in medium to long-term interest rates to a more optimistic view on the resilience and vitality of the national economy [4] - The report suggests that if long-end interest rates remain stable, the preset interest rate for 2026 may not see significant adjustments, with a projected value of 1.87% by the end of 2026 [4][10] Investment Recommendations - The report recommends actively monitoring the valuation and performance elasticity of listed insurance companies, particularly focusing on companies such as New China Life Insurance, China Life Insurance, China Property & Casualty Insurance, Ping An Insurance, China Pacific Insurance, and AIA Group [4]

Core Viewpoint - The Australian Superannuation Group emphasizes the importance of sharing its pension system experiences with China to help improve the retirement fund system and ensure dignified retirement for the population [1][7]. Group 1: Market Insights - The depth of the Chinese market has significantly increased over the past decade, with various business metrics experiencing multiple-fold growth, enhancing its attractiveness to investors [3][8]. - The investment potential in China has expanded beyond traditional industries to include technology, biotechnology, and semiconductors, indicating a shift in investment opportunities [8]. Group 2: Pension System Comparison - The Australian pension system is characterized by universal principles ensuring all citizens are included and mandatory contributions are made, alongside a preservation mechanism that restricts access to funds until retirement age [5]. - The Australian pension system has a long-term investment perspective, with approximately 70% of assets allocated to growth-oriented investments, aiming for returns that exceed inflation [5]. Group 3: ESG Focus - The increasing emphasis on ESG (Environmental, Social, and Governance) practices in China is viewed as a significant development, with companies that prioritize these aspects being favored for investment [8][9]. - The recognition of good capital management and dividend policies by Chinese companies is seen as crucial for enhancing net asset returns [9]. Group 4: Future Plans - The Australian Superannuation Group plans to deepen its collaboration with China Life Insurance Company to diversify asset allocation strategies for Chinese citizens, moving away from reliance on real estate and bank savings [10].