Group 1 - Multiple high-performing ETFs have disclosed their semi-annual reports for 2025, showing a significant presence of institutional investors such as insurance funds, corporate annuities, and foreign capital among the top ten shareholders [1] - The Huatai-PineBridge CSI Hong Kong Stock Connect Innovative Drug ETF has achieved an impressive return of over 90% year-to-date, with major shareholders including Barclays Bank and various insurance and pension funds [1] - The Bosera SSE STAR Market Artificial Intelligence ETF has reported a year-to-date return exceeding 70%, with significant holdings from major insurance companies like Xinhua Life and Taikang Life [1] Group 2 - The Harvest SSE STAR Market Chip ETF and the Yongying CSI Hong Kong and Shanghai Gold Industry ETF have both recorded returns above 50% this year, with their top shareholders including major insurance firms [1] - The top ten shareholders of the Harvest SSE STAR Market Chip ETF include China Life, Ping An Property & Casualty, and several other prominent insurance companies [1] - The Yongying CSI Hong Kong and Shanghai Gold Industry ETF's top shareholders also feature major players in the insurance sector, indicating strong institutional interest in these funds [1]

手握7万多亿资产的中国人寿，交出了2025年中期"答卷"。 公司多项核心指标亮眼——总资产达7.29万亿元、投资资产7.13万亿元，总保费创历史同期新高；更关 键的是，新业务价值同比大增20.3%，增长后劲凸显。 "这份成绩单的'含金量'很高。"8月28日，中国人寿董事长蔡希良在公司2025年中期业绩发布会上如是 评价。 中国人寿下半年布局计划也已明确。下半年，中国人寿将在推进营销体系改革、康养生态建设等方面下 更大力气；目前来看，权益投资比例符合公司资产配置中枢，下一步会更加关注高股息股票的配置，积 极落实中长期资金入市的要求。 看家底：总资产、投资资产双双突破7万亿元 先看最直观的"家底"：截至6月末，中国人寿总资产、投资资产双双突破7万亿元，分别达7.29万亿元和 7.13万亿元，投资资产较年初增长7.8%；上半年，总保费达5250.88亿元，创历史同期最好水平，同比 增长7.3%。 资产配置保持稳健的同时，收益也扛住了市场考验——上半年总投资收益1275.06亿元，总投资收益率 3.29%；实现净投资收益960.67亿元，净投资收益率为2.78%，在债券利率低位、优质资产不好找的大环 境下，这份收益表 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable performance in its new business value (NBV), with a year-on-year increase of 20.3% to 28.546 billion yuan in the first half of 2025 [2][3] - The company achieved a total revenue of 239.235 billion yuan, reflecting a 2.1% year-on-year growth, and a net profit attributable to shareholders of 40.931 billion yuan, up 6.9% year-on-year [2] - The interim cash dividend per share is 0.238 yuan (before tax), representing a 19% increase compared to the previous year [2] Summary by Sections Business Performance - The company’s NBV grew by 20.3% to 28.546 billion yuan in H1 2025, with new single premiums increasing by 0.6% to 161.255 billion yuan [3] - The NBV margin (NBVM) improved by 2.9 percentage points to 17.7%, driven by the implementation of "reporting and operation integration" and business structure transformation [3] - Individual insurance channel NBV rose by 9.5% to 24.337 billion yuan, while new single premiums decreased by 21.6% to 73.885 billion yuan [3] - Non-individual insurance channel NBV surged by 179.2% to 4.209 billion yuan, with new single premiums increasing by 32.4% to 87.370 billion yuan [3] Investment Performance - As of the end of H1 2025, the company’s investment assets reached 7.127 trillion yuan, a 7.8% increase from the previous year [4] - The proportion of fixed-income investments decreased by 0.73 percentage points to 73.56%, while the allocation to stocks and funds increased by 1.4 percentage points to 13.62% [4] - The company achieved a net investment income of 96.067 billion yuan, up 4.0% year-on-year, with a net investment yield of 2.78% [4] Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenues of 524.5 billion yuan, 537.1 billion yuan, and 545.2 billion yuan for 2025-2027 [5] - The projected net profit attributable to shareholders for 2025-2027 is 105.9 billion yuan, 108.5 billion yuan, and 110.1 billion yuan respectively [5] - The expected earnings per share (EPS) for 2025-2027 are 3.75 yuan, 3.84 yuan, and 3.90 yuan [5] - The price-to-earnings value (PEV) ratios for 2025-2027 are projected to be 0.76, 0.70, and 0.63 respectively [5]

Core Viewpoint - The performance of China's five major listed insurance companies in the first half of 2025 shows a slight increase in net profit, driven by a recovery in the capital market and strong growth in new business value for life insurance [1][3]. Group 1: Overall Performance - The five major listed insurance companies in A-shares achieved a total net profit of 178.19 billion yuan in the first half of 2025, averaging a daily profit of 984 million yuan, reflecting a slight year-on-year increase [1][3]. - China Ping An led the net profit among the five companies with 68.05 billion yuan, while New China Life Insurance recorded the highest growth rate at 33.53% [3][5]. - Other companies reported net profits of 40.93 billion yuan for China Life, 26.53 billion yuan for China Property & Casualty, and 27.88 billion yuan for China Taiping, with year-on-year growth rates of 6.93%, 16.94%, and 10.95% respectively [3][5]. Group 2: Investment Performance - The recovery of the capital market has significantly boosted investment income, with many insurance companies reporting a noticeable increase in total investment returns compared to the first half of 2024 [3][4]. - China Ping An achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year, while China Property & Casualty reported an annualized total investment return rate of 5.1%, an increase of 1 percentage point [4]. Group 3: Life Insurance New Business Value - The life insurance sector experienced significant growth in new business value, with China Property & Casualty achieving a new business value of 4.978 billion yuan, a growth rate of 71.7% [5][6]. - New China Life's new business value grew by 58% to 6.182 billion yuan, while Ping An Life and China Life reported new business values of 22.335 billion yuan and 28.546 billion yuan, both with over 20% year-on-year growth [5][6]. Group 4: Cost Optimization in Property Insurance - The comprehensive cost ratios of major property insurance companies continued to improve, with China Property & Casualty, Ping An Property & Casualty, and China Taiping reporting ratios of 95.3%, 95.2%, and 96.3% respectively, reflecting decreases of 1.5, 2.6, and 0.8 percentage points [7][8]. - The optimization of cost ratios is attributed to the application of technology to control expenses and improve business quality [7]. Group 5: Focus on New Energy Vehicle Insurance - The competition in the traditional auto insurance market is intensifying, leading companies to focus on the new energy vehicle insurance market, with China Property & Casualty reporting a 36.8% year-on-year increase in the number of new energy vehicles insured [8]. - Ping An Property & Casualty reported a 46.2% year-on-year increase in original insurance premium income from new energy vehicle insurance, amounting to 21.7 billion yuan, while also achieving underwriting profitability in this segment [8].

——政策支持大。国家对保险业发展高度重视，近期一系列行业指导文件密集出台，这些文件共同构成 了未来高质量发展的政策体系。 中新社北京8月28日电 中国人寿总裁利明光28日在北京、香港同步举行的中期业绩发布会上指出，中国 经济长期向好的支撑条件和基本趋势没有变，这是支撑寿险行业持续发展的最大底气，"我们坚定看好 中国寿险业的未来发展"。 中国人寿业绩报告显示，上半年，其总保费达5250.88亿元人民币，同比增长7.3%，创历史同期最好水 平。 利明光说，保险业将进入高质量发展期，他用"三个大"解释自己对行业未来的信心来源。 ——发展空间大。中国总人口超过14亿，中等收入群体庞大。从国际比较来看，中国保险资产占金融资 产的比重仍有较大上升空间。 ——保障需求大。健康、养老、财富管理三大领域蕴藏数万亿市场，是未来的三大增长极。中国的个人 卫生支出数据和住户人民币存款余额等数据都充分说明中国健康险和寿险潜在需求旺盛。 与此同时，利明光也指出，虽然行业发展潜力巨大，但要将潜在市场转变为现实需求，还需要保险公司 不断提升技术、风险管理、产品与服务创新、人才队伍建设、资产负债匹配等多个方面能力，这样才能 有效适应市场变化和 ...

8月28日，中国人寿（601628）召开2025年中期业绩发布会，公司管理层回应了权益投资、寿险业未来 发展趋势等多个热点问题。 就在前一天的8月27日，中国人寿发布了2025年半年报。数据显示，今年上半年，公司总保费达5250.88 亿元，同比增长7.3%，实现归属于母公司股东的净利润409.31亿元，同比增长6.9%。 寿险业务贡献保费增量 分红险支撑新单保费 上半年，中国人寿总保费达5250.88亿元，同比增长7.3%。具体来看，保费增量主要源于寿险业务。上 半年，中国人寿的寿险业务保费达4391.34亿元，同比增长8.5%，此外，健康险业务保费也增长了1.98% 达789.58亿元，不过，其意外险业务保费却下降了6.7%至69.96亿元。 分渠道来看，上半年，中国人寿的个险渠道总保费为4004.48亿元，同比增长2.6%，新业务价值达 243.37亿元，同比提升9.5%。 中国人寿在半年报中称，分红险快速增长，占个险渠道首年期交保费比重超50%，成为新单保费的重要 支撑。 同时，上半年中国人寿的银保渠道总保费达724.44亿元，同比增长45.7%，新单保费达358.73亿元，同 比增长111.1%。 ...

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [2][6][10] - As of August 27, 368 stocks are heavily held by insurance capital, with significant investments in non-bank financials, banks, telecommunications, and utilities [2][5] - Insurance funds have shown a notable increase in equity investments, with 79 new stock positions and 124 increased holdings in Q2 2025 [2][5] Investment Trends - The top holdings include China Life Insurance's stake in China Life, valued at 795.93 billion yuan, and Ping An's stake in Ping An Bank, valued at 135.73 billion yuan [4][5] - Telecommunications companies, particularly China Unicom, China Telecom, and China Mobile, have become key targets for insurance capital in Q2 2025 [4][5] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [4] Sector Allocation - The insurance sector's top three holdings by market value are in non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [5] - Insurance capital has increased its holdings in stocks significantly, with a net increase of 640.6 billion yuan in equity investments in the first half of 2025 [9] Policy Influence - Recent policy initiatives have encouraged insurance capital to invest more in the stock market, with a target for large state-owned insurance companies to allocate 30% of new premiums to A-shares starting in 2025 [6][10] - The insurance industry is adjusting its investment strategies to enhance long-term returns, driven by the need for better asset-liability matching [6][7] Future Outlook - Insurance capital is expected to continue increasing its equity investments, with a focus on stable, high-dividend stocks and sectors aligned with national strategic directions, such as green energy and high-end manufacturing [10][11] - The potential for significant incremental capital from insurance funds is anticipated, contributing to the stability of the capital market [11][12]

8月28日，中国人寿在北京、香港两地同步举行中报业绩说明会，公司核心高管悉数出席。 纵观这份中报，2025年上半年中国人寿总保费达5250.88亿元，创历史同期最好水平，同比增长7.3%， 市场份额稳步提升，公司实现归属于母公司股东的净利润409.31亿元，同比增长6.9%。 明确表示加仓港股 在权益投资方面，公司将继续落实中长期资金入市的要求，持续优化配置结构，重点配置高股息优质股 票以及具备新质生产力特征的标的，不断提升长期回报潜力。 公司高度关注港股市场的投资机会，凭借最新获批的QDII额度，上半年已在港股市场实现良好收益， 下半年将继续关注新经济与高股息资产，保持均衡稳健的投资组合。 内含价值持续增长 中国人寿投资收益保持稳健提升。截至今年6月末，中国人寿投资资产突破7万亿元大关，较2024年底增 长7.8%。2025年上半年，这家险资实现净投资收益960.67亿元，净投资收益率为2.78%；实现总投资收 益1275.06亿元，总投资收益率为3.29%。 此次业绩说明会上，中国人寿高管重点回应了关于低利率环境下的投资问题，资事堂将投资者重点关注 的内容整理如下，以飨读者。 首席投资官发声：A股底部夯实 ...

Core Viewpoint - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields, with significant room for future investment growth in the equity market [1][6][10]. Group 1: Insurance Capital Holdings - As of August 27, 368 stocks are heavily held by insurance capital, primarily in sectors such as non-bank financials, banking, telecommunications, electric equipment, non-ferrous metals, and public utilities [1][3]. - In Q2 2025, insurance funds entered 79 new stocks, increased holdings in 124 stocks, and reduced holdings in 95 stocks, with total holdings amounting to 554.1 billion shares valued at 1.18 trillion yuan [1][5]. - China Life Insurance Group has the largest holding in China Life, valued at 795.93 billion yuan, while Ping An holds 135.73 billion yuan in Ping An Bank [3][4]. Group 2: Focus on Telecommunications - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, became key targets for insurance capital in Q2, with significant increases in holdings by major insurers [3][5]. - China Life increased its stake in China Telecom by 205 million shares, bringing its total to 1.1 billion shares valued at 8.5 billion yuan [3][5]. Group 3: Investment Strategy and Market Conditions - The increase in insurance capital holdings is driven by policy guidance, the need for asset-liability matching, and the growing attractiveness of the capital market [6][8]. - Insurance companies are expected to maintain or slightly increase their stock and bond investments in the second half of 2025, with stocks being the preferred asset class [8][9]. - The total balance of insurance funds exceeded 36.23 trillion yuan by the end of Q2 2025, with a year-on-year growth of 17.39%, and stock investments reached 3.07 trillion yuan, marking a significant increase [8][9]. Group 4: Long-term Investment Outlook - Insurance capital is likely to continue focusing on stable, high-dividend value stocks, particularly in financial and public utility sectors, while also exploring opportunities in green energy and high-end manufacturing [9][10]. - The potential for significant and sustained inflows of insurance capital into the equity market is expected, driven by ongoing premium income growth and increased demand for equity market allocation [10].

Core Viewpoint - China Life Insurance has demonstrated strong performance in the first half of 2025, achieving significant growth in total premiums and net profit, while maintaining strategic focus amidst a complex market environment [1][3]. Financial Performance - In the first half of 2025, China Life's total premium income reached 525.088 billion yuan, a year-on-year increase of 7.3% [3]. - The net profit attributable to shareholders was 40.931 billion yuan, reflecting a growth of 6.9% compared to the previous year [1]. - Total assets and investment assets both surpassed 7 trillion yuan, standing at 7.29 trillion yuan and 7.13 trillion yuan respectively by the end of June 2025 [1]. Dividend Distribution - The board of directors proposed a mid-year cash dividend of 2.38 yuan per 10 shares (tax included), totaling 6.727 billion yuan in dividends [1]. Business Segments - The life insurance segment contributed 439.134 billion yuan, growing by 8.5% year-on-year, while health insurance premiums were 78.958 billion yuan, up by 2.0% [3]. - The individual insurance channel generated 400.448 billion yuan in premiums, a 2.6% increase, while the bank insurance channel saw a significant rise of 45.7%, reaching 72.444 billion yuan [3]. Strategic Outlook - The company remains optimistic about the long-term growth of the life insurance industry in China, citing large development space, significant demand for protection, and strong policy support as key factors [4]. - China Life is prepared for upcoming adjustments in predetermined interest rates, having established a comprehensive management system across various operational aspects [4]. Investment Strategy - As of mid-2025, investment assets grew by 7.8% compared to the end of 2024, with bond investments at 4.21 trillion yuan [7]. - The net investment income was 96.067 billion yuan, with a net investment yield of 2.78% [8]. - The company plans to maintain a flexible asset allocation strategy, focusing on high-quality dividend stocks and new economic sectors for long-term returns [8][9]. Market Focus - China Life has received a QDII quota of 5 million USD and is particularly attentive to the Hong Kong stock market, which has shown strong recovery and growth [9].