智通财经APP获悉，香港联交所最新资料显示，8月25日，中国平安保险(集团)股份有限公司增持中国人 寿(02628)1145.3万股，每股作价24.8563港元，总金额约为2.85亿港元。增持后最新持股数目约为5.27亿 股，最新持股比例为7.08%。 （原标题：中国平安保险增持中国人寿(02628)1145.3万股 每股作价约24.86港元） ...

香港联交所最新资料显示，8月25日，中国平安保险(集团)股份有限公司增持中国人寿（601628） (02628)1145.3万股，每股作价24.8563港元，总金额约为2.85亿港元。增持后最新持股数目约为5.27亿 股，最新持股比例为7.08%。 ...

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [1][4] - As of August 27, 368 stocks are heavily held by insurance funds, with significant investments in non-bank financials, banks, telecommunications, and utilities [1][3] - The total market value of insurance holdings reached 1.18 trillion yuan, with 554.1 billion shares held [1] Investment Trends - Major insurance companies like China Life and Ping An have substantial holdings in their respective companies, with China Life holding 92.8% of China Life's circulating shares [3] - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, have become key targets for insurance investments in Q2 [2][3] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [2] Sector Allocation - The top three sectors for insurance capital investments are non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [3] - Insurance funds have shown a preference for stable, high-dividend blue-chip stocks, particularly in financial and utility sectors [7][8] Regulatory and Market Influences - Recent policies encourage insurance funds to invest more in the stock market, with a target of 30% of new premiums allocated to A-shares starting in 2025 [4][5] - The insurance sector's asset allocation is shifting towards equities, with a significant increase in stock investments noted in the first half of the year [6] Future Outlook - Insurance capital is expected to continue increasing its equity allocation, driven by rising premium income and a favorable market environment [8] - The potential for substantial and sustained inflows from insurance funds into the capital market is anticipated, enhancing market stability [8]

保险行业 超配（维持） 负债端转型提速，资产端乘势慢牛 保险行业深度报告 2025 年 8 月 28 日 投资要点： ◼ 行情复盘：年初至今A股险企实现全线上涨。今年年初至8月15日，保险 板块行情呈现波动上涨的特征，申万保险指数上涨17.88%，跑赢沪深300 指数7.88个百分点，A股险企实现全线上涨。保险行情主要由负债端压 力缓解、政策红利释放以及板块强β属性推动。 ◼ 负债端：险企全面转型分红险，看好银保业务增长潜力。在产品切换维 度，预定利率下调加速分红险转型进程，险资全面聚焦分红险布局，助 力险企稳定保费规模、优化负债成本。渠道结构维度，代理人规模继续 收缩，行业聚焦队伍质态提升，推动代理人渠道向精英化、专业化转型， 强化高价值业务深耕能力。与此同时，银保渠道废止"一对三"合作限 制，市场竞争充分化，头部险企加速布局银行网点资源，逐步复苏，凭 借银行网点资源、客户触达优势，成为险企保费增长新引擎，为规模与 价值增长注入动力。 ◼ 资产端："慢牛"渐成共识，险资权益收益弹性释放资产端："慢牛" 渐成共识，险资权益收益弹性释放。保险资金规模快速增长，在"慢牛" 行情与中长期入市政策推动下，权益投资比例 ...

Core Viewpoint - China Life Insurance has demonstrated resilience in a complex market environment, achieving significant growth in its mid-year performance, with a net profit of 40.931 billion yuan, a year-on-year increase of 6.9% [1][3]. Financial Performance - The company reported total premiums of 525.088 billion yuan for the first half of the year, reflecting a year-on-year growth of 7.3% [1]. - The net profit attributable to shareholders reached 40.931 billion yuan, marking a 6.9% increase compared to the previous year [1]. - The company has distributed a total of 227.7 billion yuan in dividends since its listing, with a proposed interim dividend of 2.38 yuan per 10 shares for 2025 [1]. Business Segments - Individual insurance channel premiums amounted to 400.448 billion yuan, up 2.6% year-on-year, with renewal premiums growing by 10.4% to 326.563 billion yuan [3]. - The bancassurance channel saw total premiums of 72.444 billion yuan, a significant increase of 45.7%, with new single premiums rising by 111.1% to 35.873 billion yuan [3]. - The new business value from the individual insurance channel reached 24.337 billion yuan, an increase of 9.5% year-on-year [3]. Product Structure and Strategy - The company has shifted its product structure towards floating income products, which now account for over 45 percentage points more in first-year premiums compared to the previous year [3]. - The effective duration gap for new business has been reduced from 2-2.5 years to 1.5 years, indicating improved asset-liability management [4]. Investment Performance - As of June 30, the company's investment assets totaled 7.127153 trillion yuan, a 7.8% increase from the end of 2024 [5]. - Total investment income for the first half of 2025 was 127.506 billion yuan, reflecting a year-on-year growth of 4.2%, with an investment yield of 3.29% [5]. - The allocation to equity assets has increased, with the proportion of stocks and funds rising from 12.18% at the end of 2024 to 13.60% [5]. Market Outlook - The company remains optimistic about the A-share market for the second half of the year, focusing on sectors such as technology innovation, consumer manufacturing, and advanced manufacturing for investment opportunities [5][6]. - The company plans to maintain a flexible asset allocation strategy while managing the duration gap effectively [5]. International Investment - China Life has invested 35 billion yuan in the Honghu Fund, a long-term investment pilot project in collaboration with Xinhua Insurance [7]. - The company has received a QDII quota of 50 million USD, which will be primarily allocated to the Hong Kong stock market, where it has seen significant returns [7].

中国经济网北京8月28日讯中国人寿（601628）(601628.SH，02628.HK)今日A股收报41.47元，跌幅 0.46%；港股收报23.92港元，涨幅0.17%。 今日，A股保险板块涨幅0.80%，中国人寿为唯一下跌公司。 中国人寿昨晚发布2025年半年度报告显示，2025年上半年，公司实现营业收入2392.35亿元，同比增长 2.1%；归属于母公司股东的净利润409.31亿元，同比增长6.9%；扣除非经常性损益后归属于母公司股东 的净利润410.08亿元，同比增长6.8%。 | | 2025年6月30日 2024年12月31日 | | 变动幅度 | | --- | --- | --- | --- | | 资产总计 | 7,292,355 | 6.769.546 | 7.7% | | 其中:投资资产! | 7.127.153 | 6,611,071 | 7.8% | | 负债合计 | 6,756,756 | 6,248,298 | 8.1% | | 其中:保险合同负债 | 6,285,132 | 5,825,026 | 7.9% | | 归属于母公司股东的股东权益 | 523,619 | 509, ...

从资金流向上来看，当日保险板块主力资金净流出3.56亿元，游资资金净流入1.19亿元，散户资金净流入 2.37亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601319 中国人保 | | 4868.47万 | 5.49% | 1812.38万 | 2.04% | -6680.86万 | -7.54% | | 601628 中国人寿 | | -5101.96万 | -4.73% | 5108.35万 | 4.74% | -6.39万 | -0.01% | | 601601 中国太保 | | -8045.81万 | -7.31% | 2581.18万 | 2.34% | 5464.63万 | 4.96% | | 601318 中国平安 | | -1.26亿 | -3.36% | 1861.92万 | 0.50% | 1.07亿 | 2.87% | | 601336 新华保险 | ...

Core Viewpoint - China Life Insurance Company reported strong performance in its 2025 interim results, with total assets and investment assets exceeding 7 trillion yuan, net profit of 40.9 billion yuan, and premium income of 525.088 billion yuan, indicating robust growth in a challenging market environment [2][3]. Group 1: Financial Performance - As of June 30, 2025, China Life's total assets and investment assets both surpassed 7 trillion yuan, achieving a net profit of 40.9 billion yuan, equivalent to approximately 2.3 billion yuan per day [2]. - The company collected 525.088 billion yuan in premiums, averaging about 14.38 billion yuan per day, with long-term insurance policies reaching 327 million, meaning one in four individuals holds a policy [2]. - The board proposed a mid-term cash dividend of 2.38 yuan per 10 shares, totaling 6.727 billion yuan in cash dividends [2]. Group 2: Premium Income and Growth Channels - In the first half of 2025, total premiums reached 525.088 billion yuan, marking a historical high for the same period, with a year-on-year growth of 7.3% [3]. - The individual agent channel generated 400.448 billion yuan, while the bank insurance channel achieved 72.444 billion yuan, with the latter growing by 45.7% year-on-year [3][4]. - New single premiums from the individual insurance channel fell by 24.16% to 64.252 billion yuan, while the bank insurance channel saw a significant increase of 111.1% in new single premiums, reaching 35.873 billion yuan [4]. Group 3: Investment Strategy and Market Outlook - China Life's investment assets reached 71.27153 trillion yuan, growing by 7.8% from the end of 2024, with net investment income of 96.067 billion yuan and a net investment yield of 2.78% [6]. - The company added over 150 billion yuan in equity investments in the first half of 2025, reflecting a positive outlook on the equity market [6][7]. - The company maintains a balanced and flexible asset allocation strategy, focusing on opportunities in technology innovation, consumer manufacturing, and new consumption sectors [7][8].

Core Insights - The company achieved a net profit attributable to shareholders of 40.93 billion yuan in the first half of 2025, representing a year-on-year growth of 6.9% [1] - Total premium income reached 525.09 billion yuan, marking a 7.3% increase year-on-year, the best performance for the same period in history [1] - The new business value significantly increased to 28.55 billion yuan, with a comparable year-on-year growth of 20.3%, maintaining an industry-leading position [1] Group 1: Business Performance - The company has diversified its product offerings, with new single premium income from life insurance, annuity insurance, and health insurance accounting for 30.32%, 32.01%, and 33.42% respectively, creating a balanced product structure [2] - The 14-month policy persistency rate improved to 92.10%, an increase of 0.6 percentage points year-on-year, indicating a more solid business foundation [2] - The first-year premium income reached 81.25 billion yuan, ranking first in the industry, with the proportion of premiums for ten-year and above policies increasing to 37.30% [2] Group 2: Channel and Investment Performance - The individual insurance channel achieved a total premium of 400.45 billion yuan, a year-on-year increase of 2.6%, with over 45% of first-year premiums coming from ten-year and above policies [2] - The bancassurance channel saw a significant growth of 45.7% in total premiums, reaching 72.44 billion yuan, with first-year premiums of 17.03 billion yuan, up 34.4% [2] - The company’s net investment income was 96.07 billion yuan, with a net investment yield of 2.78%, and total investment income reached 127.51 billion yuan, with a total investment yield of 3.29% [3] Group 3: Strategic Initiatives - The company has increased its allocation to equity assets, with a significant rise in the proportion of stocks and funds (excluding money market funds) to 13.6% compared to the beginning of the year [3] - The company actively participates in innovative investment varieties such as gold, broadening investment channels and enhancing portfolio diversity [3] - The company continues to implement a series of liability-side transformation measures while optimizing asset allocation structures, maintaining profit forecasts for 2025 to 2027 [3]

Core Viewpoint - China Life's 1H25 performance is in line with expectations, showing a year-on-year increase in net profit and new business value, despite a decline in investment returns [1][2][3] Financial Performance - The company's net profit attributable to shareholders for 1H25 is 40.93 billion yuan, up 6.9% year-on-year, but down from a 39.5% increase in 1Q25 [1] - As of the end of 1H25, the company's net assets stand at 523.6 billion yuan, reflecting a 2.7% year-on-year increase but a 1.7% quarter-on-quarter decrease [1] - The new business value (NBV) reached 28.55 billion yuan, representing a 20.3% year-on-year growth [1] - The annualized net and total investment returns are 2.78% and 3.29%, respectively, showing a year-on-year decline of 0.25 percentage points and 0.3 percentage points [1][3] Business Segments - Individual insurance channel new business premium decreased by 21.6% year-on-year to 73.9 billion yuan, while bancassurance new business premium surged by 111% to 35.9 billion yuan [2] - The proportion of participating insurance in the first-year premium of individual insurance exceeded 50% in 1H25, indicating a shift towards floating income products [2] - The number of high-quality new agents increased by 27.6% year-on-year, and the retention rate for existing agents improved by 3.8 percentage points [2] Investment Strategy - The company has increased its stock investment scale to 620.1 billion yuan, a 23.8% increase from the beginning of the year, with a focus on high-dividend stocks [3] - The total investment return is expected to gradually improve in 2025 due to market recovery and stable interest rates [3] Future Outlook - The company maintains a strong recommendation rating, with projected net profits of 116 billion yuan, 124.9 billion yuan, and 131.6 billion yuan for 2025-2027, reflecting year-on-year growth rates of 8.4%, 7.7%, and 5.4% respectively [4] - The NBV for 2025-2027 is expected to be 41.8 billion yuan, 46.2 billion yuan, and 49.4 billion yuan, with growth rates of 24.1%, 10.4%, and 7.0% respectively [4]