Investment Rating - The investment rating for the company is "Buy" [8][6]. Core Views - The company reported a steady growth in New Business Value (NBV) of 20% year-on-year for 1H25, despite a decline in pre-tax profit by 11.5% [2][6]. - The interim dividend increased by 19% to RMB 0.24, outpacing profit growth [1]. - The annualized net investment return decreased to 2.78%, while the total investment return fell to 3.29% [4]. Summary by Sections Financial Performance - The earnings per share (EPS) for 1H25 was RMB 1.45, a 6.9% increase year-on-year, primarily due to a significant reduction in income tax expenses [1]. - The NBV for 1H25 showed a 20% increase on a comparable basis, indicating robust growth compared to peers [2]. - The company’s net assets increased by 2.8% year-to-date, and the embedded value (EV) rose by 5.5% [5]. Business Segments - The individual insurance channel saw a 22% decline in new premiums, influenced by regulatory changes, but the NBV from this channel grew by 9.5% [2]. - The bancassurance channel experienced a remarkable 111% increase in new premiums, contributing significantly to the overall NBV growth [2]. Investment Strategy - The asset allocation shifted with a decrease in fixed-income assets and an increase in equity investments, reflecting a strategic response to market conditions [4]. - The total investment assets grew by 7.8% since the beginning of the year [4]. Future Outlook - The company anticipates a 17.9% growth in NBV for 2025, supported by a recovery in the bancassurance channel following regulatory changes [2][6]. - The projected EPS for 2025 is adjusted to RMB 3.20, with subsequent years also showing growth [6][12]. Valuation - The target price for the A/H shares has been raised to RMB 49 and HKD 26, respectively, based on a discounted cash flow (DCF) valuation method [6][12].

Group 1 - The core viewpoint of the report indicates that China Life's 1H25 performance is in line with expectations [1] - The company's net profit attributable to shareholders for 1H25 is 40.93 billion, representing a year-on-year increase of 6.9% [1] - The growth rate has significantly declined from 39.5% in 1Q25, likely due to a decrease in interest rates in 2Q25 affecting the profitability of certain policies [1]

Core Insights - China Life Insurance Company has initiated its digital transformation early, with a strategic decision made in 2009 to shift the focus from technology to data, which has had a profound impact on its subsequent development [1] Group 1: Digital Transformation Strategy - The digital transformation of China Life is being advanced on two levels: transforming methods and transforming models [1] - Transforming methods involves empowering the offline workforce through digital mobile technology, focusing on process optimization and efficiency enhancement without fundamentally changing the existing business model [1] - This approach is influenced by the company's large scale, aiming to solidify its business foundation [1] Group 2: New Business Model - Transforming models entails fundamentally reconstructing the business model to establish a second growth curve for China Life, relying entirely on a digital ecosystem [1] - The new model has shown significant results, with premium income generated from it far exceeding the annual budget target set for internet channels at the beginning of the year [1] - The core advantage of the new model is the substantial reduction in marketing costs, which effectively enhances the market competitiveness of its products [1]

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Insights - The report highlights strong growth in floating income business, with China Life's 25H1 profit steadily increasing and NBV showing significant growth [1][5] - China Life achieved a life insurance premium income of 525.09 billion yuan in 25H1, representing a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 40.93 billion yuan, up 6.9% year-on-year [4] - The report emphasizes the optimization of business structure and a decrease in the rigid cost of new business liabilities, contributing to a rapid increase in NBV [5] Summary by Sections Life Insurance Performance - In 25H1, China Life's total new business premiums reached 161.26 billion yuan, a year-on-year increase of 0.6%, while first-year regular premiums were 81.25 billion yuan, down 16.5% [5] - The proportion of floating income business in first-year regular premiums increased by 45 percentage points year-on-year [5] Sales Channels - Individual insurance maintained high-quality development, with NBV growth driven by NBVM. As of June 2025, the individual insurance sales force remained stable at 592,000 people, with a year-on-year increase of 27.6% in the marketing and development teams [5] - Bank insurance channel saw a significant increase in new business premiums, with a year-on-year increase of 111.1% in new premiums and 34.4% in first-year regular premiums [5] Investment Strategy - The report suggests increasing allocation to high-quality, high-dividend assets, with China Life's stock and fund allocation ratio at 13.60%, up 1.42 percentage points from the previous year [5] - The overall and net investment returns were 3.29% and 2.78%, respectively, indicating stable performance [5] Investment Recommendations - The report recommends focusing on China Life due to strong growth in floating income business and high NBV growth, reflecting sustained demand for household savings [5] - If the equity market continues to fluctuate, it suggests paying attention to China Pacific Insurance; if the market trends positively, it recommends China Life and New China Life Insurance [5]

Core Viewpoint - The introduction of the "Implementation Plan for the High-Quality Development of Inclusive Finance in the Banking and Insurance Industries" in June marks a significant step towards improving the policy framework for inclusive insurance, guiding the industry on how to enhance inclusive financial services [1] Group 1: Company Initiatives - The company plans to promote high-quality development of inclusive insurance through three main strategies: innovation-driven approaches, service upgrades, and sustainable digital empowerment [1] - The first strategy focuses on innovation, emphasizing the need to study the protection needs of specific groups and enhance the design of products to broaden the coverage and accessibility of inclusive insurance [1] - The second strategy involves upgrading services, aiming to transform service models from mere risk compensation to a comprehensive "insurance + service" approach, such as integrating insurance with elderly care and health management [1] - The third strategy is centered on sustainable digital empowerment, leveraging data and intelligence to ensure precise pricing, efficient operations, and dynamic risk monitoring for inclusive products [1]

Core Viewpoint - China Life Insurance reported strong performance in the first half of 2025, with a focus on strategic initiatives and market opportunities for sustainable growth [4]. Financial Performance - In the first half of 2025, China Life's net profit attributable to shareholders was 40.931 billion yuan, a year-on-year increase of 6.9% [2]. - As of June 30, 2025, total assets and investment assets exceeded 7 trillion yuan [2]. - The company plans to distribute a mid-year cash dividend of 0.238 yuan per share, a 19.0% increase year-on-year, totaling approximately 6.727 billion yuan [3]. Strategic Focus - Chairman Cai Xiliang emphasized three key areas for future growth: aligning company operations with customer needs, maintaining long-term value stability, and enhancing core competitiveness through cost reduction and efficiency improvements [4]. - The company aims to explore growth points in retirement, health, and wealth management sectors while optimizing product offerings [4]. Sales Channels and Market Position - China Life's total premium income reached 525.088 billion yuan, a 7.3% increase year-on-year, with a steady rise in market share [5]. - New business value was 28.546 billion yuan, up 20.3%, with individual insurance channel new business value increasing by 9.5% [5]. - The company maintains a leading sales force of 641,000 agents, with ongoing channel transformation and strategic positioning [6][7]. Investment Strategy - The company increased its public market equity holdings by 150 billion yuan since the beginning of the year, with a total investment asset of 7.13 trillion yuan, reflecting a 7.8% growth [9]. - The allocation to stocks and funds (excluding money market funds) rose from 12.18% to 13.60%, with stock investments amounting to 620.137 billion yuan [9]. - The company remains optimistic about the A-share market for the second half of the year, focusing on sectors like technology innovation and advanced manufacturing [10]. International Market Focus - With a newly approved QDII quota of 50 million USD, the company will pay close attention to the Hong Kong stock market, which has shown strong recovery and growth potential [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a double-digit growth in New Business Value (NBV) and doubled its OCI stock scale [1] - The report highlights a significant increase in the contribution of the bancassurance channel to NBV, with a year-on-year increase of 179% [8] - The company is expected to benefit from its competitive advantages as a leading player in the life insurance industry, with further improvements anticipated in team quality and performance [8] Financial Performance Summary - Total revenue for 2023 is projected at 344.27 billion yuan, with a year-on-year growth of 53.53% for 2024 [1] - The net profit attributable to the parent company is expected to reach 46.18 billion yuan in 2023, with a significant increase of 131.56% in 2024 [1] - The company's embedded value (EV) is projected to be 1.48 trillion yuan, reflecting a 5.5% increase from the beginning of the year [8] Business Growth Summary - The new business premium (NBP) showed a year-on-year growth of 0.6% in the first half of 2025, with a notable increase in bancassurance new business premiums [8] - The individual insurance channel's NBV margin improved to 32.4%, up 9.2 percentage points year-on-year [8] - The company’s investment assets reached 7.1 trillion yuan, with a year-to-date increase of 7.8% [8] Investment Strategy Summary - The report maintains previous profit forecasts, projecting net profits of 107.5 billion yuan, 112 billion yuan, and 120.5 billion yuan for 2025, 2026, and 2027 respectively [8] - The current market capitalization corresponds to a 2025E PEV of 0.8x and a PB of 2.1x [8] - The company is expected to continue its transformation in individual insurance marketing, which will further enhance its performance [8]

■ 注1：由于《公司章程》条文顺序调整，条文引用《公司章程》相关条文序号以及未在本表中列明的条 款序号根据修订后的《公司章程》作相应调整、顺延。 注2：本次《公司章程》修订调整了章节结构。 证券代码：601628 证券简称：中国人寿 编号：临2025－026 中国人寿保险股份有限公司 第八届董事会第十九次会议决议公告 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。 本公司第八届董事会第十九次会议于2025年8月13日以书面方式通知各位董事，会议于2025年8月27日在 北京召开。会议应出席董事12人，实际出席董事11人。执行董事利明光、刘晖、阮琦，非执行董事王军 辉、胡锦、胡容、牛凯龙，独立董事林志权现场出席会议；独立董事翟海涛、陈洁、卢锋以视频方式出 席会议。董事长、执行董事蔡希良因其他公务无法出席会议，书面委托执行董事利明光代为出席、表决 并主持会议。本公司监事和管理层人员列席了会议。会议召开的时间、地点、方式等符合《中华人民共 和国公司法》等相关法律、行政法规、部门规章、《中国人寿保险股份有限公司章程》（"《公 ...

Group 1 - The core viewpoint of the article highlights that China Life is actively enhancing its investment strategies to support the capital market, with a significant increase in long-term funds entering the market [1] - As of June 30, China Life's investment assets reached 7.13 trillion yuan, reflecting a growth of 7.8% compared to the beginning of the year [1] - The proportion of stocks and funds in China Life's portfolio increased from 12.18% at the beginning of the year to 13.60%, with stock investments amounting to 620.14 billion yuan, representing an increase of 1.12 percentage points [1] Group 2 - China Life has committed a total of 35 billion yuan to the Honghu Fund as part of its investment strategy [1] - The company has increased its public market equity scale by 150 billion yuan since the beginning of the year [1]

Core Viewpoint - China Life Insurance reported a 6.9% year-on-year increase in net profit attributable to shareholders for 1H25, reaching 40.9 billion yuan, slightly better than expectations, primarily due to losses from contracts caused by declining interest rates [1][3] Financial Performance - The pre-tax profit for 1H25 decreased by 11.5% year-on-year, aligning with expectations [1] - The new business value (NBV) showed a mixed performance with a comparable basis NBV increasing by 20.3% while the actual disclosed NBV decreased by 11.5% [2] - The interim dividend increased by 19% to 0.238 yuan per share [1] Business Trends - The new business value exceeded expectations, with a comparable basis NBV growth of 20.3% and a decline of 11.5% on an actual basis [2] - Individual insurance new premiums fell by 21.6%, but the comparable basis NBV rose by 9.5%, indicating a shift towards dividend insurance [2] - The sales force for individual insurance stood at 592,000, a slight decrease of 0.7% from Q1 but a year-on-year increase of 27.6% [2] - Bancassurance new premiums surged by 111%, attributed to strategic expansion, with the proportion of periodic premium income decreasing by 27 percentage points to 47.5% [2] - Policy quality indicators improved, with 14-month and 26-month policy persistency rates increasing by 0.6 percentage points to 92.1% and 4.2 percentage points to 88.6%, respectively [2] Marginal Contract Services and Embedded Value - The Contractual Service Margin (CSM) increased by 1.6% to 754.7 billion yuan, driven by new business inflows and interest rate changes [3] - New business CSM decreased by 31% to 26.2 billion yuan, impacted by interest rate assessments and declines [3] - The embedded value (EV) increased by 5.5% from the beginning of the year, indicating stable growth [3] Profit Forecast and Valuation - China Life A/H shares are currently trading at 0.7x/0.4x 2025e P/EV [4] - The company maintains its profit forecasts for 2025-2026 and its outperform rating, with the A-share target price unchanged at 38.60 yuan, corresponding to 0.7x/0.6x 2025e and 2026e P/EV [4] - The H-share target price has been raised by 24.1% to 24.33 HKD, reflecting improved liquidity and a potential upside of 1.9% from the current share price [4]