Investment Rating - The report maintains a positive investment outlook for the non-bank financial sector, highlighting strong performance expectations for Q3 earnings across various companies [5][36]. Core Insights - The report emphasizes that the Q3 performance of the equity market is expected to solidify the earnings of leading insurance companies, with the Shanghai Composite Index showing a Q3 increase of 12.73% [1]. - Companies like China Pacific Insurance and New China Life are projected to see significant profit growth, with net profits expected to rise by 40%-60% and 45%-65% respectively for the first three quarters of 2025 [2][5]. - The report notes that the overall performance of the securities sector is also expected to improve, driven by active trading and increased business income from wealth management and investment transactions [3][5]. Summary by Sections Market Review - The report indicates a mixed performance in the non-bank sector, with the insurance index rising by 3.65% while the securities sector saw declines [9][10]. Securities Sector - The report highlights that the brokerage business remains robust, with a total trading volume of 10.87 trillion yuan in the week ending October 17, 2025, despite a 15.86% decrease from the previous week [17]. - The report also notes a significant increase in margin trading balances, which rose by 52.53% year-on-year [17]. Insurance Sector - The report indicates that major insurance companies are expected to report strong premium growth, with New China Life's premiums expected to increase by 19% year-on-year [33]. Liquidity Tracking - The report discusses the liquidity situation, noting a net withdrawal of 4.979 billion yuan in the week due to central bank operations, with mixed movements in interest rates [28]. Industry News and Company Announcements - The report includes various company announcements, such as significant profit forecasts from major players like Dongwu Securities and New China Life, indicating a positive outlook for the sector [33][36]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Taiping, and major securities firms like CITIC Securities and Huatai Securities for potential investment opportunities [5][37].

Core Viewpoint - China Life Insurance Company Limited expects a significant increase in net profit for the first three quarters of 2025, projecting a rise of approximately 50% to 70% compared to the same period in 2024, driven by effective financial strategies and investment approaches [1][2]. Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2025 is projected to be between 156.785 billion yuan and 177.689 billion yuan, an increase of approximately 52.262 billion yuan to 73.166 billion yuan compared to 2024 [1]. - The net profit, excluding non-recurring gains and losses, is expected to be between 157.011 billion yuan and 177.946 billion yuan, reflecting a similar growth trajectory [1]. Investment Strategy - The company is actively enhancing its role as an economic stabilizer and is focusing on value creation and efficiency improvement through diversified products and business operations [1]. - China Life is committed to long-term, value-oriented, and stable investment strategies, emphasizing service to the real economy and maintaining a robust investment portfolio [1][2]. - The company has increased its equity investment efforts in response to the recovering stock market, optimizing asset allocation and significantly boosting investment returns year-on-year [2].

Core Viewpoint - China Life Insurance Company is expected to achieve significant net profit growth in the first three quarters of 2025, with projections indicating an increase of approximately 50% to 70% compared to the same period in 2024 [1][2]. Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2025 is projected to be between 1,567.85 billion yuan and 1,776.89 billion yuan, representing an increase of approximately 522.62 billion yuan to 731.66 billion yuan year-on-year [1]. - After excluding non-recurring gains and losses, the net profit is expected to range from 1,570.11 billion yuan to 1,779.46 billion yuan, with a similar year-on-year increase of about 523.37 billion yuan to 732.72 billion yuan [1]. Strategic Focus - The company emphasizes its role as an economic "shock absorber" and social "stabilizer," focusing on value creation and efficiency improvement [2]. - China Life is committed to long-term, value, and stable investment strategies, enhancing its investment capabilities and improving the stability of investment returns [2]. - The company has actively increased equity investments in response to a recovering stock market, optimizing its asset allocation structure and significantly boosting investment returns year-on-year [2].

智通财经APP讯，中国人寿(02628)发布公告，预计本公司2025年前三季度归属于母公司股东的净利润约 人民币1567.85亿元到人民币1776.89亿元，与2024年同期相比，将增加约人民币522.62亿元到人民币 731.66亿元，同比增长约50%到70%。 公司积极发挥经济"减震器"和社会"稳定器"功能，做实做优"五篇大文章"，聚焦价值创造与效益提升， 持续深化资负联动，深入推进产品和业务多元，可持续发展能力进一步增强。公司投资坚持服务实体经 济，践行长期投资、价值投资、稳健投资理念，稳健开展跨周期投资布局，持续提升投资专业能力，不 断增强投资组合收益稳定性，提升长期回报潜力。今年以来，股票市场回稳向好势头不断巩固，公司积 极推进中长期资金入市，把握市场机会坚决加大权益投资力度，前瞻布局新质生产力相关领域，持续优 化资产配置结构，投资收益同比大幅提升。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中國人壽保險股份有限公司 CHINA LIFE INSURANCE COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份代號: 2628） 2025 年前三季度業績預增公告 本公告乃本公司根據證券及期貨條例第 XIVA 部的內幕消息條文及上市規則第 13.09(2)段而作出。 經本公司初步測算，預計本公司 2025 年前三季度歸屬於母公司股東的淨利潤約人民幣 1,567.85 億元到人民幣 1,776.89 億元，與 2024 年同期相比，將增加約人民幣 522.62 億 元到人民幣 731.66 億元，同比增長約 50%到 70%。 本公告所載本公司初步測算的 2025 年前三季度財務數據乃根據企業會計準則編制且未 經審計。本公司 2025 年前三季度具體財務數據將在本公司 2025 年第三季度報告中予 以詳細披露。 本公司股東及準投資者於買賣本公司股份時務請審慎行事。 ...

格隆汇10月19日丨中国人寿(601628.SH)公布，经初步测算，预计本公司2025年前三季度归属于母公司 股东的净利润约人民币1,567.85亿元到人民币1,776.89亿元，与2024年同期相比，将增加约人民币522.62 亿元到人民币731.66亿元，同比增长约50%到70%。 公司积极发挥经济"减震器"和社会"稳定器"功能，做实做优"五篇大文章"，聚焦价值创造与效益提升， 持续深化资负联动，深入推进产品和业务多元，可持续发展能力进一步增强。公司投资坚持服务实体经 济，践行长期投资、价值投资、稳健投资理念，稳健开展跨周期投资布局，持续提升投资专业能力，不 断增强投资组合收益稳定性，提升长期回报潜力。今年以来，股票市场回稳向好势头不断巩固，公司积 极推进中长期资金入市，把握市场机会坚决加大权益投资力度，前瞻布局新质生产力相关领域，持续优 化资产配置结构，投资收益同比大幅提升。 预计本公司2025年前三季度扣除非经常性损益后归属于母公司股东的净利润约人民币1,570.11亿元到人 民币1,779.46亿元，与2024年同期相比，将增加约人民币523.37亿元到人民币732.72亿元，同比增长约 50%到7 ...

Core Viewpoint - China Life Insurance (601628.SH) expects a net profit attributable to shareholders of approximately 156.79 billion to 177.69 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 50% to 70% [2] Group 1: Financial Performance - The company anticipates a significant increase in net profit, with projections indicating a rise of 50% to 70% compared to the previous year [2] - The expected net profit range for the first three quarters of 2025 is between 156.79 billion and 177.69 billion yuan [2] Group 2: Business Strategy - During the reporting period, the company has deepened the asset-liability linkage and promoted product and business diversification to enhance sustainable development capabilities [2] - The company is committed to serving the real economy and seizing opportunities in the recovering stock market by increasing equity investments [2] - There is a forward-looking layout in new productivity-related fields, along with continuous optimization of asset allocation structure [2] Group 3: Investment Performance - Investment income has significantly increased year-on-year due to the company's strategic focus on equity investments and asset allocation [2]

Group 1 - The core viewpoint of the article is that China Life Insurance expects a significant increase in net profit for the first three quarters of 2025, projecting between RMB 156.785 billion and RMB 177.689 billion, which represents a year-on-year growth of approximately 50% to 70% compared to 2024 [1] - The main reasons for the profit increase include the company's role as an economic "shock absorber" and social "stabilizer," focusing on value creation and efficiency improvement, and enhancing sustainable development capabilities [1] - The company has been actively increasing equity investments, taking advantage of market opportunities, and optimizing asset allocation, which has led to a substantial increase in investment income year-on-year [1] Group 2 - For the first half of 2025, the composition of China Life's operating revenue is as follows: life insurance business accounts for 183.56%, health insurance business for 33.0%, and accident insurance business for 2.92% [1] - As of the report date, China Life's market capitalization stands at RMB 1,153.5 billion [2]

[Important Notice](index=1&type=section&id=Important%20Notice) The Board of Directors guarantees the accuracy and completeness of this announcement, assuming full legal responsibility - The company's board of directors and all directors guarantee that this announcement contains no false information, misleading statements, or major omissions, and assume legal responsibility for its truthfulness, accuracy, and completeness[2](index=2&type=chunk) [Estimated Current Period Performance](index=1&type=section&id=Estimated%20Current%20Period%20Performance) This section provides an overview of the estimated financial performance for the first three quarters of 2025, including net profit and non-recurring profit forecasts - China Life Insurance expects net profit attributable to parent company shareholders for the first three quarters of 2025 to be approximately **RMB 156.785 billion to RMB 177.689 billion**, an increase of approximately **RMB 52.262 billion to RMB 73.166 billion** compared to the same period in 2024, representing a year-on-year growth of **50% to 70%**[3](index=3&type=chunk) - Estimated net profit attributable to parent company shareholders after deducting non-recurring gains and losses is approximately **RMB 157.011 billion to RMB 177.946 billion**, with a year-on-year growth of **50% to 70%**[4](index=4&type=chunk)[5](index=5&type=chunk) 2025 First Three Quarters Performance Forecast Overview | Indicator | 2025 First Three Quarters Estimated (RMB) | Increase Compared to 2024 Same Period (RMB) | Year-on-Year Growth Rate | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | 156.785 billion - 177.689 billion | 52.262 billion - 73.166 billion | 50% - 70% | | Net Profit Attributable to Parent (Excl. Non-recurring) | 157.011 billion - 177.946 billion | 52.337 billion - 73.272 billion | 50% - 70% | [Performance Forecast Period](index=1&type=section&id=Performance%20Forecast%20Period) This section specifies the performance forecast period from January 1, 2025, to September 30, 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025[4](index=4&type=chunk) [Performance Forecast Details](index=1&type=section&id=Performance%20Forecast%20Details) Detailed disclosure of estimated net profit attributable to parent company shareholders and net profit after deducting non-recurring gains and losses for the first three quarters of 2025, both projected to grow by 50% to 70% 2025 First Three Quarters Performance Forecast Details | Indicator | Estimated Amount (RMB) | Increase Compared to Same Period (RMB) | Year-on-Year Growth Rate | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | 156.785 billion - 177.689 billion | 52.262 billion - 73.166 billion | 50% - 70% | | Net Profit Attributable to Parent (Excl. Non-recurring) | 157.011 billion - 177.946 billion | 52.337 billion - 73.272 billion | 50% - 70% | [Unaudited Performance Statement](index=2&type=section&id=Unaudited%20Performance%20Statement) Emphasizes that the financial data included in this performance forecast has not been audited - The estimated performance is unaudited[5](index=5&type=chunk) [2024 Same Period Performance (Unaudited)](index=2&type=section&id=2024%20Same%20Period%20Performance%20(Unaudited)) This section presents the unaudited financial performance for the first three quarters of 2024, serving as a comparative baseline - The announcement provides unaudited comparative performance data for the first three quarters of 2024, serving as a baseline for the 2025 performance increase forecast[6](index=6&type=chunk) 2024 First Three Quarters Key Financial Indicators (Unaudited) | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | 123.655 billion | | Net Profit Attributable to Parent | 104.523 billion | | Net Profit Attributable to Parent (Excl. Non-recurring) | 104.674 billion | | Earnings Per Share (Basic and Diluted) | 3.70 | [2024 First Three Quarters Key Profit Indicators](index=2&type=section&id=2024%20First%20Three%20Quarters%20Key%20Profit%20Indicators) Discloses the unaudited total profit, net profit attributable to parent company shareholders, and net profit after deducting non-recurring gains and losses for the first three quarters of 2024 2024 First Three Quarters Key Profit Indicators (Unaudited) | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | 123.655 billion | | Net Profit Attributable to Parent | 104.523 billion | | Net Profit Attributable to Parent (Excl. Non-recurring) | 104.674 billion | [2024 First Three Quarters Earnings Per Share](index=2&type=section&id=2024%20First%20Three%20Quarters%20Earnings%20Per%20Share) Discloses the unaudited basic and diluted earnings per share of RMB 3.70 for the first three quarters of 2024 2024 First Three Quarters Earnings Per Share (Unaudited) | Indicator | Amount (RMB) | | :--- | :--- | | Earnings Per Share (Basic and Diluted) | 3.70 | [Main Reasons for Performance Increase](index=2&type=section&id=Main%20Reasons%20for%20Performance%20Increase) This section outlines the key factors contributing to the anticipated increase in the company's financial performance - The company actively leverages its role as an economic 'shock absorber' and social 'stabilizer,' focusing on value creation and efficiency improvement, deepening asset-liability coordination, promoting product and business diversification, and enhancing sustainable development capabilities[7](index=7&type=chunk) - Investment strategy adheres to serving the real economy, practicing long-term, value, and prudent investment philosophies, steadily implementing cross-cycle investment layouts, enhancing investment professionalism, strengthening investment portfolio return stability, and improving long-term return potential[7](index=7&type=chunk) - With the stock market stabilizing and improving, the company seized market opportunities to increase equity investments, proactively deployed in new quality productive forces-related fields, continuously optimized asset allocation structure, and significantly increased investment income year-on-year[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) This section highlights that there are no significant uncertainties affecting the accuracy of the performance forecast - There are no significant uncertainties that could affect the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=Other%20Explanatory%20Matters) This section clarifies that the forecast is preliminary and unaudited, advising investors to exercise caution - This performance forecast is a preliminary estimate and unaudited; final financial data will be disclosed in detail in the 2025 third-quarter report[9](index=9&type=chunk) - The company reminds investors to be aware of investment risks and to exercise caution when trading its shares[10](index=10&type=chunk)

中国人寿(601628.SH)公告称，预计2025年前三季度归属于母公司股东的净利润约1567.85亿元到1776.89 亿元，同比增长约50%到70%。报告期内，公司深化资负联动，推进产品和业务多元，增强可持续发展 能力。投资方面坚持服务实体经济，把握股票市场回稳向好机遇，坚决加大权益投资力度，前瞻布局新 质生产力相关领域，持续优化资产配置结构，投资收益同比大幅提升。 ...