格隆汇8月12日丨中国人寿(02628.HK)公布，公司近日收到国家金融监督管理总局关于牛凯龙任职资格 的批覆。根据该批覆，金融监管总局已核准牛凯龙担任公司董事的任职资格，其任职自2025年8月6日起 生效。自同日起，牛凯龙担任战略与资产负债管理委员会委员。 ...

中国人寿(02628)发布公告，公司近日收到国家金融监督管理总局(金融监管总局)关于牛凯龙任职资格的 批复。根据该批复，金融监管总局已核准牛凯龙担任公司董事的任职资格，其任职自 2025年8月6日起 生效。自同日起，牛凯龙担任战略与资产负债管理委员会委员。 ...

中 國 人 壽 保 險 股 份 有 限 公 司 董事長及執行董事 蔡希良 執行董事 利明光 劉暉 阮琦 非執行董事 王軍輝 胡錦 胡容 牛凱龍 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) 董事名單與其角色和職能 中國人壽保險股份有限公司董事會（「董事會」）成員載列如下。 林志權 翟海濤 陳潔 盧鋒 董事會設立 5 個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 委員會 | 審計委員會 | 提名薪酬委 | 風險管理與 | 戰略與資産 | 關聯交易控 | | --- | --- | --- | --- | --- | --- | | 董事 | | 員會 | 消費者權益 | 負債管理委 | 制委員會 | | | | | 保護委員會 | 員會 | | | 蔡希良 | | | | | | | 利明光 | | | | M | | | 劉暉 | | | | M | | | 阮琦 | | | M | | | | 王軍輝 | | M | | | | | 胡錦 | | | M | | | | 胡容 | | | M | ...

证券之星消息，8月12日保险板块较上一交易日上涨0.71%，*ST天茂领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。保险板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000627 | *ST天茂 | n 1.27亿 | 18.06% | -7808.91万 | -11.15% | -4841.55万 | -6.91% | | 601601 | 中国太保 | 9971.19万 | 8.72% | -1958.54万 | -1.71% | -8012.65万 | -7.01% | | 601318 中国平安 | | 5167.26万 | 2.06% | -2197.17万 | -0.88% | -2970.09万 | -1.18% | | 601628 中国人寿 | | 4726.59万 | 9.76% | 2128.42万 | 4.4 ...

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) | 執行董事： | 蔡希良、利明光、劉暉、阮琦 | | --- | --- | | 非執行董事： | 王軍輝、胡錦、胡容、牛凱龍 | | 獨立非執行董事： | 林志權、翟海濤、陳潔、盧鋒 | 公告 董事任職資格獲金融監管總局核准 茲提述中國人壽保險股份有限公司（「本公司」）日期為 2024 年 6 月 27 日的公告，內容有 關（其中包括）本公司於同日召開的股東週年大會（「股東週年大會」）上，選舉牛凱龍先 生為本公司第八屆董事會（「董事會」）非執行董事。 本公司近日收到國家金融監督管理總局（「金融監管總局」）關於牛凱龍先生任職資格的批 覆。根據該批覆，金融監管總局已核准牛凱龍先生擔任本公司董事的任職資格，其任職自 ...

中国人寿保险股份有限公司（"本公司"）于 2024 年 6 月 27 日召开 2023 年年度股东大会，选举牛凯龙先生为本公司第八届董事会非执行董事。 本公司近日收到国家金融监督管理总局（"金融监管总局"）关于牛凯 龙任职资格的批复。根据该批复，金融监管总局已核准牛凯龙先生担任本 公司董事的任职资格，其任职自 2025 年 8 月 6 日起生效。自同日起，牛凯 龙先生担任本公司第八届董事会战略与资产负债管理委员会委员。 牛凯龙先生的简历请见本公司于 2024 年 5 月 22 日在上海证券交易所 网站（www.sse.com.cn）发布的《中国人寿保险股份有限公司 2023 年年度 股东大会会议资料》。 特此公告 中国人寿保险股份有限公司董事会 2025 年 8 月 12 日 证券代码：601628 证券简称：中国人寿 编号：临 2025－024 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 关于董事任职资格获金融监管总局核准的公告 ...

格隆汇8月12日丨中国人寿(601628.SH)公布，公司近日收到国家金融监督管理总局（"金融监管总局"） 关于牛凯龙任职资格的批复。根据该批复，金融监管总局已核准牛凯龙先生担任本公司董事的任职资 格，其任职自2025年8月6日起生效。自同日起，牛凯龙先生担任本公司第八届董事会战略与资产负债管 理委员会委员。 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [4][49]. Core Insights - The report highlights that the interest spread risk for life insurance companies is manageable, despite concerns in a low interest rate environment. The average net investment yield for six major listed insurance groups has decreased from 4.7% in 2020 to 3.6% in 2024, leading to pessimism regarding the interest spread (investment yield minus liability cost) [4][8]. - The sensitivity of net assets to interest rates varies significantly among companies, with China Life and China Pacific experiencing a 13.6% and 7% decline in net assets, respectively, under a 50 basis point interest rate drop scenario [16][21]. - The cost of new policies has effectively decreased, with major companies like China Life and China Pacific seeing a reduction of approximately 50 basis points in liability costs to 2.4-2.5% in 2024 [4][36]. - The report anticipates a turning point for the cost of existing policies post-2028, as high-cost premium cash flows will cease, and companies like Xinhua are increasing equity allocations to hedge against interest rate declines [4][39]. Summary by Sections Section 1: Interest Rate Sensitivity - Long-term interest rates impact life insurance companies' net assets through three main pathways: duration gap between assets and liabilities, the effect on contracts with Variable Fee Approach (VFA), and the ultimate discount rate applied to policy contracts [13][14]. - Under a stress scenario of a 50 basis point decline in interest rates, the net asset impacts for major companies were calculated, showing varying degrees of sensitivity [16][21][27]. Section 2: New Policy Liability Costs - The liability costs for new policies have significantly decreased, with the report noting that the maximum liability rates for traditional and participating insurance products have been lowered, leading to a reduction in the break-even liability cost for major insurers [36][37]. - The report provides a detailed analysis of the break-even liability costs for major insurers from 2021 to 2024, indicating a downward trend in these costs [38]. Section 3: Existing Policy Costs - The report discusses the potential turning point for existing policy costs, with expectations that high-cost premium cash flows will diminish after 2028, thus reducing liability costs [39][40]. - Xinhua Insurance is highlighted for its strategy of increasing equity exposure to mitigate risks associated with declining interest rates, achieving significant investment returns [39][41].

Core Viewpoint - Financial institutions are actively supporting spring agricultural production by providing loans and insurance to farmers, facilitating rural revitalization and ensuring timely agricultural activities [1][3][4]. Financial Support for Agriculture - Agricultural Bank plans to issue over 150 billion yuan in spring farming loans, establishing a "green channel" for credit approval to ensure timely support [3] - China Postal Savings Bank aims to provide 100 billion yuan in loans for spring farming [3] - As of the end of January, the balance of loans to farmers increased by 1.8 billion yuan, and loans to new agricultural operators increased by 3.5 billion yuan [3] Innovative Financial Products - Huazhong Rural Credit Cooperative provided a 40,000 yuan loan to a farmer for purchasing fertilizers, easing financial pressure during spring farming [2] - Harbin Bank offered a 1 million yuan loan to a grain farmer, insured by a policy that prioritizes loan repayment in case of crop loss [2] - Insurance products like low-temperature meteorological index insurance have been introduced to protect tea farmers from climate risks, with payouts helping to recover losses [4][5] Technology and Service Improvement - Financial institutions are enhancing service accessibility and efficiency through technology, such as online loan applications and insurance claims [6][9] - Black River Rural Commercial Bank has issued 10.61 million yuan in small credit loans to farmers, demonstrating the effectiveness of localized financial services [7] - The integration of financial technology with traditional banking is reducing service costs and improving efficiency in rural areas [9] Collaboration and Communication - Collaborative efforts between financial institutions, government, and enterprises are breaking down information barriers, facilitating better access to financing for farmers [8] - Tianjin Rural Commercial Bank launched a "Spring Farming Loan" product in cooperation with local agricultural financing guarantee companies [8]

Core Viewpoint - The five major A-share listed insurance companies in China believe that the current equity market has strategic allocation value, despite market fluctuations and declining interest rates [1][3]. Group 1: Investment Performance - In 2021, the five major insurance companies achieved a total net profit of CNY 215.96 billion, with China Ping An, China Life, China Pacific Insurance, China Property & Casualty, and New China Life reporting net profits of CNY 101.62 billion, CNY 50.92 billion, CNY 26.83 billion, CNY 21.64 billion, and CNY 14.95 billion respectively [2]. - The investment yield for these companies remained around 5%, with New China Life achieving the highest total investment yield of 5.90% and China Property & Casualty having the highest net investment yield at 4.80% [2]. - The successful investment performance is attributed to a "barbell strategy," which involves combining two types of investment products with significantly different styles [2]. Group 2: Market Outlook - Insurance companies see the current market adjustment as a release of risks and an opportunity for long-term investment, with a belief that the equity market is showing strategic allocation value [3]. - The macroeconomic environment in 2022 is expected to support steady growth, providing a solid foundation for the equity market [3]. - Current market valuations are considered relatively low, with major indices like the Shanghai Composite Index and CSI 300 Index below the 30th percentile of their valuations over the past decade [3]. Group 3: Investment Strategy - The focus for future equity asset allocation will be on sectors aligned with national policy directions, such as carbon neutrality, digital economy, and healthcare [4][5]. - Companies are looking to capitalize on structural investment opportunities arising from traditional industries' valuation recovery and emerging strategic sectors like consumption upgrades and technological innovation [4][5]. - There is an emphasis on exploring investment opportunities in the Hong Kong market and diversifying equity investments [5].