Core Viewpoint - China Life Insurance (02628.HK) is currently in a steady upward channel, with short-term support levels at HKD 15.50 and HKD 14.60, and resistance levels set at HKD 16.60 and HKD 17.00. The overall upward probability is 52%, indicating conditions for continued upward movement [1]. Technical Analysis - The stock price has stabilized above all major moving averages, including the 10-day moving average at HKD 15.80, the 30-day moving average at HKD 14.92, and the 60-day moving average at HKD 15.10, forming a bullish structure [1]. - The trading volume reached HKD 621 million, providing substantial financial support for the stock's rise and reflecting increased market participation [1]. - The RSI index is currently at 68, indicating strong bullish sentiment, while the Williams and Stochastic indicators are in the overbought zone but have not shown clear signs of weakening [1]. - The CCI and psychological line indicators are also leaning bullish, with momentum and volatility indicators supporting the current upward trend [1]. - The Bollinger Bands show the stock is approaching the upper band, with MACD and Ichimoku indicators simultaneously issuing buy signals, indicating a strong overall trend [1]. Signal Summary - The technical indicators for China Life Insurance have been summarized as a "strong buy," achieving a perfect score of 16, indicating multiple technical factors are resonating to support the stock's continued rise [3]. - Since May 20, the stock has consistently received "buy" to "strong buy" ratings, with clear market trends and active participation from major funds [3]. Derivative Products Performance - On May 26, when the underlying stock rose by 2.17%, related derivative products showed even more impressive gains, with Morgan Stanley's bull certificate (68142) leading with a 13% increase, followed by Citibank's call warrants (25657 and 25498) with increases of 12% and 11%, respectively [3]. Investment Products - For bullish strategies, Societe Generale's call warrant (15787) and Citibank's call warrant (15987) offer approximately 6.5 times leverage, with exercise prices around HKD 17.3 [6]. - Citibank's bull certificate (54112) provides a 6.1 times actual leverage with a recovery price of HKD 13.5, offering a higher safety margin for bullish investors [6]. - For bearish strategies, UBS's put warrant (14199) and Morgan Stanley's put warrant (13914) provide about 5.7 times leverage, both with exercise prices of HKD 13.88 [6]. - Citibank's bear certificate (57271) stands out with 8.3 times high leverage and the lowest premium, while UBS's bear certificate (57555) offers 6.7 times actual leverage [6]. Overall Market Outlook - China Life Insurance exhibits strong characteristics across various technical parameters, and if it can maintain the support level of HKD 15.50, it is expected to challenge the resistance levels of HKD 16.60 and HKD 17.00 [7]. - Despite some short-term indicators being at high levels, as long as trading volume and momentum remain healthy, there is still room for upward movement [7].

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [4] Core Insights - The banking sector is expected to maintain stable performance despite external uncertainties, benefiting from policies such as reserve requirement ratio cuts and fiscal support, making it a strong defensive investment choice [5][46] - The securities sector is currently experiencing a period of adjustment, with a valuation of 1.35, indicating potential for recovery as external conditions improve and capital market reforms continue [5][49] - The insurance sector is seeing increased equity investments, with significant growth in stock holdings and long-term equity investments, driven by regulatory support for insurance capital market participation [50] Summary by Sections Market Review - As of May 29, 2025, the banking, securities, and insurance indices have shown declines of -0.93%, -2.93%, and -1.10% respectively, while the CSI 300 index decreased by -1.24% [13] - Notable performers include Su Nong Bank (+6.33%), Xiangcai Securities (+1.11%), and China Pacific Insurance (+1.82%) [13] Valuation Situation - The banking sector's price-to-book (PB) ratio is 0.68, with state-owned banks at 0.69, joint-stock banks at 0.63, city commercial banks at 0.72, and rural commercial banks at 0.64 [23] - The securities sector's PB ratio is at 1.35, positioned at the 33.84% percentile over the past five years, indicating room for valuation recovery [26] Recent Market Indicators - As of May 29, 2025, the one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] - The average daily trading volume in A-shares is 11,387.53 billion, reflecting a decrease of 7.58% week-on-week [35] Industry News - In Q1 2025, commercial banks achieved a net profit of 656.8 billion, with an average capital return rate of 8.82% [41] - The financial regulatory authority announced measures to support insurance capital market participation, including expanding long-term investment pilot programs [50] Company Announcements - Notable stock performance includes Chengdu Bank, Ningbo Bank, and China Merchants Bank, which are recommended for investment due to their strong regional performance and stability [47] - In the securities sector, firms like Zheshang Securities and Guolian Minsheng are highlighted for their potential restructuring opportunities [49]

在监管层持续鼓励长期资金入市的背景下，继2023年10月中国人寿和新华保险成为首批险资长期投资试点机构 后， 2025年，险资长期投资试点持续扩容，第二批试点机构已增至8家，而规模达600亿元的第三批试点机构也在 陆续获批中。 长期投资试点不断扩容 备案信息显示，泰康稳行成立于今年4月21日，于2025年5月26日完成私募证券投资基金管理人备案登记。公司注 册于武汉，办公地在北京，注册资本为1000万元，由泰康资产全资控股。 泰康资产作为泰康保险集团旗下资产管理子公司，截至2024年末，管理资产总规模超4.2万亿元，其中受托管理的 第三方资产总规模超2.5万亿元。 高管团队方面，泰康稳行法定代表人、执行董事王琦此前是泰康资产权益投资部股票投资执行总监。总经理刘志 强此前是泰康资产权益投资部投资经理。二人均具有20多年金融从业经历。在加入泰康资产之前，王琦曾先后供 职于大通证券、中关村证券、中信建投证券及中信建投基金等机构。刘志强则曾任职于平安保险和嘉实基金等机 构，其自2008年7月加入泰康资产至今已有17年。 "设立泰康稳行管理该试点基金，旨在响应保险资金长期投资改革试点，进一步增加符合保险资金投资策略的长 ...

Group 1 - The 19th "GuoShou 616" Customer Festival of China Life officially launched on May 30, focusing on the theme "Smartly Protecting Life with China Life" and emphasizing intelligent technology and comprehensive financial product services [1] - The festival will last for one month, featuring online and offline activities, including a "Super Experience Day" on June 16, and special events for important occasions such as the Dragon Boat Festival, Children's Day, Father's Day, and the high school entrance examination [1] - China Life will showcase nearly 20 high-quality financial products across its insurance, investment, and banking sectors, addressing diverse customer needs through an integrated online and offline experience [1] Group 2 - During the customer festival, China Life will enhance its comprehensive financial capabilities by sharing service resources, collaborating with star customers, and coordinating elderly care services, thereby innovating and upgrading its collaborative model [2] - The company aims to provide a convenient and reliable one-stop comprehensive financial service experience by increasing the supply of integrated financial products and services [2]

Core Insights - The 2025 "Shenzhen Huimin Bao" has been officially launched, maintaining a premium of 88 yuan while upgrading coverage, serving as an important supplement to Shenzhen's multi-level medical insurance system [1] - Since its introduction in 2023, "Shenzhen Huimin Bao" has enrolled over 12.13 million participants, covering nearly half of Shenzhen's permanent population, effectively addressing diverse medical insurance needs and reducing out-of-pocket expenses for residents [1] - China Life Insurance Company has been the chief underwriter for three consecutive years, contributing to product design, service optimization, and operational management, leading to significant improvements in coverage and service quality [1] Summary by Categories Premium and Coverage Adjustments - The 2025 "Shenzhen Huimin Bao" employs a strategy of "five reductions, three expansions, and one increase" to optimize coverage [2] - The deductibles for the five benefit categories have been reduced by 4,000 yuan, with a maximum reduction of 28.6%, and an additional 1,000 yuan reduction for participants with two or more years of coverage [2] Expanded Benefits - The program has broadened the scope of inpatient self-paid coverage, rare disease special treatment, and the "Hong Kong and Macau drug and device" coverage [2] - The annual cap for rare disease medications has been increased to 600,000 yuan, and the coverage for "Hong Kong and Macau drug and device" has been expanded to 17 items, with a maximum reimbursement of 500,000 yuan per year [2] Inclusion of Expatriates - For the first time, "Shenzhen Huimin Bao" includes Shenzhen residents with medical insurance in other regions, allowing them to benefit from the program after reimbursing compliant medical expenses through their local insurance [2] Digital Transformation - China Life's Shenzhen branch has actively promoted digital ecosystem development, achieving a 99% claim rate through a "one-stop" service, significantly reducing the financial burden on insured individuals [2]

5月30日，"可月月评估分红"的港股红利ETF基金（513820）冲高后回落，当前微跌0.09%。值得注意的是，今日为港股红利ETF基金（513820）第11次分红 的现金发放日，本月分红真正落袋为安！ 保险公司表示，高股息股票等领域值得重点关注。 无论是从个股投资偏好还是举牌偏向，红利资产均是重仓标的。特别是的从举牌来了，港股红利为主要举牌对象。 随着险资等中长期资金陆续入市，港股红利资产有望迎来资金增配。 【险资的资产配置思路如何？】 中国人寿副总裁、首席投资官刘晖表示，从中长期看，《关于推动中长期资金入市工作的实施方案》等一系列政策的实施，有助于优化中长期资金入市的环 境，进一步增强我国资本市场的内生稳定性。其中，高股息股票等领域值得重点关注。高股息股票方面，有几个因素可能继续支撑其中长期配置价值。一是 利率中枢趋势性下行背景下，高股息股票的股息率显著高于超长期债券收益率，对于提升净投资收益率、降低整体收益波动性具有重要意义，配置价值继续 凸显；二是新会计准则预计于2026年在保险行业全面推行，目前主要上市保险公司FVOCI股票约占公开市场权益总量的20%，非上市保险公司配置比例可能 更低，高股息股票增 ...

创新模式推动多层保障 仲夏时节，珠江两岸万物繁盛。在广东省，金融活水正以前所未有的速度和温度润泽着千家万户。普惠保险 作为普惠金融的重要组成部分，一直是社会各界关注的焦点。近日，记者深入广州、珠海、江门等地，走访 田间地头，探访社区村落，实地了解普惠保险在基层一线的落地实践，见证普惠保险守护民生、助力高质量 发展的坚实步伐。 从"有没有"到"好不好" 近年来，随着国家层面多项政策文件陆续出台，普惠保险被赋予了更加清晰的定位。继2023年《国务院关于 推进普惠金融高质量发展的实施意见》明确提出普惠型人身保险、农业保险、养老保险为"三大支柱"之后， 2024年国家金融监督管理总局进一步印发《推进普惠保险高质量发展的指导意见》，明确提出到"十四五"末 基本建成高质量普惠保险体系，普惠保险发展迈入全面提质扩容新阶段。 "普惠保险的根本在于'普'和'惠'。"中国社会科学院金融研究所研究员郭金龙认为，所谓"普"，是将更广泛的 人群纳入保障体系，尤其覆盖那些长期处于服务盲区的弱势群体；而"惠"，则意味着保障公平可得、保费合 理、理赔便捷，在商业可持续基础上回归保险本源，从而发挥保险的民生保障功能和社会稳定作用。 中国人寿寿 ...

自2023年开启试点以来，保险资金长期投资改革试点规模持续扩大，待第三批600亿元批复完毕，总规 模将增加至2220亿元。除了已经投资落地的500亿元资金，还有1720亿元险资"长钱"正在进行入市前的 各项准备。 多家险企有意参与长期投资试点 中国证券投资基金业协会（以下简称"中基协"）信息显示，5月27日，国丰兴华鸿鹄志远二期私募证券 投资基金（以下简称"鸿鹄基金二期"）成立，并于5月28日完成备案，基金管理人为国丰兴华（北京） 私募基金管理有限公司（以下简称"国丰兴华"）。 鸿鹄志远（上海）私募证券投资基金（以下简称"鸿鹄基金"）是我国首个保险系私募证券投资基金，由 国丰兴华担任基金管理人，一期规模达500亿元，由中国人寿和新华保险各出资250亿元，目前已经完成 全部投资。 既有新的保险系私募证券基金管理人完成备案，也有新的保险系私募基金产品发起设立，还有险企宣布 将设立私募证券基金公司……近期，保险资金长期投资改革试点动态持续刷新，超1700亿元险资"长 钱"正加快入市步伐。 近年来，在我国资本市场稳市机制建设过程中，吸引险资等中长期资金入市是重要课题。对于险资而 言，积极开展权益投资特别是长期股票投资 ...

Core Viewpoint - The event "Golden Color Xundian" aims to promote financial knowledge in multi-ethnic areas of Yunnan Province, integrating financial education with sports and cultural activities to support rural revitalization and ethnic unity [1][3]. Group 1: Event Overview - The event features a main venue and two sub-venues, engaging with towns, enterprises, and scenic spots through a "finance + sports" approach [1]. - The theme of the event is "Financial Consumer Protection + Ethnic Sports," utilizing an innovative model to merge financial knowledge dissemination with ethnic culture and sports events [1]. Group 2: Activities and Engagement - At the main venue in Zhaikai Village, performances such as the dance "Lotus Leaves Fluttering" and the song "I Am Waiting for You in Xundian" showcase ethnic culture while promoting rural revitalization [1]. - The "Golden Color Xundian" village basketball tournament incorporates financial knowledge into the commentary, engaging the audience in a fun and educational manner [3]. Group 3: Community Involvement - Local villagers actively participated in the financial consumer protection knowledge challenge, focusing on topics like investment, credit, and fraud prevention through interactive learning [3]. - The sub-venue at Fenglong Bay Fairy Tale Town integrates ethnic culture with financial education, providing practical skills on rational investment and fraud detection [3]. Group 4: Future Plans - The company plans to continue exploring the "finance + sports + cultural tourism" integration model to enhance grassroots financial services, strengthen ethnic unity, and improve rural revitalization [3].

Group 1 - The third batch of 600 billion yuan insurance funds for long-term investment pilot programs is being approved, with Zhongyou Insurance and Zhongyou Insurance Asset Management participating with a scale of 100 billion yuan [1] - The pilot program for long-term investment reform started in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan to establish the Honghu Fund, while the second batch involved 8 insurance companies with a total scale of 112 billion yuan [1] - Once the third batch is fully approved, the total amount for the long-term investment reform pilot will increase to 222 billion yuan [1] Group 2 - A new situation has emerged in the third batch of pilots where private fund managers and private fund investors come from different insurance capital systems, differing from previous batches where insurance companies collaborated with their own asset management companies [3] - Many small and medium-sized insurance companies, lacking their own asset management companies, are opting to participate in privately established funds from other insurance asset management companies to benefit from the long-term investment reform policies [3] - The Honghu Fund Phase III, approved for 40 billion yuan, aims to invest in large-cap blue-chip stocks, reducing short-term price fluctuations' impact on insurance companies' financial statements [3] Group 3 - Large and medium-sized bank-affiliated insurance institutions are actively participating in the pilot to address investment barriers and comply with policy requirements [4] - The pilot's accounting methods, such as equity method accounting and OCI asset measurement, help mitigate the impact of equity market volatility on insurance companies' profit statements [4] - The long-term investment pilot is expected to enhance insurance companies' equity investments, stabilize the capital market, and promote a positive interaction between insurance funds and the capital market [4]