Core Viewpoint - China Life Insurance Group emphasizes the importance of aligning with the spirit of the 20th Central Committee's Fourth Plenary Session and aims to enhance its role in serving the national economy and society through high-quality financial development [1] Group 1: Strategic Goals - The company will focus on understanding the main objectives and challenges of financial work during the "14th Five-Year Plan" period [1] - China Life aims to strengthen its commitment to serving the country and the people, positioning itself as a leader in the insurance industry [1] Group 2: Development Initiatives - The company plans to accelerate high-quality development and expand its insurance services in key areas [1] - It will leverage the advantages of insurance funds as long-term and patient capital to support the development of new productive forces [1] Group 3: Social Responsibility - China Life intends to actively participate in the construction of a multi-level social security system and integrate into the social governance framework [1] - The company aims to enhance its role as an economic stabilizer and a pillar for financial stability, ensuring effective service to the real economy [1] Group 4: Implementation and Accountability - The company is committed to executing the spirit of the 20th Central Committee's Fourth Plenary Session in its operations and future reforms [1] - It will focus on planning and implementing key tasks for the "14th Five-Year Plan" period to ensure accountability and effectiveness in its initiatives [1]

人民财讯10月24日电，10月24日，中国人寿保险（集团）公司（以下简称"中国人寿"）党委书记、董事 长蔡希良表示，中国人寿将深入学习贯彻党的二十届四中全会精神，准确把握"十五五"时期金融工作的 主要目标和面临的形势任务，持续增强"报国为民当头雁"的思想自觉和行动自觉，坚定不移走中国特色 金融发展之路，加快推进高质量发展，着力做好金融"五篇大文章"，拓展重点领域保险，充分发挥保险 资金长期资本、耐心资本的优势，全力服务新质生产力发展，深入参与多层次社会保障体系建设，深度 融入社会治理体系建设，不断发挥保险经济减震器和社会稳定器功能，当好服务实体经济的主力军和维 护金融稳定的压舱石，不折不扣、雷厉风行、求真务实、敢作善为，抓紧研究谋划公司"十五五"时期重 点工作，确保在公司"十五五"规划和未来五年的改革发展实践中做好承接和落实，确保党的二十届四中 全会精神在中国人寿落到实处、取得实效，更好发挥保险行业高质量发展头雁作用，为国尽责，为民造 福。 转自：证券时报 ...

证券之星消息，10月24日保险板块较上一交易日下跌0.56%，中国太保领跌。当日上证指数报收于 3950.31，上涨0.71%。深证成指报收于13289.18，上涨2.02%。保险板块个股涨跌见下表： 从资金流向上来看，当日保险板块主力资金净流出3.69亿元，游资资金净流出1605.55万元，散户资金净 流入3.85亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | XD中国平 | 57.88 | 0.14% | 55.82万 | 32.40 Z | | 601336 | 新华保险 | 68.78 | -0.03% | 20.00万 | 13.68亿 | | 601628 | 中国人寿 | 44.38 | -0.20% | 19.19万 | 8.50亿 | | 61319 | 中国人保 | 8.76 | -0.23% | 58.08万 | 5.07亿 | | 601601 | 中国太保 | 37.22 | -0.32% | 19.92万 | 7. ...

来源：环球网 在安徽合肥某绿色企业的车间里，新引进的节能设备正加速运转，产业工人们正忙碌而有序地操作着自 动化设备；200公里外，阜南宋台村的有机稻田翻滚出丰收的金色稻浪……这些看似不相关的场景，却 由同一股力量串联：中国人寿的绿色金融实践。 近年来，中国人寿安徽省分公司多措并举助力定点帮扶村发展绿色农业产业，2024年为超500家绿色企 业定制风险屏障，更推动理赔无纸化率达99.81%，在江淮大地铺就一条生态与发展交融的创新之路， 生动诠释"绿水青山就是金山银山"的科学理念。 在保险服务流程中，中国人寿安徽省分公司将绿色理念贯穿其中，全力打造适用于不同销售队伍的无纸 化线上签约平台，推动新单环节的绿色销售。积极推进数字化运营体系建设，2025年上半年，该公司个 人长险无纸化投保率近100%，团短险电子保单使用率97.31%，个人长险业务核保智能审核通过率 95.82%，在提升承保效率的同时，显著减少了纸张消耗，降低了碳排放。 在客户服务层面，积极构建线上智能化运营体系，提升智能化、线上服务能力。2025年上半年，个人业 务保全线上化率99.69%；在线人工客服共服务客户1748人次，服务响应率99.15%。 ...

转自：新华财经 公司通过高位部署、制度完善、考核强化，建立"大消保"工作格局，健全投诉管理机制，严格落实首问 负责制，加强投诉逐笔倒查与溯源整改，确保"件件有落实，事事有回应"。今年前三季度，公司全量投 诉同比下降33.36%，其中，二季度监管通报投诉0件，为投诉管控当期最好成绩。 为不断提升专业化服务能力，夯实服务根基，公司持续建强专业人才队伍，构建多维度、分层级、分岗 位的消保培训体系，2025年前三季度已开展线上线下培训数十期，参训人次达1万以上，覆盖中高级管 理层、基层业务人员、消保人员等多个岗位。 下一步，中国人寿财险云南省公司将牢记"金融为民"初心，全力构建"主动化、规范化、智能化""全层 级、全员工、全过程"的消保管理体系，用更优质的金融服务守护人民群众的美好生活。（尹力、薛莹 莹） 编辑：赵鼎 深入开展金融教育宣传、持续优化客户服务体验、建强专业人才队伍……作为扎根云岭大地的金融央 企，中国人寿财险云南省分公司始终秉承"成己为人 成人达己"的价值观，以精准的金融教育宣传活动 为抓手，以温暖的民生保障为底色，扎实推进消费者权益保护工作，书写了一份有温度、有力度、有深 度的"金融为民"答卷。 深入 ...

证券研究报告 保险 险资红利策略 2.0 华泰研究 2025 年 10 月 24 日│中国内地 专题研究 战略上坚持，战术上灵活 1H25 险资加速配置红利股，上市公司增配红利股近 3200 亿元，超过去年 全年增配规模。由于现金收益持续下降，险资仍不得不倚重红利投资，但红 利股估值抬升和股息率下降对险资红利策略形成挑战。险资红利策略可能已 经告别"买买买"的 1.0 阶段，进入精挑细选、左右平衡的 2.0 阶段，需要 在获取稳定现金收益的同时降低资本亏损概率，同时需要考虑是否止盈以及 跌价风险。在估值已经明显抬升之后，险资集中加仓红利股的机会正在减少， 可选红利股范围逐渐收窄。我们估计目前全行业仍然欠配红利股 0.8-1.6 万 亿人民币左右，或在未来两三年内完成配置。建议关注资产负债表有韧性、 均衡增长的中国平安 A/H、中国太保 A/H、中国人寿 A/H、中国人保 A。 红利策略或步入新阶段 受制于刚性负债成本居高难下，险资需要尽力维持现金投资收益。由于利息 贡献不足，险资不得不求诸股息，这是险资红利策略的来源。在低利率背景 下，增配红利股仍然是险资长期目标。但短期看，红利股估值上升推高了跌 价风险，股 ...

对于业绩预增，中国人寿表示，今年以来，股票市场回稳向好势头不断巩固，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。 值得一提的是，在中国人寿发布前三季度业绩预增公告之前不久，中国人寿财险原总裁刘安林被开除党籍。 10月12日，据中央纪委国家监委驻中国人寿纪检监察组、山西省纪委监委消息，日前，中央纪委国家监委驻中国人寿纪检监察组、山西省临汾市监委对中国 人寿财产保险股份有限公司原党委书记、总裁刘安林严重违纪违法问题进行了纪律审查和监察调查。经中国人寿保险（集团）公司党委研究，决定给予刘安 林开除党籍处分。 10月19日，中国人寿发布前三季度业绩预增公告。公告显示，经初步测算，预计中国人寿2025年前三季度归属于母公司股东的净利润为1567.85亿元到 1776.89亿元，与2024年同期相比，将增加约522.62亿元到731.66亿元，同比增长约50%到70%，实现高基数上的高增长。 ...

Group 1: Industry Performance Overview - The Hong Kong stock market has seen significant performance reports from various sectors, including non-ferrous metals, insurance, and telecommunications, with leading companies in non-ferrous metals and insurance showing rapid growth, while telecommunications leaders maintain stable performance [1] - Resource stocks, particularly in the rare earth sector, have reported substantial increases in earnings, with Jinli Permanent Magnet achieving a revenue of 5.373 billion yuan, up 7.16%, and a net profit of 515 million yuan, up 161.81% [2][3] - Zijin Mining reported a revenue of 254.2 billion yuan, a 10.33% increase, and a net profit of 37.864 billion yuan, up 55.45%, with its gold business being a significant profit driver [2][3] Group 2: Insurance Sector Growth - Major insurance companies have reported rapid earnings growth, with China Pacific Insurance expecting a net profit increase of 40% to 60% for the first three quarters of 2025 [6] - China Life Insurance anticipates a net profit of approximately 156.785 billion to 177.689 billion yuan, reflecting a growth of 50% to 70% [7] - New China Life Insurance expects a net profit of 29.986 billion to 34.122 billion yuan, a year-on-year increase of 45% to 65% [7] Group 3: Telecommunications Sector Stability - The three major telecommunications operators, China Mobile, China Telecom, and China Unicom, reported stable growth, with China Mobile achieving a revenue of 794.7 billion yuan, up 0.4%, and a profit of 115.4 billion yuan, up 4% [8][9] - China Telecom's revenue reached 396.998 billion yuan, a 0.6% increase, while China Unicom reported a revenue of 293 billion yuan, up 1% [9] Group 4: Retail Sector Losses - High-end retail giant Gao Xin Retail reported a projected net loss of 110 to 140 million yuan for the six months ending September 30, 2025, compared to a profit of 186 million yuan in the same period last year [10][11] - The loss is attributed to increased market competition and weak consumer demand, leading to a decline in average transaction value and revenue [11]

Core Insights - The property insurance industry is experiencing a slowdown in growth, with non-auto insurance business contributions surpassing auto insurance [1][10][11] - Ping An Property & Casualty has outpaced the market with a growth rate of 7.1%, driven by both auto and non-auto insurance segments [18][20] - Companies like Taikang and others have seen their rankings rise, with premium growth exceeding 20% for firms like BYD and Samsung [25][27] Group 1: Industry Overview - In the first half of 2025, the property insurance sector reported a premium income of 964.5 billion, showing a slight slowdown in growth [11][15] - The growth rate of non-auto insurance has decreased, with health insurance growth dropping from double digits to single digits [14][15] - The overall premium growth for the property insurance industry is expected to be below 5% when excluding the impact of new entrants like Sheneng Insurance [15][17] Group 2: Company Performance - Ping An Property & Casualty's premium income reached 1,804.88 million, with a growth rate of 6.9%, contributing significantly to the overall market [1][20] - Sheneng Insurance, in its first year, achieved a premium of over 80 billion, ranking 12th among property insurers [10][14] - Other companies such as Dadi and Zhong'an have also reported premium growth rates exceeding the market average, with non-auto segments contributing significantly [22][23] Group 3: Growth Drivers - The shift towards non-auto insurance is evident, with many companies reporting high growth rates in segments like health and agricultural insurance [21][24] - Companies with premium growth exceeding 20% are primarily smaller firms, indicating a trend where smaller insurers are capturing market share through rapid growth [27][28] - The regulatory environment is evolving, with new guidelines aimed at enhancing the quality of non-auto insurance business, which may further influence growth dynamics [22][23]

摩根大通发布研报称，在季度财报季中，比较印度与中国亚洲两大保险市场具有参考价值。中国保险商业绩强劲，三家业者发布正面盈利预喜，带动市场共识上修；相比之下，印度私营保险商的 时近年底，小摩重申三大关键投资主题：1．偏好国有企业：看好国有企业（LIC、国寿）胜于私营企业；2．板块轮动：在印度非寿险板块寻找具吸引力的再进场点；同时考虑在中国非寿险板块 小摩表示，中国保险股走势与盈利预期修正相关。在年内强劲上涨后，该板块目前以7倍2025财年共识预测市盈率交易，股息率为4%，小摩认为估值吸引。国寿等公司已宣布强劲的首九个月净利 责任编辑：史丽君 ...