一、同意中国人寿保险股份有限公司抚顺县支公司峡河乡营销服务部将营业场所变更为：抚顺市抚顺县 峡河乡峡河村。 二、中国人寿保险股份有限公司抚顺分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月2日，抚顺金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司抚顺分公司 关于变更抚顺县支公司峡河乡营销服务部营业场所的请示》(国寿人险抚发〔2025〕476号)材料收悉。 经审核，现批复如下： ...

二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人寿财产保险股份有限公司柴桑区支公司将营业场所变更为：江西省九江市柴桑区柴桑南 路78号。 2025年11月26日，国家金融监督管理总局九江监管分局发布批复称，《关于中国人寿（601628）财产保 险股份有限公司柴桑区支公司变更营业场所的请示》（国寿财险九发〔2025〕46号)收悉。经审核，现 批复如下： ...

二、中国人寿保险股份有限公司抚顺分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月2日，抚顺金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司抚顺分公司 关于变更抚顺县支公司海浪乡营销服务部营业场所的请示》（国寿人险抚发〔2025〕477号）材料收 悉。经审核，现批复如下： 一、同意中国人寿保险股份有限公司抚顺县支公司海浪乡营销服务部将营业场所变更为：抚顺市抚顺县 海浪乡下海浪村。 ...

二、中国人寿保险股份有限公司抚顺分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月2日，抚顺金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司抚顺分公司 关于变更河北支公司营业场所的请示》（国寿人险抚发〔2025〕478号）材料收悉。经审核，现批复如 下： 一、同意中国人寿保险股份有限公司抚顺市河北支公司将营业场所变更为：抚顺市新抚区东一路35号楼 4单元122号。 ...

Core Insights - The release of the upgraded China Earthquake Catastrophe Model 3.7 by Zhongzai Catastrophe Risk Management Co., Ltd. enhances the precision of quantifying earthquake disaster losses and provides reliable data support for insurance actuarial work, disaster prevention planning, and emergency management [1] - The recent advancements in catastrophe risk management models reflect a broader trend in the industry, with multiple models being upgraded to improve disaster risk quantification [1][2] - The implementation of the "Action Plan" by the Financial Regulatory Bureau emphasizes the importance of developing catastrophe risk models for typhoons, floods, and earthquakes as part of a comprehensive disaster prevention and mitigation strategy [2] Industry Developments - The insurance industry is increasingly focusing on proactive disaster prevention measures, as demonstrated by the development of intelligent monitoring systems that can predict agricultural risks and provide timely warnings to farmers [3] - Emergency response capabilities have been enhanced, with insurance companies actively participating in disaster management, such as directing traffic during flooding events to prevent further losses [3] - The speed of claims processing has improved significantly, exemplified by rapid compensation for damages caused by natural disasters, showcasing the industry's commitment to efficient service [4] Regulatory Framework - The "Action Plan" has led to significant advancements in establishing a multi-layered catastrophe insurance protection mechanism, including the recent approval for domestic insurance companies to issue catastrophe-linked securities in Hong Kong [5] - The issuance of catastrophe-linked securities allows for better risk distribution and enhances the resilience of the insurance industry against natural disasters [5] Overall Impact - The insurance sector's role in disaster prevention, emergency response, and loss compensation has become increasingly prominent, with a closed-loop system being developed to enhance efficiency and societal resilience [6] - The industry is transitioning from passive compensation to proactive disaster reduction, supported by technological advancements and innovative mechanisms [6] - As catastrophe insurance systems deepen and emergency service mechanisms improve, the insurance industry's function within the national emergency management framework is expected to become more robust, providing stronger protection for public safety [6]

Core Insights - China Life Insurance has developed inclusive insurance products such as critical illness insurance, long-term care insurance, city-customized commercial health insurance, tax-advantaged health insurance, tax-deferred pension insurance, exclusive commercial pension insurance, and accident insurance to provide diverse and inclusive insurance coverage for the public [1] Group 1 - China Life Insurance has participated in over 200 critical illness insurance projects and more than 140 city-customized commercial health insurance projects [1] - The company has launched its first long-term disability income loss insurance, effectively leveraging its core insurance responsibilities to safeguard the well-being of the public [1] Group 2 - China Life Property & Casualty Insurance has introduced the "Hui Jun Bao" project aimed at providing medical coverage for retired military personnel, offering risk protection to over 18.27 million veterans and their families since 2022, amounting to nearly 61 trillion yuan [1] - The "Hui Gong Bao" project has been launched for frontline workers, providing risk protection exceeding 3.8 trillion yuan to nearly 1.3 million workers and their families nationwide [1]

Group 1 - The establishment of Shanghai Jindongge Private Investment Fund marks a renewed influx of insurance capital into the private equity investment market, with partners including China Merchants Jin'ao Life and Lian'an Life [1] - Insurance capital is increasingly participating in private equity funds to address low interest rate challenges, broaden asset allocation channels, and enhance long-term asset holdings [1][2] - Recent collaborations, such as the partnership between China Life and Cainiao to create a logistics investment fund exceeding 1.7 billion RMB, highlight the focus on high-standard logistics infrastructure in key regions [1] Group 2 - The Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund has been registered, with a target scale of 30 billion RMB, focusing on state-owned enterprise reform and modern industrial system construction in Shanghai [2] - The active participation of insurance capital in private equity funds this year is attributed to changing asset allocation needs amid declining market interest rates [2][3] - Insurance capital is increasingly acting as limited partners in venture capital and private equity funds, leveraging professional investment institutions for better industry positioning [3] Group 3 - Policies supporting insurance capital's participation in private equity investments have been continuously improved, with local governments facilitating the introduction of long-term funds [3][4] - The Shenzhen government has proposed initiatives to enhance the role of government investment funds in promoting venture capital and private equity development [3] - Future trends indicate a strengthening of insurance capital's involvement in private equity investments, necessitating the establishment of appropriate assessment mechanisms [4]

Core Viewpoint - China Life (Overseas) is actively providing financial support to clients affected by the Tai Po fire, emphasizing its commitment to its insurance business and community support [1] Group 1: Financial Support and Claims - The company has completed its first policy loan application related to the fire incident to assist clients with urgent financial needs [1] - A green claims channel was opened immediately after the incident, simplifying the claims process and prioritizing affected clients' applications [1] - The estimated compensation amount has exceeded 1 million Hong Kong dollars, alleviating the economic pressure on clients [1] Group 2: Community Engagement - The company is responding to calls from the Hong Kong SAR government and the Hong Kong Chinese Enterprises Association by encouraging employees to participate in blood donation and volunteer activities [1] - Over 300 employees have donated to the Hong Kong Chinese Enterprises Charity Fund to support the affected community [1]

Core Insights - The report emphasizes the dual-driven business model of the insurance industry, focusing on both assets and liabilities, with a long-term outlook on liability cost optimization driving valuation recovery [8][9] - The insurance sector is currently at a cyclical turning point, with improving operational quality and a focus on cost reduction strategies, particularly in life insurance [9][10] Industry Overview - The insurance sector's total market capitalization is approximately 32,040.19 billion, with a circulating market value of 22,048.26 billion [4] - The report indicates a significant increase in the insurance index, with a 13.8% rise over the past 12 months, although it has underperformed relative to the broader market in the last six months [5] Company Profit Forecasts and Valuations - Key companies such as China Life, China Pacific, and Ping An are projected to have varying EPS growth rates, with China Life expected to see EPS of 6.34 in 2025 and 4.10 in 2026, while Ping An is forecasted to reach 8.02 in 2025 and 8.83 in 2026 [3] - The report maintains a "Buy" recommendation for several companies, including China Life and China Pacific, based on their projected performance and valuation metrics [3] Investment Themes - The report highlights the importance of the "cost reduction trifecta" in life insurance, focusing on product innovation, channel expansion, and dynamic adjustment of preset interest rates [8][9] - In property insurance, the "reporting and operation integration" is expected to optimize costs and enhance profitability, particularly in non-auto insurance segments [9][10] Short-term and Long-term Outlook - Short-term performance is closely tied to equity market trends, with expectations of continued growth in 2025, but potential pressure on performance in 2026 due to investment factors [9][10] - Long-term, the report anticipates that improvements in life insurance costs will drive valuation recovery, with a projected NBV growth rate of over 15% for listed insurance companies in 2026 [9][10] Regulatory Environment - The introduction of a dynamic adjustment mechanism for preset interest rates is expected to alleviate liability costs and enhance the attractiveness of dividend insurance products [24][38] - Recent regulatory guidance aims to stabilize dividend levels in insurance products, preventing excessive competition and ensuring sustainable growth [38][39]

Core Viewpoint - The insurance sector experienced a slight increase of 0.56% on December 2, with China Life Insurance leading the gains, while the overall stock market indices saw declines [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3897.71, down 0.42% - The Shenzhen Component Index closed at 13056.7, down 0.68% [1] Group 2: Individual Stock Performance - China Life Insurance (code: 601628) closed at 43.88, up 0.43% with a trading volume of 10.54 million shares and a transaction value of 464 million yuan - China Pacific Insurance (code: 601601) closed at 35.61, up 1.25% with a trading volume of 317,200 shares and a transaction value of 1.131 billion yuan - China Ping An (code: 601318) closed at 58.80, up 0.29% with a trading volume of 373,800 shares and a transaction value of 2.201 billion yuan - New China Life Insurance (code: 601336) closed at 65.27, down 0.76% with a trading volume of 97,500 shares and a transaction value of 640 million yuan - China Reinsurance (code: 61319) closed at 8.36, up 1.58% with a trading volume of 1.4902 million shares and a transaction value of 12.48 million yuan [1] Group 3: Capital Flow Analysis - The insurance sector saw a net outflow of 271 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan - The net inflow from speculative funds was 71.69 million yuan [1] Group 4: Detailed Capital Flow for Individual Stocks - China Life Insurance had a net inflow of 19.34 million yuan from institutional investors, but a net outflow of 1.74 million yuan from retail investors - New China Life Insurance experienced a net inflow of 6.37 million yuan from institutional investors, with a net outflow of 2.30 million yuan from retail investors - China Reinsurance faced a net outflow of 39.24 million yuan from institutional investors, but a net inflow of 73.65 million yuan from retail investors - China Ping An had a net outflow of 98.39 million yuan from institutional investors, with a net inflow of 89.17 million yuan from retail investors - China Pacific Insurance saw a significant net outflow of 160 million yuan from institutional investors, while retail investors contributed a net inflow of 77.44 million yuan [2]