Core Viewpoint - The company emphasizes the importance of inclusive finance, aiming to enhance financial services' accessibility and diversity to benefit all citizens, particularly focusing on vulnerable groups and small to medium enterprises [1] Group 1: Inclusive Financial Services - The company has been actively promoting inclusive finance, particularly in key areas such as supporting vulnerable groups, small and medium enterprises, and rural revitalization [1] - The "Women's Health Insurance" program, launched in collaboration with the All-China Women's Federation, offers low premiums and high coverage, ensuring timely compensation for women facing health risks [3] - The company has developed various inclusive insurance products, including critical illness insurance and long-term care insurance, to provide comprehensive coverage for different demographics [4] Group 2: Support for Small and Medium Enterprises - The company has tailored financial solutions for small and medium enterprises, exemplified by the customized "Hui Credit" loan products that address specific funding needs [5] - In the first three quarters of 2025, the company serviced over 6,000 specialized small enterprises, handling more than 1.2 million claims with a total payout exceeding 6.5 billion [6][7] - The growth rate of inclusive loans for small and medium enterprises was approximately 5.9%, with a significant reduction in average interest rates [7] Group 3: Agricultural Support - The company has introduced innovative insurance products, such as the comprehensive meteorological index insurance for fruit farmers, which covers critical weather-related risks [8] - In the first three quarters of 2025, the company insured over 100 million acres of staple crops, providing risk coverage exceeding 100 billion [9] - The growth rate of inclusive agricultural loans reached about 12.2% by the end of the third quarter of 2025 [9] Group 4: Commitment to Social Responsibility - The company views inclusive insurance as a mission and responsibility, aiming to enhance its role in promoting high-quality development of inclusive finance [9] - The leadership emphasizes the importance of standing firm on the people's stance and continuously injecting energy into the development of inclusive finance [9]

Core Viewpoint - The collaboration between Cainiao and China Life aims to establish a logistics investment fund with total assets exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and Central Yangtze region [1] Group 1: Investment Fund Details - The newly established logistics investment fund has a total asset scale of over 1.7 billion RMB [1] - The fund will primarily invest in modern logistics infrastructure that is intelligent, green, and efficient [1] - A diverse range of quality institutional investors are participating in the fund, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, alongside Cainiao and China Life [1]

Core Viewpoint - China Life Insurance Co., Ltd. emphasizes a customer-centric approach, focusing on service quality and technological empowerment to meet the evolving needs of the public during the "14th Five-Year Plan" period [1] Group 1: Service Innovation - The company has implemented a digital transformation strategy to enhance service efficiency, introducing a new "Smart Operation" model that integrates resources and improves service delivery [2] - The online service platform, including the China Life Insurance app, has seen significant growth, with registered users reaching 168 million, a 79% increase over five years [4] - The company has achieved a 99.99% paperless application rate for personal long-term insurance and a 95.56% intelligent underwriting approval rate, showcasing its commitment to efficiency [5] Group 2: Customer Satisfaction and Protection - China Life has established a comprehensive consumer protection mechanism, reaching over 1.629 billion people through educational campaigns in the past five years [8] - The company has maintained high customer satisfaction ratings, with annual evaluations capturing feedback from over 15 million customers [10] - The consumer protection initiatives have positioned the company as a leader in the industry, with its innovative "Consumer Protection+" model recognized as an excellent case in financial consumer protection [8] Group 3: Inclusive Services - The company has developed services tailored for special groups, including the elderly and outdoor workers, providing support in multiple dialects and languages [12] - The "Respect for the Elderly" mode in the China Life Insurance app has received recognition for its accessibility features, enhancing service for older clients [12] - The company has expanded its service ecosystem through various community engagement activities, increasing participation in events by an average of 40.6% annually over the past five years [13] Group 4: Future Commitment - Looking ahead, China Life aims to continue its mission as a financial state-owned enterprise, focusing on integrated, digital, and diversified services to enhance customer experience and satisfaction [15]

Core Insights - The partnership between Cainiao and China Life has been strengthened through the establishment of a logistics investment fund with total assets exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] - A diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, have participated in the fund [1]

Core Viewpoint - The strategic partnership between Cainiao and China Life has been deepened with the establishment of a logistics investment fund exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and Central Yangtze region [1][3]. Group 1: Fund Overview - The newly established fund aims to create a modern logistics node network that is intelligent, green, and efficient, attracting diverse institutional investors including Shentong Express and AIA Life [1][3]. - This fund marks the third collaboration between Cainiao and China Life in the logistics infrastructure sector, with previous asset management totaling over 15 billion RMB [3]. Group 2: Industry Context - The logistics and warehousing industry in China is at a critical stage of high-quality development, driven by the robust growth of the e-commerce sector and systematic government policy guidance [5]. - The government has outlined plans to reduce logistics costs through various reforms and initiatives, emphasizing the need for intelligent, green, and efficient logistics systems [5]. Group 3: Project Focus - The fund will invest in high-standard, modern logistics facilities, including intelligent transfer hubs that integrate automation and digital technologies for efficient cargo transfer [6]. - These transfer hubs are crucial for enhancing logistics efficiency and service levels, forming an integral part of a robust logistics network [6].

Group 1 - The core point of the article is the strategic cooperation between Cainiao and China Life to establish a logistics investment fund with a total asset scale exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] Group 2 - The fund has attracted a diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, in addition to Cainiao and China Life [1]

Core Insights - The partnership between Cainiao and China Life has been strengthened through the establishment of a logistics investment fund with total assets exceeding 1.7 billion RMB [1] - The fund will primarily focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The fund has attracted a diverse range of institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, in addition to Cainiao and China Life [1]

Group 1: Company Performance - Zijin Mining (02899.HK) reported a net profit of 4.653 billion yuan for Q3 2021, representing a year-on-year increase of 116.34% [1] - Zijin Mining's total revenue for the first three quarters of 2021 reached 168.976 billion yuan, up 29.55% year-on-year [1] - Shenzhen Expressway (00548.HK) expects a net profit of approximately 1.86 billion yuan for the first three quarters, a year-on-year increase of about 195% [4] - Haohai Biological Technology (06826.HK) anticipates a net profit increase of 166.32% to 192.95% for the first three quarters, estimating between 300 million to 330 million yuan [5] Group 2: Insurance and Premiums - China Life (02628.HK) reported original insurance premium income of approximately 553.4 billion yuan for the first three quarters, a year-on-year growth of 1.8% [3] - Zhong An Online (06060.HK) achieved premium income of 15.802 billion yuan for the first three quarters, reflecting a year-on-year increase of 41.75% [8] Group 3: Market Activity and Corporate Actions - Jingxi International (02788.HK) announced a privatization proposal at a premium of approximately 54.4% over the closing price on October 6, 2021 [2] - The company plans to cancel and remove shares, compensating shareholders at a cancellation price of 0.88 HKD per share [2]

Core Viewpoint - BOE (京东方) is actively engaging with institutional investors to discuss the supply-demand dynamics, pricing trends, technological strategies, and shareholder return plans in the LCD and OLED markets [1] LCD Market - The demand for TV products is expected to grow in 2025 due to national subsidies and export policies, with shipment volume and area anticipated to increase, although the trend towards larger sizes may slow down due to rising demand for smaller sizes in emerging markets [2] - IT products are benefiting from replacement demand, with a forecasted rapid growth in shipment volume for the year, while monitor (MNT) product shipments are expected to remain flat year-on-year [2] - The industry is characterized by "production on demand," with an overall increase in average utilization rates in Q3, but a forecasted decline to below 80% in Q4 [2] - Price differentiation is expected in LCD products, with a slight price adjustment for TV products in Q4 while IT product prices are projected to remain stable [2] - The replacement cycle and AI technology are expected to continue driving IT product demand, while major sporting events like the World Cup may boost TV product demand in Q1 [2] OLED Competition - Despite entering the traditional peak season in the second half of the year, the overall supply of OLED remains excessive, with a notable differentiation in product structure [3] - The shipment volume of foldable products is expected to decline, while the demand for overseas brand LTPO products is increasing, and low-end Ramless products are seeing rapid growth [3] - BOE's AMOLED technology is becoming a key choice for high-end IT products due to its high picture quality and lightweight characteristics [3] - The newly established 8.6-generation AMOLED production line will focus on high-end touch displays for laptops and tablets, aiming to capture the high-end market [3] - The company has chosen LTPO backplane technology, which has been validated in its sixth-generation line and is recognized by customers for high-demand applications [3] Technological Layout and Capital Planning - BOE anticipates 2025 to be a peak year for capital expenditures, primarily due to the investment in the Chengdu 8.6-generation OLED production line [4] - Expenditures in 2026 will focus on subsequent equipment procurement, while a significant decrease in capital expenditures is expected in 2027 as production stabilizes and no new production line investments are planned [4] - Depreciation is expected to peak in 2025, with gradual declines thereafter as three sixth-generation flexible OLED production lines have been fully converted to fixed assets [4] - The company plans to use cash flow primarily for minority shareholder equity buybacks, with a recent reduction in capital for the Wuhan 10.5-generation line [4] Shareholder Return Mechanism - BOE's shareholder return plan, announced in April 2025, stipulates that annual cash distributions will not be less than 35% of the net profit attributable to the parent company [5] - The total amount allocated for share buybacks each year will not be less than 1.5 billion yuan, with additional plans for other purposes [5] - The company aims to establish a continuous, stable, and predictable shareholder return mechanism, reflecting its commitment to sharing growth dividends with shareholders [5]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...