召開 2025 年第三季度業績發布會 中國人壽保險股份有限公司（「本公司」）擬於 2025 年 10 月 30 日在香港交易及結算 所有限公司「披露易」網站（www.hkexnews.hk）公布本公司 2025 年第三季度業績。 為了便於廣大投資者更全面深入地了解本公司 2025 年第三季度業績和經營情況，本公 司擬於 2025 年 10 月 30 日 19:00-20:00 通過網絡直播及文字互動方式召開 2025 年第三 季度業績發布會（「業績發布會」）。本公司總裁利明光先生，其他高級管理人員及 一名獨立非執行董事將出席業績發布會。 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) 自願性公告 於本公告日期，本公司董事會由以下人士組成： | 執行董事： | ...

证券之星消息，10月22日保险板块较上一交易日上涨0.03%，新华保险领涨。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601336 | 新华保险 | 68.68 | 0.56% | 20.08万 | 13.71亿 | | 601319 | 中国人保 | 8.67 | 0.23% | 63.34万 | 5.48 Z | | 601318 | 中国平安 | 58.21 | 0.22% | 37.99万 | 22.11亿 | | 601628 | 中国人寿 | 43.93 | -0.14% | 23.26万 | 10.21亿 | | 601601 | 中国太保 | 37.20 | -0.35% | 25.05万 | 9.347, | 从资金流向上来看，当日保险板块主力资金净流出2.59亿元，游资资金净流入649.75万元，散户资金净流 入2.53亿元。保险板块个股资金流向 ...

保险代理人队伍正从"量"的扩张向"质"的提升飞跃。 随着人身险行业代理人队伍"清虚"进入尾声与"优增优育"策略稳步推进，一度持续收缩的代理人规 模逐步企稳。值得注意的是，更深层次的变革正在发生——代理人角色从单一销售向综合顾问跃迁，一 场以"专业价值"为核心的重塑浪潮，正推动保险业迈向高质量增长的新阶段。 量稳：队伍规模降幅收窄 保险代理人队伍正显现企稳趋势。 两组关键数据印证这一趋势：截至2025年上半年末，五家A股上市险企代理人合计约133万人，较 去年末微降4.0%；近日发布的《2025中国保险中介市场生态白皮书》显示，截至2024年末，人身险公 司营销员人数为264万人，虽较2019年高峰时的912万人下降超过七成，但与2023年末的281万人相比， 降幅已显著收窄，整体呈现企稳态势。 业内分析认为，代理人数量趋稳主要源于两方面因素。一方面，行业持续推进的"清虚"工作已进入 阶段性尾声，队伍结构逐步夯实；另一方面，保险公司普遍实施"优增优育"策略，注重引进和培养高素 质人才，有效提升了增员质量与人员留存率。其中，部分具备工作经验和专业背景的人才将相对灵活的 保险代理人作为就业选择。这都在一定程度上减缓 ...

Core Viewpoint - China Life Insurance Company expects a significant increase in net profit for the first three quarters of 2025, projecting a range of approximately 156.79 billion to 177.69 billion yuan, representing a year-on-year growth of about 50% to 70% compared to 2024 [1] Group 1: Performance Forecasts - China Life is the third listed insurance company to announce a profit increase for the third quarter [2] - People's Insurance Company of China (PICC) anticipates a net profit of 26.75 billion yuan for the first three quarters, with a growth of 40% to 60% compared to 2024 [2] - New China Life Insurance expects a net profit between 29.99 billion and 34.12 billion yuan, with an increase of 9.31 billion to 13.44 billion yuan, reflecting a year-on-year growth of 45% to 65% [2] Group 2: Reasons for Profit Increase - The three insurance companies attribute their profit increases to two main factors [3] - The first factor is the optimization of financial operations and structural reforms in the insurance supply side, with a focus on value creation and efficiency improvement [4] - China Life emphasizes its role as an economic stabilizer and its commitment to enhancing sustainable development capabilities through diversified products and services [4] - The second factor is the proactive entry of medium- and long-term funds into the market, leading to a significant increase in investment returns [5] - China Life and PICC have both focused on long-term, value-oriented investments, enhancing their investment portfolios to improve stability and long-term returns [5] - Analysts expect that the overall positive performance of the equity market will further accelerate profit growth for listed insurance companies in the third quarter [5]

Core Insights - The A-share market is currently in the peak period of disclosing third-quarter reports, with 360 companies having released their performance data, showing strong operational resilience as over 70% of the companies reported profit growth year-on-year [1] Industry Performance - The electronic and chemical industries are leading in performance growth, with 32 companies in the electronic sector being the most prominent, benefiting from the rapid iteration of artificial intelligence technology and expanding application scenarios [3] - Key players in the electronic sector, such as Cambricon Technologies, reported a net profit of 1.605 billion yuan, marking a successful turnaround, while Haiguang Information saw a 28.56% year-on-year increase in net profit to 1.961 billion yuan [3] - The basic chemical industry also showed strong performance with 30 companies reporting profit growth, driven by product price increases and new capacity production [3] Historical Performance - Among the companies reporting growth, 85 achieved record high net profits for the first three quarters, indicating exceptional growth potential [4] - Notably, seven companies among these have reached a market capitalization of over 100 billion yuan, with China Life leading at 916.027 billion yuan and an estimated net profit growth of 50% to 70% year-on-year [4] Stock Market Reaction - The impressive earnings have led to a corresponding rise in stock prices, with 17 of the 85 companies reaching historical stock price highs in the past month [5] - Overall, the A-share third-quarter reports have started positively, with over 70% of companies delivering optimistic results, particularly in the electronic and chemical sectors, leading to a beneficial resonance between performance and stock prices [5]

来源：国际金融报 记者：王莹 上市险企三季报接连预喜！ 10月21日，《国际金融报》记者注意到，新华保险、人保财险、中国人寿已相继发布2025年前三季度业 绩预增公告，净利润同比增幅在40%至70%之间。究其原因，资本市场回暖带动投资收益改善，是上市 险企业绩预喜的主要原因。 Choice数据显示，今年以来，A股保险板块（申万二级行业）涨幅超10%。其中，新华保险以41.66%的 涨幅领跑行业。在分析人士看来，上市险企三季度净利润在高基数下仍可实现高增长，板块业绩有望超 出预期。 投资收益增厚业绩 需要注意的是，上述三家险企业绩的强劲增长，是在去年同期已处于较高基数的前提下实现的。据记者 统计，2024年前三季度，A股五大上市险企（中国人寿、中国人保、中国平安、中国太保、新华保险） 合计实现归母净利润3190.26亿元，同比增长78.3%，创下历史同期最高水平。 2025年，上市险企业绩延续了高增长势头，有望再度刷新记录。具体来看，10月19日晚间，中国人寿发 布公告称，经初步测算，预计公司前三季度归属于母公司股东的净利润约1567.85亿元到1776.89亿元， 与2024年同期相比，将增加约522.62亿 ...

Core Viewpoint - The A-share market is currently witnessing a surge in companies reporting high growth in their third-quarter earnings, with a significant portion of these companies showing profitability and year-on-year growth in net profits [1]. Group 1: Earnings Performance - As of now, 360 listed companies have disclosed their third-quarter earnings, with 254 companies reporting net profits that are profitable and show year-on-year growth, accounting for over 70% of the disclosed companies [1]. - The electronics industry has the highest number of companies reporting growth, with 32 companies benefiting from advancements in artificial intelligence technology and expanding application scenarios [1]. - Notable companies in the electronics sector include Cambricon Technologies, which reported a net profit of 1.605 billion yuan, marking its first profitable quarter in history [1]. Haiguang Information achieved a net profit of 1.961 billion yuan, a year-on-year increase of 28.56% [1]. Group 2: Industry Insights - The basic chemical industry has 30 companies reporting strong performance, benefiting from rising chemical product prices and new capacity expansions [2]. - Salt Lake Potash, a leading lithium miner, expects a net profit of 4.3 billion to 4.7 billion yuan, reflecting a year-on-year growth of 36.89% to 49.62% due to rising prices of potassium chloride [2]. - Dongfang Tower anticipates a net profit of 750 million to 900 million yuan, with a year-on-year increase of 60.83% to 93% also driven by potassium chloride price increases [2]. Group 3: Historical Comparison - Among the companies reporting growth, 85 have achieved historical highs in net profits for the third quarter, excluding those listed for less than three years [3]. - As of October 21, among these 85 companies, 7 have a market capitalization exceeding 100 billion yuan, with China Life Insurance being the highest at 916.027 billion yuan, expecting a net profit of approximately 156.785 billion to 177.689 billion yuan, a year-on-year growth of about 50% to 70% [3]. - In conjunction with record earnings, some companies have seen their stock prices rise, with 17 companies reaching historical price highs in the past month, including Siyuan Electric and Yangjie Technology [3].

Core Insights - The insurance asset management products have shown strong performance, with 92.7% of the 1,583 products reporting positive returns this year, particularly equity products averaging a return of 28% [1][2] - There is a significant increase in insurance institutions' research on listed companies, especially in the technology sector, focusing on high dividend and high growth opportunities [3][4] - The shift towards equity investments is driven by a recovering market and rising risk appetite among insurance companies, leading to improved performance and profit growth [4][5] Group 1: Performance of Insurance Asset Management Products - A total of 1,583 insurance asset management products have disclosed their latest net values since October, with 1,468 products achieving positive returns this year [1] - Among these, 263 equity products have only 4 reporting losses, while 190 out of 200 mixed products have positive returns [2] - The top 10 products in the last six months by return rate are all equity products, indicating strong performance in this category [2] Group 2: Research and Investment Focus - Insurance and asset management companies have conducted over 14,000 research sessions on listed companies this year, with a focus on technology and high-growth sectors [3] - Key sectors of interest include electronic components, industrial machinery, integrated circuits, and healthcare equipment, with specific companies like Deep South Circuit and Junzheng Technology receiving significant attention [3] - Traditional banking stocks remain a core focus for high dividend strategies, with regional banks being frequently researched [3] Group 3: Strategic Shifts in Asset Allocation - The market environment has changed significantly since September last year, with a notable recovery in confidence reflected in rising stock prices and bond yields [4] - Insurance companies are increasing their equity investment allocations, leading to better-than-expected earnings reports from major insurers like China Life and New China Life [4] - There is a growing trend towards diversifying income sources through alternative investments to enhance long-term returns and stabilize net value fluctuations [5]

证券时报记者 邓雄鹰 10月21日，保险股再度集体拉升。10月14日以来，A股保险板块累计涨幅达9.1%，其中中国人寿A股涨超12%，H 股涨超15%。 近日新华保险、人保财险、中国人寿相继发布业绩预增公告，成为这轮保险股上涨的引擎。多位分析人士认为， 上市保险公司"业绩增长超预期"的重要原因，一是股市向好提升了保险资金投资收益，二是负债端产品转型加快 以及成本优化。 业绩超预期"引燃"行情 整体来看，前三季度业绩超预期是催化保险股行情的重要原因。 10月13日晚间，新华保险发布预增公告。经过初步测算，公司2025年前三季度归母净利润预计为299.86亿元至 341.22亿元，同比增长45%至65%。这是新华保险2024年前三季度归母净利润创同期历史新高后再创新高，且净利 润超过了2024年全年。 10月19日晚间，中国人寿公告，预计公司前三季度归母净利润约1567.85亿元至1776.89亿元，同比增长约50%到 70%。 10月16日晚间，中国人保旗下子公司人保财险在港交所发布公告称，预计公司前三季度净利润同比增长40%到 60%。 国信证券非银分析师认为，2025年以来，A股市场整体表现良好，保险公司投 ...

Core Viewpoint - The Financial Regulatory Administration has implemented a tiered regulatory approach, enhancing oversight for 41 key institutions while delegating regulatory authority for 112 small and medium-sized insurance companies to local regulatory bodies [33][24]. Summary by Sections 1. Insurance Company Directory for Mid-2025 - As of mid-2025, there will be a total of 243 insurance institutions in China, including 92 life insurance companies, 89 property insurance companies, 13 insurance groups, 15 reinsurance companies, and 34 asset management companies [12][15]. 2. Changes in Regulatory Authority - The number of insurance companies directly regulated by the Financial Regulatory Administration has decreased from 116 to 65, with further reductions expected [22][24]. - A total of 50 companies have had their regulatory authority delegated, including 21 asset management companies, 16 life insurance companies, 8 property insurance companies, 3 insurance groups, and 2 reinsurance companies [21][24]. 3. New and Disappearing Insurance Companies - The newly established East Wu Insurance has commenced operations, while two companies, Andar Insurance and Tianan Insurance, have ceased operations due to regulatory actions [20][19]. 4. Regulatory Focus and Strategy - The regulatory framework emphasizes a risk-based approach, focusing on high-risk institutions and behaviors to enhance financial stability [33][34]. - The administration aims to utilize advanced technologies such as big data and artificial intelligence to strengthen regulatory capabilities [33]. 5. Market Dynamics and Consumer Behavior - The insurance market has seen stable premium income growth, particularly in life insurance, driven by increasing demand for health and retirement products amid an aging population [10][11]. - Consumers are increasingly considering the financial strength and long-term viability of insurance companies before purchasing products, reflecting a shift in market dynamics [10].