Group 1 - The ETF market experienced a record net redemption of 157.198 billion yuan in a single week, with over 180 billion yuan sold in just two days, leading to a 0.59% decline in the Shanghai Composite Index during that period [1][4] - Major funds are showing new trends, as the trading volume of the CSI 300 ETF decreased significantly, indicating reduced selling pressure [1] - The adjustment of the financing margin ratio to 100% is expected to impact market structure but not the overall upward trend of the market [3] Group 2 - The current round of leveraged buying is focused on commercial aerospace and AI application sectors, with the increase in financing margin signaling a suppression of thematic speculation [4][6] - The insurance sector is expected to see a significant increase in individual insurance premium income in 2026, with major companies reporting over 30% year-on-year growth [6] - Insurance funds have been actively increasing their equity market investments since the beginning of the year, with notable acquisitions in major banks and airports [6] Group 3 - The insurance funds are utilizing private equity funds to systematically invest in equity assets, with several funds already holding significant stakes in major A-share companies [12] - The top holdings of the Honghu series private equity funds include major companies such as Yili, China Telecom, and PetroChina, indicating a strategic focus on high dividend and strong cash flow stocks [12][14] - The trend towards high dividend stocks aligns with the current low interest rate environment, making them attractive for insurance capital allocation [14]

Core Insights - China Life Insurance Company has received multiple industry awards, including the "Annual Insurance Protection Brand Award" and the "Annual Insurance Corporate Social Responsibility Award," reflecting its leadership in the insurance sector and commitment to social responsibility and digital transformation [1][3]. Group 1: Business Performance - In the first three quarters of 2025, China Life achieved total premiums of 669.645 billion yuan, a year-on-year increase of 10.1%, with new premiums reaching 218.034 billion yuan, up 10.4% [1]. - The company reported double-digit growth in total premiums, new premiums, and renewal premiums, with total premiums expected to exceed 700 billion yuan by the end of 2025 [1]. Group 2: Product and Service Development - China Life is focusing on value creation and efficiency improvement by diversifying its product offerings, including life insurance, annuities, and health insurance, leading to balanced growth in new premiums [2]. - The company has implemented a dynamic adjustment mechanism linking predetermined interest rates to market rates, significantly reducing the rigid costs of new business liabilities [2]. Group 3: Social Responsibility - China Life has established a comprehensive inclusive insurance service system, leveraging its extensive network of 18,000 institutions to serve various demographics, including the elderly and small businesses [3]. - The company has provided approximately 11.2 trillion yuan in risk protection for small businesses and individual entrepreneurs, benefiting over 32 million people [3]. Group 4: Rural Development and Green Initiatives - In 2025, China Life deployed 1,020 village support staff to assist in 1,085 aid points, covering 227 million rural residents with life insurance, providing a total coverage amount of 27.99 trillion yuan [4]. - The company is actively involved in green development, integrating green standards into its investment processes and participating in renewable energy projects [4]. Group 5: Cultural Development - China Life is enhancing its corporate culture by launching the "Corporate Culture Gene Renewal" project, which aims to align its cultural values with sustainable development [6]. - The project emphasizes the integration of traditional and modern financial cultures, focusing on core values such as integrity, innovation, and compliance [6]. Group 6: Digital Transformation - China Life has developed a "one-stop" online insurance digital space, improving service efficiency and customer experience through technology [8]. - The company has processed over 58,000 online claims, achieving a service handling time improvement of over 50% compared to traditional methods [8]. Group 7: Future Commitment - The recognition from various awards serves as both motivation and responsibility for China Life to continue enhancing its core competencies and leading the industry towards high-quality development [9].

Core Viewpoint - The insurance sector is experiencing a significant rebound at the beginning of 2026, with insurance stocks rising sharply and sales of insurance products improving due to low deposit rates and favorable market conditions [1][19]. Group 1: Stock Performance - Insurance stocks have seen substantial gains, with New China Life leading with a 17.78% increase as of January 16, 2026. The top five listed insurance companies have all recorded double-digit growth over the past three months, with increases ranging from 10.32% to 23.83% [2][20]. - Historical data indicates that since 2014, there have been five notable bullish trends in the insurance sector, with stock market performance being a key catalyst for these trends [2][20]. Group 2: Sales Performance - The insurance industry is witnessing a resurgence in sales, with reports of significant premium collections, such as one company surpassing 3 billion yuan in first-year premium within four days after New Year [5][23]. - The total insurance premium income in China reached 5.76 trillion yuan by November 2025, marking an increase of 400 billion yuan from the previous year [5][23]. Group 3: Product Trends - The rise in sales is attributed to the popularity of participating insurance products, which combine protection and investment features. These products have become attractive due to their lower guaranteed rates and the current low-interest environment [6][24]. - Major insurance companies are focusing on participating insurance products, with new offerings featuring guaranteed rates around 1.75% and projected returns between 3.5% and 3.9% [7][25]. Group 4: Investment Performance - The total investment income of listed insurance companies reached 887.5 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 35.64% [10][28]. - The investment strategies of insurance companies have shifted towards equities, with significant increases in stock and equity fund investments, particularly for companies like China Life and Ping An [12][30]. Group 5: Future Outlook - Analysts express optimism about the continued strength of insurance stocks in 2026, driven by robust premium growth and improved business quality, alongside favorable investment conditions [16][34]. - However, challenges remain, particularly regarding the long-term risks associated with interest rate spreads and the need for insurance companies to diversify their product offerings and improve customer satisfaction [16][35].

Core Viewpoint - The insurance sector is poised for strategic investment opportunities due to the growth in net assets and investment returns, supported by shifts in resident savings towards insurance assets, alongside favorable policies [1][9]. Group 1: Performance Metrics - The insurance index is projected to rise by 31.31% in 2025, outperforming other financial sectors such as banking (12.04%) and brokerage (4.05%) [1]. - Individual stocks like New China Life, Ping An, China Pacific Insurance, China Life, and China Property & Casualty are expected to see significant increases in their stock prices, with respective gains of 46.03%, 35.87%, 26.6%, 21.21%, and 10.39% in 2025 [1]. - The A-share insurance sector is anticipated to maintain strong performance into 2026, with continued growth in the liability side and improved investment returns on the asset side [1]. Group 2: Liability Side Developments - The transformation of participating insurance products is enhancing competitiveness, attracting funds due to their "guaranteed + floating" return characteristics amid declining bank deposit rates [2][10]. - The ongoing shift in resident deposits and the reduction in large bank certificates of deposit are expected to further expand the growth of the insurance liability side [2][11]. - The demand for pension and health protection is driving the appeal of insurance products, which are expected to capture a larger share of resident savings and fixed-income investments [2][12]. Group 3: Asset Side Strategies - Insurers are increasing their allocation to equity assets due to pressure on interest margins and the challenges of bond yields not covering the costs of new premium inflows [5][14]. - The need for higher investment returns is pushing insurers to enhance their equity investment capabilities, especially as the industry transitions to a full-scale transformation of participating insurance by 2027 [5][15]. - The long-term trend indicates a significant increase in the proportion of equity investments within insurance portfolios, driven by the need for better returns [5][15]. Group 4: Policy Environment - Regulatory policies since September 2024 have encouraged insurance capital to enter the market, with expectations of substantial annual inflows into A-shares [7][16]. - The introduction of structural easing policies aims to optimize asset allocation and reduce capital requirements for insurance companies, supporting long-term market stability [7][16]. - The focus on nurturing patient capital and guiding long-term investments is expected to stabilize the capital market, with a particular emphasis on technology sectors for potential high returns [8][17].

Core Insights - China Life Insurance Company has received multiple industry awards, including the "Annual Insurance Protection Brand Award" and the "Annual Insurance Corporate Social Responsibility Award," reflecting its commitment to professional service, social responsibility, cultural cohesion, and technological innovation [1][2]. Group 1: Business Performance - In the first three quarters of 2025, the company achieved total premiums of 669.645 billion yuan, a year-on-year increase of 10.1%, with new premiums reaching 218.034 billion yuan, up 10.4% [2]. - The company expects total premiums to exceed 700 billion yuan by the end of 2025, demonstrating strong growth resilience [2]. Group 2: Product and Service Innovation - China Life is focusing on high-quality business development by diversifying product offerings and optimizing costs, with significant growth in new premiums across life, annuity, and health insurance [3]. - The company has improved the proportion of floating income-type business in first-year premiums by over 45 percentage points compared to the previous year, while reducing the rigid costs of new business liabilities [3]. Group 3: Social Responsibility - China Life has established a comprehensive insurance service system that reaches rural areas, with 1,020 village support staff deployed to assist 1,085 support points, covering 227 million rural residents with insurance [5]. - The company has provided approximately 11.2 trillion yuan in risk protection for small and micro enterprises and individual businesses, benefiting over 32 million people [4][5]. Group 4: Cultural Development - The company has initiated a project to renew its corporate culture, focusing on the core values of "people-oriented, serving the country, seeking truth, maintaining bottom lines, and innovation" [7]. - Various cultural dissemination activities have been launched to enhance employee recognition and practice of the corporate culture, including the creation of an IP and storytelling initiatives [8]. Group 5: Digital Transformation - China Life has developed a "one-stop" online insurance digital space, significantly improving service efficiency, with over 58,000 online claims processed and a 50% improvement in service handling time [9]. - The company is leveraging big data technology to support operational innovation and enhance customer experience, aiming to become a trusted insurance health manager for the public [9]. Group 6: Future Commitment - The recognition from awards serves as both motivation and responsibility for China Life to continue refining its core competencies and deepen its main business, contributing to national development and the well-being of the public [10].

Group 1 - The National Financial Supervision Administration approved the change of business location for China Life Insurance Company Limited's Lushan Branch from 157 Yingbin Avenue, Luyang Street, Lushan County, Ya'an City, Sichuan Province to 11 Aimin Road, Building 8, Unit 2, 101, 201, 202, Lushan County, Ya'an City, Sichuan Province [1] - China Life Insurance Company Limited is required to handle the change and reissue of licenses in accordance with the relevant regulations of the "Administrative Measures for the Licenses of Banking and Insurance Institutions" [1] - The company must take effective measures to ensure subsequent service work and protect the legitimate rights and interests of consumers [1]

Core Viewpoint - The National Financial Supervision Administration of Qingdao has approved the relocation of China Life Insurance Company's marketing service department in the Jimo District, indicating regulatory support for the company's operational adjustments [1] Group 1 - China Life Insurance Company has received approval to change the location of its marketing service department to a new address in Qingdao [1] - The new address for the marketing service department is specified as 62 Zhiyuan Road, Danbolan Town, Jimo District, Qingdao [1] - The company is required to complete the necessary procedures for the change and obtain a new license as per relevant regulations [1]

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [4]. Core Insights - The report emphasizes a stable approach to prevent significant fluctuations in the market, with a focus on long-term investments and reforms to attract capital [2]. - The insurance sector is expected to benefit from an upward cycle in both liabilities and assets, driven by trends such as the migration of bank deposits and stable long-term interest rates [27]. - The securities sector is experiencing heightened market risk appetite and active trading, benefiting from favorable valuations and performance [27]. Summary by Sections 1. Industry Dynamics - The non-bank financial sector, including securities and insurance, showed positive movements with indices increasing by 1.34% and 1.00% respectively, while the insurance sector faced a decline of 2.63% [9]. - The China Securities Regulatory Commission (CSRC) is implementing measures to regulate the derivatives market and promote healthy development through counter-cyclical adjustments [1]. 2. Insurance - The insurance industry is entering an upward cycle, with a reported 14.89% year-on-year increase in premium income for New China Life, totaling CNY 195.9 billion [12]. - The Financial Regulatory Bureau's 2026 work meeting highlighted the importance of risk management and the need for non-bank institutions to focus on their core businesses [12]. 3. Securities - The report notes an increase in the financing margin ratio from 80% to 100%, aimed at reducing leverage and protecting investor rights [16]. - CITIC Securities reported a 28.75% increase in revenue for 2025, amounting to CNY 74.83 billion, with a net profit increase of 38.46% [18]. - The average daily trading volume for stock funds reached CNY 40,908.27 billion, reflecting a 21.22% week-on-week increase [19].

Core Viewpoint - The National Financial Supervision Administration's Wenzhou Regulatory Bureau has approved the change of business location for China Life Insurance Co., Ltd.'s Wenzhou branch marketing service department [1] Group 1 - The business location of the Eighth Marketing Service Department of China Life Insurance Co., Ltd. in Wenzhou has been officially changed to Room 701, Huifu Building, 666 Huimin Road, Lucheng District, Wenzhou City, Zhejiang Province [1] - China Life Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

增持后，BlackRock, Inc.最新持好仓数目为523,982,871股，持好仓比例由6.75%上升至7.04%。 | 股份代號: | 02628 | | --- | --- | | 上市法國名稱: | 中國人壽保險股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 19/12/2025 - 19/01/2026 | | 一般的一些 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | | | 版分数目 | | | (請參閱上述 * 註 有投票權股 (日 / 月 / 年) 材 | | | | | | 份自分比 | | CS20260115E00456 | BlackRock, Inc. 1101(L) | 21,570,794(L) | HKD 31.6582 | 523,982,871(L) 7.04(L)12/01/2026 | | | | | | 4,272,000(S) 0.06(S) | 格隆汇1月19日丨根据联交所最 ...