Core Viewpoint - China Life Insurance Company is planning to renew its daily related transactions with Guoshou Investment Insurance Asset Management Co., Ltd. through a new agreement, which aims to enhance its alternative investment capabilities and diversify its investment portfolio [2][3][21]. Group 1: Transaction Details - The current agreement between China Life and Guoshou Investment will expire on December 31, 2025, and the new agreement will allow Guoshou Investment to manage assets entrusted by China Life within the regulatory framework [2][3]. - The new agreement will include various fees such as investment management fees, product management fees, real estate operation management fees, and performance rewards [10][12][15]. - The transaction requires approval from the company's shareholders' meeting due to the transaction amount exceeding RMB 30 million, which is over 5% of the company's latest audited net assets [5][25]. Group 2: Impact on the Company - The new agreement is expected to leverage Guoshou Investment's expertise in alternative investments, thereby enhancing the value contribution of alternative investments and meeting the asset allocation needs of China Life [3][21]. - By diversifying its investment types and channels, the company aims to improve its investment decision-making efficiency and capture higher return potential in the market [3][21]. Group 3: Financial Overview of Guoshou Investment - As of December 31, 2024, Guoshou Investment had total audited assets of RMB 27.498 billion, total liabilities of RMB 5.926 billion, and net assets of RMB 21.572 billion [8]. - For the first half of 2025, Guoshou Investment reported total assets of RMB 27.556 billion, total liabilities of RMB 5.732 billion, and net assets of RMB 21.824 billion, with a net profit of RMB 720 million [8]. Group 4: Agreement Terms and Conditions - The new agreement will be effective from January 1, 2026, to December 31, 2028, and will include annual transaction limits based on projected asset management needs and historical performance [20][32]. - Guoshou Investment is committed to providing China Life with the same preferential treatment it offers to other clients, ensuring competitive fee structures [17].

Investment Opportunities in the Power and Environmental Sector - The report highlights that OpenAI plans to deploy over 250GW of computing centers by 2033, which could significantly increase electricity demand in the US. This new load from OpenAI alone exceeds 25% of the current highest national load of approximately 820GW [2][6][7] - The US currently has about 1000GW of stable power supply with a reserve margin of only 20%, indicating a tight electricity supply situation. The report emphasizes that the construction of new power sources is lagging behind demand, necessitating increased investment in both power generation and grid infrastructure [2][6][7] Company Analysis: XGIMI Technology (688696.SH) - XGIMI reported Q3 2025 revenue of 700 million yuan, a year-on-year increase of 2.9%, with a net profit of -10 million yuan, improving from -40 million yuan in the same period last year. The gross margin was 30.6%, up 2.5 percentage points year-on-year [12][14] - The company is expected to see a turning point in Q4, with improvements in both domestic and international sales. The domestic market is stabilizing, and international sales are anticipated to recover as the new overseas team adjusts [12][14] Company Analysis: Shaanxi Coal and Chemical Industry (601225.SH) - For the first three quarters of 2025, the company achieved revenue of 118.08 billion yuan, down 12.8% year-on-year, and a net profit of 12.71 billion yuan, down 27.2%. In Q3 alone, revenue was 40.1 billion yuan, a decrease of 10.0% year-on-year but an increase of 6.0% quarter-on-quarter [15][16] - The report notes a recovery in coal prices during Q3, which positively impacted the company's performance. The company is focusing on its coal-electricity integration strategy to enhance stability and profitability [15][18] Company Analysis: China Life Insurance (601628.SH) - China Life reported Q3 2025 revenue of 298.7 billion yuan, a year-on-year increase of 54.8%, and a net profit of 126.9 billion yuan, up 91.5%. This strong performance contributed to a year-to-date revenue growth of 25.9% and net profit growth of 60.5% [21][23] - The company has seen a significant improvement in new policy sales, with a year-on-year growth of 52.5% in Q3. The net asset value increased by 22.8% year-to-date, reflecting strong operational performance [21][24] Company Analysis: Yuanhang Precision (920914.BJ) - Yuanhang Precision achieved revenue of 769 million yuan for the first three quarters of 2025, a year-on-year increase of 27%. In Q3, revenue was 283 million yuan, up 29% year-on-year and 5% quarter-on-quarter [27][28] - The company is focusing on the development of ultra-thin nickel-based materials to meet the demands of high-precision applications in the new energy sector, indicating a strong growth potential in this area [27][30]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [2] Core Insights - The "slow bull" market continues to validate the sector's revaluation, with significant growth in insurance, securities, and financial IT sectors, indicating a favorable investment environment [7][9] Summary by Sections Insurance - The insurance sector showed significant growth in Q3 2025, with net profit reaching CNY 4,260 million, a 33.5% increase year-on-year. New premium income also rose to CNY 6,002 million, up 14.9% [15] - The traditional perception of insurance investment being limited to dividends has been challenged, as high returns were achieved despite a growth-oriented equity market [9][14] - The sector's profitability is expected to improve in the medium to long term, driven by enhanced return on equity (ROE) and a focus on high-quality companies such as Xinhua Insurance and China Life [9][35] Securities - The securities sector experienced robust performance in Q3 2025, with total revenue reaching CNY 4,196.08 million, a 16.9% increase year-on-year, and net profit of CNY 1,684.50 million, up 62.8% [44] - The growth in brokerage and proprietary trading businesses was significant, with brokerage income increasing by 74.3% [58] - The report highlights the importance of focusing on leading firms with quick recovery in profitability and attractive valuations, as the industry is expected to see continued concentration [9][39] Financial IT - Financial IT companies demonstrated high profit elasticity in Q3 2025, benefiting from a strong market environment, particularly in trading-related services [9][10] - The report suggests that companies with growth logic in market share may enjoy valuation premiums in the long term [9][10] Investment Recommendations - The report recommends a balanced allocation within the non-bank financial sector, emphasizing high-elasticity companies and quality leaders. Specific recommendations include Xinhua Insurance, China Life, and China Pacific Insurance in the insurance sector, and Jiufang Zhitu, Tonghuashun, and CICC in the securities and financial IT sectors [9][35]

Core Viewpoint - China Life Insurance announced the convening of its 22nd meeting of the 8th Board of Directors on November 6, 2025, to review the proposal for signing an investment management agreement with Guoshou Investment Insurance Asset Management Company [1] Group 1: Company Financials - For the first half of 2025, the revenue composition of China Life Insurance is as follows: life insurance business accounts for 183.56%, health insurance business accounts for 33.0%, and accident insurance business accounts for 2.92% [1] - As of the report date, the market capitalization of China Life Insurance is 1,239.7 billion yuan [1]

交易内容：中国人寿保险股份有限公司（"本公司"）与国寿投资保险资 产管理有限公司（"国寿投资"）于 2023 年 6 月 30 日签订《保险资金另 类投资委托投资管理及运营服务协议》（"现行协议"），现行协议将于 2025 年 12 月 31 日到期。本公司拟与国寿投资签订《保险资金另类投资 委托投资管理协议》（"新协议"），根据新协议，国寿投资将继续在遵循 有关法律法规及监管机构所限定的保险资金运用的范围内，以及本公司 投资指引的前提下，以自主方式对本公司委托给国寿投资的资产进行投 资和管理，而本公司将就国寿投资向本公司提供的投资和管理服务向其 支付投资管理服务费、产品管理费、不动产运营管理服务费及业绩奖励。 本次交易尚需提交本公司股东大会审议批准。 关联交易对本公司的影响：本公司积极尝试境内、境外市场化委托投资 管理，积极推动投资品种和渠道多样化，加强投资能力建设与投资专业 化管理，持续改善组合配置结构。国寿投资为中国人寿保险（集团）公 司（"集团公司"）旗下的专业另类投资平台。通过订立新协议，本公司 可借助国寿投资在另类投资市场的行业经验、投资专长及资源网络进一 步发展另类投资业务，提升另类投资价值贡献 ...

证券代码：601628 证券简称：中国人寿 编号：临 2025－042 重要提示 中国人寿保险股份有限公司 关于续展日常关联交易的公告 重要内容提示： 1 交易内容：国寿投资保险资产管理有限公司（"国寿投资"）与国寿安保 基金管理有限公司（"安保基金"）于 2022 年 12 月 28 日签订《基金产 品认（申）购、赎回及私募资产管理业务日常交易框架协议》（"现行协 议"），现行协议将于 2025 年 12 月 31 日到期。国寿投资拟继续与安保 基金签订《基金产品认（申）购、赎回、私募资产管理日常交易框架协 议》（"新协议"）。据此，国寿投资将继续与安保基金进行日常交易，主 要包括基金产品的认（申）购和赎回以及私募资产管理。 本次交易尚需提交本公司股东大会审议批准。 关联交易对本公司的影响：国寿投资投资安保基金管理的基金产品，有 利于安保基金投资者组合多样化，增加安保基金管理资产规模和管理费 收入。作为本公司的间接控股子公司，安保基金的发展有利于本公司总 体业务的发展，为本公司股东提供更好的投资回报。 一、日常关联交易基本情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏 ...

证券代码：601628 证券简称：中国人寿 编号：临 2025－040 议案表决情况：同意 6 票，反对 0 票，弃权 0 票 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国人寿保险股份有限公司 第八届董事会第二十二次会议决议公告 本公司第八届董事会第二十二次会议于 2025 年 10 月 30 日以书面方式 通知各位董事，会议于 2025 年 11 月 6 日在北京召开。会议应出席董事 12 人，实际出席董事 9 人。董事长、执行董事蔡希良，执行董事利明光、刘 晖，非执行董事王军辉、胡锦、胡容，独立董事林志权、翟海涛现场出席 会议；独立董事卢锋以视频方式出席会议。执行董事阮琦因其他公务无法 出席会议，书面委托执行董事刘晖代为出席并表决；非执行董事牛凯龙因 其他公务无法出席会议，书面委托非执行董事胡容代为出席并表决；独立 董事陈洁因其他公务无法出席会议，书面委托独立董事翟海涛代为出席并 表决。本公司监事和管理层人员列席了会议。会议召开的时间、地点、方 式等符合《中华人民共和国公司法》等相关法律、行政法规、部门规 ...

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index returning above 4000 points, and the ChiNext Index rising nearly 2% [1] - The total trading volume of the A-share market exceeded 2 trillion yuan, with the Hong Kong market also seeing gains, as the Hang Seng Index rose over 2% [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by stocks like Demingli hitting the daily limit [2] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing Co. reaching their daily limit [8] - The semiconductor sector saw significant gains, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [4] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances due to surging demand from data centers for DRAM, leading to supply shortages [5][6] - Samsung Electronics has suspended DDR5 contract pricing, prompting other manufacturers like SK Hynix and Micron to follow suit, resulting in a 25% increase in DDR5 spot prices within a week [5][6] - Analysts predict that DDR5 spot prices may rise by 30% to 50% in the upcoming quarter due to these supply constraints [6] Phosphorus Industry Insights - The phosphorus chemical industry is expected to maintain its favorable outlook, driven by the non-renewable nature of phosphorus ore and increasing environmental regulations [10] - The recent price increase in yellow phosphorus is attributed to reduced production and recovering demand for electrolyte raw materials, with the yellow phosphorus spot price reaching 22,200 yuan per ton [9][10] AI Industry Chain Activity - The AI industry chain, particularly CPO concepts, saw renewed activity, with stocks like Yuanjie Technology and Dongtianwei achieving significant gains [11] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic expansion [12]

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) 海外監管公告 本公告乃由中國人壽保險股份有限公司（「本公司」）根據香港聯合交易所有限公司上市 規則第 13.10B 條規定而刊登。 根據中華人民共和國（「中國」）有關法律法規，本公司於上海證券交易所網站 (www.sse.com.cn)及中國報章刊登「中國人壽保險股份有限公司第八屆董事會第二十二 次會議決議公告」。 茲載列該公告如下，僅供參閱。 執行董事： 蔡希良、利明光、劉暉、阮琦 非執行董事： 王軍輝、胡錦、胡容、牛凱龍 獨立非執行董事： 林志權、翟海濤、陳潔、盧鋒 | 證券代碼：601628 | 證券簡稱：中國人壽 | 編號：臨 | 2025－040 | | --- | --- | --- | --- | | 重要提示 | | | ...

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index returning above 4000 points, and the ChiNext Index rising nearly 2% [1] - The total trading volume of the A-share market exceeded 2 trillion yuan, indicating increased market activity [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by stocks like Demingli and Xiangnong Chip achieving significant gains [2][5] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing Co. hitting the daily limit [8][9] - The semiconductor sector saw strong performance, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [4][7] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances due to surging AI demand, particularly for DRAM in data centers [7] - Major manufacturers like Samsung have paused DDR5 contract pricing, leading to a 25% increase in DDR5 spot prices within a week [7] - Analysts predict that the quarterly price increase for storage chips could reach 30%-50% due to supply chain disruptions and increased demand for domestic semiconductor materials [7] Phosphorus Industry Insights - The phosphorus chemical industry is experiencing a positive outlook, with the yellow phosphorus index rising over 7% in the past two weeks due to production cuts and recovering demand [10] - The price of yellow phosphorus reached 22,200 yuan per ton, reflecting a significant increase [10] - The scarcity of phosphorus resources and environmental regulations are expected to sustain high prices and improve the industry's overall health [10] AI Industry Chain Activity - Stocks related to the AI industry chain, particularly in the CPO concept, saw active trading, with companies like Yuanjie Technology and Dongtianwei achieving substantial gains [12][14] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic chips [14]