Major Events - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 2.2 billion yuan to the company for repaying bond principal and interest, with a term of no more than 3 years and an interest rate reduced by 66 basis points from the 1-year LPR [4] - *ST Chuangxing's chairman, Liu Peng, has been arrested for suspected criminal activities, but the company's operations remain normal under the management of the executive team [5] - Shannon Chip's chairman, Huang Zewei, has been elected following the resignation of the previous chairman, Fan Yongwu [6][7] - China Coal Energy has invested 1 billion yuan in a state-owned strategic emerging industry fund, which has a total size of 51 billion yuan, aimed at expanding its industrial cooperation ecosystem [8] - Da'an Gene's board has authorized management to sell part of its stock assets, with a limit of 1% through centralized bidding and 2% through block trading [9] - Kaineng Health plans to acquire several subsidiaries of Yuaneng Group to strengthen its investment in the cell industry, aiming to create a second growth curve [10] - David Medical's subsidiary has received a medical device registration certificate for a disposable lung nodule positioning puncture needle [11] Performance Overview - Saisir reported a Q3 net profit of 2.371 billion yuan, a year-on-year decrease of 1.74%, with a revenue of 48.133 billion yuan, up 15.75% [12][13] - Upwind New Materials achieved a Q3 net profit of 30.6473 million yuan, a year-on-year increase of 49.66% [14] - Youzu Network's Q3 net profit surged by 4466.74% to 26.1999 million yuan [15] - Zhongji Xuchuang's Q3 net profit increased by 124.98% to 3.137 billion yuan [16] - SAIC Motor's Q3 net profit reached 2.083 billion yuan, up 644.88% [17] - China Life's Q3 net profit was 126.873 billion yuan, a year-on-year increase of 91.5% [18] - Pingtan Development's Q3 net profit grew by 1970.63% to 16.1449 million yuan [19] - Huatai Securities reported a Q3 net profit of 5.183 billion yuan, down 28.11% [20] - Yanzhou Coal's Q3 net profit decreased by 36.60% to 2.288 billion yuan [21] - Dongwu Securities' Q3 net profit increased by 50.56% to 1.003 billion yuan [22] - Dongxing Securities' Q3 net profit surged by 112.67% to 780 million yuan [23] -招商证券's Q3 net profit increased by 53.45% to 3.686 billion yuan [24] - Agricultural Bank's Q3 net profit was 81.349 billion yuan, up 3.66% [25] - Industrial and Commercial Bank's Q3 net profit reached 101.805 billion yuan, a year-on-year increase of 3.29% [26] - Shenghe Resources reported a Q3 net profit growth of 748.07% [28] -引力传媒's Q3 net profit increased by 167.91% to 442.85 million yuan [29] - China Duty Free's Q3 net profit decreased by 28.94% to 452 million yuan [30] - Luzhou Laojiao's Q3 net profit decreased by 13.07% to 3.099 billion yuan [31] - Everbright Securities' Q3 net profit increased by 65.88% to 999.5 million yuan [32] - Gujing Gongjiu's Q3 net profit decreased by 74.56% to 299 million yuan [33] - Longi Green Energy reported a Q3 net loss of 834 million yuan [34] - New Hope's Q3 net profit decreased by 99.63% to 512.55 million yuan [35] - Wealth Trend's Q3 net profit increased by 76.93% to 77.1855 million yuan [36] - Hunan Silver's Q3 net profit increased by 47.51% to 96.3611 million yuan [37] - Spring Airlines' Q3 net profit decreased by 6.17% to 1.167 billion yuan [38] - Litong Electronics' Q3 net profit surged by 1432.90% to 165 million yuan [39] - Baosteel's Q3 net profit increased by 130.31% to 3.081 billion yuan [40] - Juxing Technology's Q3 net profit increased by 18.96% to 882 million yuan [42] - Wanda Film's Q3 net profit increased by 319.92% [43] - COSCO Shipping's Q3 net profit decreased by 29% [44] - China Petroleum's Q3 net profit was 42.29 billion yuan, down 3.9% [45] - JA Solar reported a Q3 net loss of 3.553 billion yuan [46] - BOE Technology's Q3 net profit increased by 32.07% to 1.355 billion yuan [47] - BYD's Q3 net profit decreased by 32.60% to 7.823 billion yuan [48] - Guotai Junan's Q3 net profit increased by 40.60% to 6.337 billion yuan [50] - Jianghuai Automobile reported a Q3 net loss of 661 million yuan [51] - Zhezhong Co.'s Q3 net profit increased by 5282.88% to 206 million yuan [52] - Yonghui Supermarket reported a Q3 net loss of 469 million yuan [53] Shareholding Changes - Ruisheng Intelligent's shareholder plans to reduce its stake by up to 3% [54] Share Buybacks - SF Holding has adjusted its share buyback plan to a total amount of not less than 1.5 billion yuan and not more than 3 billion yuan [55][56] - Changying Precision has raised its share buyback price limit to 50 yuan per share [57] Major Contracts - Trina Solar signed a sales contract for over 1 GWh of energy storage products with a European customer [58]

（编辑 任世碧） 证券日报网讯 10月30日晚间，中国人寿发布2025年第三季度报告称，2025年第三季度公司实现营业收 入298，660百万元，同比增长54.8%；归属于母公司股东的净利润为126，873百万元，同比增长 91.5%。 ...

Core Insights - China Life Insurance reported a total premium income of 669.645 billion yuan for the first three quarters of 2023, reflecting a year-on-year growth of 10.1% [2] Summary by Category - **Financial Performance** - Total premium income reached 669.645 billion yuan [2] - Year-on-year growth of 10.1% in total premiums [2]

Macro Dynamics - The National Financial Regulatory Administration encourages pilot wealth management companies to issue long-term pension wealth management products with a term of over 10 years or a minimum holding period of over 5 years [2] Financial Institutions - Changjiang Securities reported a net profit increase of 135.20% year-on-year for the first three quarters, with a net profit of 33.73 billion yuan [6] - Everbright Securities achieved a net profit growth of 34.55% year-on-year for the first three quarters, with a net profit of 26.78 billion yuan [7] - China Life's net profit increased by 92% year-on-year in the third quarter, reaching 126.87 billion yuan [8] - New China Life reported a net profit increase of 58.9% year-on-year for the first three quarters, totaling 328.57 billion yuan [9] Market Data - The ChiNext Index fell nearly 2%, with 4,100 stocks in the market declining [10] - The total margin balance in the two markets increased by 112.99 billion yuan [11] - The Hong Kong Hang Seng Index closed down 0.24%, with notable gains in lithium battery stocks [12] Company Dynamics - Luzhou Laojiao reported a net profit decrease of 13.07% year-on-year in the third quarter, totaling 30.99 billion yuan [13][14] - Zhongji Xuchuang's net profit increased by 125% year-on-year in the third quarter, reaching 31.37 billion yuan [15] - BYD's net profit decreased by 7.55% year-on-year for the first three quarters, totaling 233.33 billion yuan [16] - Longi Green Energy reported a net loss of 34.03 billion yuan for the first three quarters due to intense competition in the photovoltaic industry [17] - Shanshan Co. achieved a net profit increase of 1122% year-on-year for the first three quarters, totaling 2.84 billion yuan [18] - New Hope's net profit decreased by 99.63% year-on-year in the third quarter, totaling 512.55 million yuan [19] - SAIC Motor reported a net profit increase of 645% year-on-year in the third quarter, reaching 20.83 billion yuan [21] - Moore Threads received approval for its IPO registration, marking a rapid process from application to approval [22]

Core Viewpoint - China Life Insurance reported significant growth in both revenue and net profit for the third quarter and the first three quarters of the year, driven by strategic initiatives in product diversification and investment management [2]. Financial Performance - Q3 revenue reached 298.66 billion yuan, a year-on-year increase of 54.8% [2] - Q3 net profit was 126.87 billion yuan, reflecting a year-on-year growth of 91.5% [2] - Revenue for the first three quarters totaled 537.90 billion yuan, up 25.9% year-on-year [2] - Net profit for the first three quarters was 167.80 billion yuan, showing a year-on-year increase of 60.5% [2] Strategic Initiatives - The company's performance improvement is attributed to the ongoing deepening of asset-liability management [2] - There has been a focus on diversifying products and business lines [2] - Effective management of liability costs has been a key factor in enhancing profitability [2] - Increased equity investment efforts have significantly boosted investment returns compared to the previous year [2]

Group 1 - China Life Insurance (02628.HK) announced plans to invest RMB 2 billion and RMB 10 million in equity investment plans established by Guoshou Investment, with contracts expected to be signed by March 31, 2026 [1] - The investment will primarily focus on sectors such as semiconductors, digital energy, and smart electric vehicles [1] - As of October 30, 2025, China Life's stock closed at HKD 24.72, down 1.28%, with a trading volume of 82.187 million shares and a turnover of HKD 2.058 billion [1] Group 2 - The stock has received a majority "overweight" rating from investment banks, with one bank issuing an overweight rating in the last 90 days and a target average price of HKD 29.5 [1] - The latest report from Xingzheng International gives China Life an overweight rating [1] - China Life's market capitalization in the Hong Kong stock market is HKD 186.327 billion, ranking 5th in the insurance industry [2] Group 3 - Key performance indicators for China Life include a Return on Equity (ROE) of 21.57%, which is significantly higher than the industry average of 13.8%, ranking 2nd in the industry [2] - The company reported operating revenue of HKD 533.88 billion, also above the industry average of HKD 272.89 billion, ranking 4th [2] - The net profit margin stands at 17.52%, slightly above the industry average of 17.41%, ranking 6th [2]

Core Viewpoint - China Life Insurance (02628) and Guoshou Industry plan to invest a total of RMB 2 billion and RMB 10 million respectively in a private equity investment plan established by Guoshou Investment, focusing on sectors such as semiconductors, digital energy, and smart electric vehicles [1] Investment Details - China Life Insurance will invest RMB 2 billion, while Guoshou Industry will invest RMB 10 million in the equity investment plan [1] - The company and Guoshou Industry intend to enter into a trust contract with Guoshou Investment, with terms identical to those of the investment amounts [1] - The expected date for signing the trust contract with Guoshou Investment is by March 31, 2026 [1] Sector Focus - The investment plan will primarily target sectors including semiconductors, digital energy, and smart electric vehicles [1]

Core Insights - China Life Insurance (02628) reported a significant increase in revenue and net profit for the first three quarters of 2025, with operating income reaching 537.895 billion yuan, a year-on-year growth of 25.9%, and net profit attributable to shareholders amounting to 167.804 billion yuan, reflecting a 60.5% increase [1] Financial Performance - The company achieved total premium income of 669.645 billion yuan, marking a 10.1% year-on-year increase, with renewal premiums at 451.611 billion yuan, up 10.0%, and new premiums at 218.034 billion yuan, growing by 10.4% [1] - Short-term insurance premiums reached 75.149 billion yuan, showing a 2.0% increase [1] - The total premium scale set a historical high for the same period, with all categories of premiums (total, new, and renewal) experiencing double-digit growth, and renewal premium growth reaching the highest level since 2021 for the same period [1] Strategic Initiatives - The growth in performance is attributed to the company's ongoing efforts to deepen asset-liability management, diversify products and services, and effectively control liability costs [1] - The company has also increased its equity investment efforts, leading to a substantial rise in investment income compared to the previous year [1]

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。 公告 續展本公司與安保基金之持續關連交易 茲提述本公司日期為2022年10月27日的公告，內容有關（其中包括）本公司與安保基金 訂立的現有框架協議，該協議將於2025年12月31日屆滿。 董事會宣布，本公司擬於現有框架協議屆滿後繼續與安保基金進行日常交易，主要包 括基金產品的認（申）購和贖回，以及私募資產管理。就此，本公司擬於2025年12月31 日前與安保基金訂立框架協議。 集團公司為本公司的控股股東，目前持有本公司約68.37%的已發行股本，為本公司的 關連人士。資產管理公司為本公司的非全資附屬公司，並由集團公司持有其40%的已 發行股本，為本公司的關連附屬公司。安保基金為資產管理公司的非全資附屬公司， 也為本公司的關連附屬公司。因此，框架協議下之交易構成本公司在上市規則第14A 章下之持續關連交易。鑒於(i)本公司認（申）購基金產品的金額和費用的年度上限，或 (ii)本公司贖回基金產品的金額和費用 ...

Core Insights - China Life Insurance Company reported a strong growth in new business value by 41.8% for the first three quarters of 2025, with net profit attributable to shareholders exceeding 167.8 billion yuan, marking a 60.5% increase year-on-year [1] - The total premium income reached 669.645 billion yuan, a year-on-year growth of 10.1%, with new single premium income at 218.034 billion yuan, up 10.4% [1] - The company emphasized the importance of asset-liability management and has seen comprehensive improvements in management effectiveness [1] Business Development - China Life is focusing on diversified product offerings, with new single premium income from life insurance, annuity insurance, and health insurance accounting for 31.95%, 32.47%, and 31.15% respectively, indicating balanced development [1] - The company is actively promoting the "Guo Shou Good Service" brand, enhancing its product lines in health insurance, including long-term disability income loss insurance and various other innovative products [2] - As of September 30, 2025, China Life's total sales force stood at 657,000, with individual insurance sales personnel numbering 607,000, maintaining the industry's largest team [2] Digital Transformation - China Life is advancing its digital claims service system, with over 48 million claims paid in the first half of 2025, totaling 160.9 billion yuan, including over 34 billion yuan for health insurance claims [2] - The company is enhancing its digital infrastructure, focusing on intelligent and simplified data management, and integrating AI technologies into its business operations [3] - China Life is committed to ESG principles, promoting environmentally friendly investments and inclusive insurance products to support sustainable development [3]