二、中国人寿保险股份有限公司辽宁省分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月25日，国家金融监督管理总局丹东监管分局发布批复称，《中国人寿（601628）保险股份有 限公司辽宁省分公司关于中国人寿保险股份有限公司丹东市振兴区支公司变更营业场所的请示》（国寿 人险辽发〔2025〕398号）收悉。经审核，现批复如下： 一、同意中国人寿保险股份有限公司丹东市振兴区支公司将营业场所变更为：辽宁省丹东市振兴区商贸 旅游区G区47号楼4层408室。 ...

Core Viewpoint - In 2025, despite external uncertainties, China's economy is expected to reach 140 trillion yuan, solidifying its position as the world's second-largest economy, driven by strong leadership and a focus on high-quality development [1] Group 1: Economic and Industry Overview - The insurance sector is highlighted as a stabilizer in the economy, benefiting from enhanced macro policies and a refined regulatory framework [1] - China Life Insurance Company (China Life) is aligning its strategies with national policies to accelerate its transformation and aim for becoming a world-class insurance company [2] - The company emphasizes its role in supporting national development and addressing public needs, showcasing its commitment to high-quality service [2] Group 2: Financial Performance - In the first three quarters of 2025, China Life achieved total premiums of 669.645 billion yuan, a 10.1% increase year-on-year, with new premiums growing by 10.4% [7] - The company reported a strong growth in new business value, up 41.8%, and maintained high solvency levels with core solvency ratio at 137.50% [7] - Total assets reached 74,179.81 billion yuan, with investment assets growing by 10.2% compared to the previous year [7] Group 3: Business Strategy and Innovation - China Life is focusing on value creation and efficiency, diversifying its product offerings across life, annuity, and health insurance [8] - The company is enhancing its digital operations, utilizing AI and big data to improve customer service and operational efficiency [20][21] - A significant increase in the proportion of floating income products has been noted, with a 45 percentage point rise in the first-year premium share [8] Group 4: Social Responsibility and Community Engagement - China Life is actively involved in rural revitalization efforts, supporting low-income families and contributing to local economic development [17][18] - The company has established numerous assistance points and invested in educational programs to enhance rural skills and promote local industries [18] - It has also expanded its healthcare insurance services, ensuring a stable service level for insured populations [13] Group 5: Future Outlook - Looking ahead, China Life aims to deepen its involvement in various financial sectors, including pension and inclusive finance, while enhancing its governance and risk management [26][27] - The company is committed to maintaining its market leadership and adapting to complex external environments to ensure sustainable growth [26][27]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines the "14th Five-Year" strategic tasks, emphasizing the importance of enhancing pension systems and services, which provides fundamental guidance for the development of pension financing over the next five years [1] Group 1: Pension Fund Management - China Life is leveraging its comprehensive financial advantages to enhance pension fund reserves and explore new models for pension services, thereby integrating financial resources into the pension sector [1] - The company adopts a "one increase, one decrease" strategy to enrich pension funds, focusing on professional investments to grow reserves and reduce individual pension burdens through various insurance products [2][4] - As of Q3 2025, China Life's pension insurance company has provided investment management services for over 75 billion yuan in basic pension insurance funds, ranking high in specific investment portfolios [3] - The cumulative scale of enterprise annuities and occupational annuities managed by China Life exceeds 2.1 trillion yuan, maintaining the industry's leading position [3] Group 2: Insurance Products for Seniors - China Life has launched a series of insurance products tailored for the elderly, including "Silver Age Health" and "Silver Age Peace," which cover various risks such as death, accidents, and medical expenses [4] - The company has participated in over 70 long-term care insurance projects, contributing valuable experience to national long-term care insurance schemes [4] Group 3: Quality Service in Elderly Care - China Life's "Guoshou Jiayuan" brand focuses on creating a comprehensive elderly care service system that integrates institutional, community, and home care [5][6] - The company has established various types of elderly care communities across multiple cities, including high-quality integrated care complexes and community-based care projects [6][8] - The "Guoshou Jiayuan" community incorporates advanced medical facilities and services, addressing the challenges of healthcare access for the elderly [7] Group 4: Economic Impact and Innovation - The silver economy is expanding, with over 77,600 companies registered in the elderly products and services sector by 2024, indicating a shift from a "sunset industry" to a "sunrise industry" [9] - China Life is actively investing in the silver economy, establishing a 10 billion yuan fund to support systematic investments in this sector [11] - The company is also developing a debt investment plan focused on elderly care real estate, aiming to create comprehensive shopping and service centers for seniors [11] Group 5: Strategic Vision - China Life aims to transform the concept of "pension" into "enjoyment of old age" by providing comprehensive, high-quality, and inclusive financial services for the elderly [12]

Core Viewpoint - In 2025, despite external uncertainties, China's economy is expected to reach 140 trillion yuan, solidifying its position as the world's second-largest economy, driven by strong leadership and a focus on high-quality development [1] Group 1: Economic and Industry Overview - The insurance sector is highlighted as a stabilizer in the economy, benefiting from enhanced macro policies and a refined regulatory framework [1] - China Life Insurance Company is aligning its strategies with national priorities and regulatory guidance to accelerate its transformation and solidify its position as a leading insurance provider [2] Group 2: Corporate Governance and Leadership - The company emphasizes the importance of high-quality party building to ensure high-quality development, with a focus on political construction and organizational strength [3] - By the end of 2025, China Life had established 5,885 party organizations, ensuring coverage in all business areas [4] Group 3: Financial Performance - In the first three quarters of 2025, China Life achieved total premiums of 669.645 billion yuan, a 10.1% increase year-on-year, with new premiums growing by 10.4% [7] - The company maintained a strong solvency position, with a core solvency ratio of 137.50% and total assets reaching 74,179.81 billion yuan, reflecting a 9.6% increase from the previous year [7] Group 4: Investment Strategy - China Life is committed to long-term, value-driven investments, achieving a net profit of over 167.8 billion yuan, a 60.5% increase year-on-year [11] - The total investment income reached 368.55 billion yuan, marking a 40% increase compared to the previous year [11] Group 5: Social Responsibility and Community Engagement - The company has engaged in extensive rural support initiatives, establishing 1,085 assistance points and investing over 90 million yuan in educational support [19] - China Life has developed 23 specialized insurance products aimed at rural revitalization, enhancing its role in community development [19] Group 6: Customer Experience and Digital Transformation - The company has focused on enhancing customer experience through digital transformation, achieving a 99.99% paperless application rate for individual long-term insurance [24] - China Life's digital initiatives have led to a significant increase in customer engagement, with over 53.66 million participants in various service activities [24] Group 7: Future Outlook - Looking ahead, China Life aims to deepen its involvement in national development, enhance its service offerings, and maintain its market leadership through strategic investments and innovation [30][29]

Core Viewpoint - The article discusses the strategic focus of China Life Group on the health and elderly care industry, emphasizing the establishment of a comprehensive elderly care ecosystem in response to the aging population and the "14th Five-Year Plan" initiatives [1]. Group 1: Business Development - China Life Group has launched 10 elderly care projects, including the recently opened Guoshou Jiayuan in Beijing, which features 553 rooms and 947 beds, providing comprehensive solutions for elderly care needs [2]. - The company has established a total of 10 elderly care and wellness projects, including locations in Beijing, Tianjin, Suzhou, Chengdu, Qingdao, Shenzhen, Sanya, and Beidaihe [2]. - Guoshou Jiayuan is part of the "333 strategy" of China Life Group, which aims to enhance its presence in the health and elderly care sector [2]. Group 2: Investment and Growth - Guoshou Health Investment Company, a subsidiary of China Life Group, was established in July 2019 and manages a 20 billion yuan fund for investing in quality elderly care projects [2]. - The company has achieved a compound annual growth rate of 18.6% in bed capacity for its elderly care communities over the past five years, leading the industry [2]. Group 3: Strategic Focus and Standards - The selection of project locations is based on various factors, including local economic development, aging population ratios, and alignment with core business operations [3]. - The company has developed a set of location selection criteria that consider commercial, medical, and transportation facilities, as well as asset types and acquisition costs [3]. Group 4: Operational Performance - The occupancy rate of elderly care communities is a critical indicator of operational efficiency, with a stable increase expected as elderly residents typically do not move out easily [4]. - An occupancy rate of around 80% is necessary for achieving stable profitability, which aligns with investment return expectations [4]. - The Tianjin Lejing project, a benchmark for integrated medical and elderly care, has seen its occupancy rate double in less than two years, currently exceeding 70% and projected to reach 80% by 2026 [4]. Group 5: Community and Home Care Services - The company is exploring home and community-based elderly care services, collaborating with local governments to create inclusive community care models [6]. - Services are being extended from institutional care to nearby communities, offering assistance such as meal delivery and bathing for elderly residents [6]. - The company has secured contracts for seven community elderly day care centers in Tianjin, serving over 5,000 individuals monthly [6].

Core Viewpoint - The article emphasizes the strategic focus of China Life Group on the health and elderly care industry, highlighting the establishment of a comprehensive elderly care service system and the importance of addressing the aging population in China [2][5]. Group 1: Industry Development - The "14th Five-Year Plan" suggests promoting high-quality population development and actively addressing population aging through improved policies for the elderly care industry [1]. - Major insurance companies, including China Life, are collectively enhancing their investments in the health and elderly care sector, with a focus on building a robust ecosystem for elderly care [2]. Group 2: Project Implementation - China Life has launched 10 elderly care projects, including the recently opened CCRC-type community in Beijing, which features 553 rooms and 947 beds, providing comprehensive solutions for elderly needs [3]. - The company has established a 20 billion yuan fund dedicated to investing in quality elderly care projects, aiming to create a "institution + community + home" service system across 26 key cities [3]. Group 3: Market Strategy - The investment strategy for elderly care projects is determined by local economic development, aging population ratios, and synergy with core business operations [4]. - The occupancy rate of elderly care communities is a critical metric, with a stable increase expected as elderly residents typically do not move out easily, achieving profitability at around 80% occupancy [6]. Group 4: Service Expansion - China Life is exploring home and community-based elderly care services, collaborating with local governments to create inclusive community care models [7]. - The company is extending its institutional care services to nearby communities, offering services such as meal assistance and home care, thereby enhancing its service reach [7].

Investment Rating - The report suggests a "Buy" rating for the securities sector, indicating an expected increase in the industry exceeding the market by more than 15% in the next 3-6 months [42]. Core Insights - The establishment of the National Venture Capital Guidance Fund aims to inject long-term capital into technological innovation, potentially mobilizing trillions in social capital and creating a multi-layered venture capital ecosystem [38][39]. - The insurance sector is expected to benefit from a high demand for long-term care insurance, transitioning from pilot programs to a comprehensive system during the 14th Five-Year Plan period [36]. - The report highlights that listed securities firms have exceeded earnings expectations in Q3, with a projected high profit growth for the year, despite a current price-to-book (PB) ratio of 1.4, indicating a significant mismatch with performance [2]. Summary by Sections Securities Sector - The National Venture Capital Guidance Fund has been officially launched, with a 20-year duration (10 years for investment and 10 years for exit), which is significantly longer than typical equity funds, alleviating short-term exit pressures for managers [38]. - The report recommends focusing on three main lines: 1. Strongly recommend quality securities firms with valuation mismatches, particularly Guotai Junan and Haitong Securities [2]. 2. Highlighting Sichuan Shuangma's advantageous position in the technology sector and its venture capital business benefiting from gene therapy investments [2]. 3. Noting the impressive growth of diversified financial firms, suggesting attention to Jiufang Zhizhong Holdings, Yixin Group, and Far East Horizon [2]. Insurance Sector - The Ministry of Finance and the State Administration of Taxation announced new tax regulations for insurance contracts, which are expected to have no significant impact on the current profits and net assets of listed insurance companies [3]. - The report anticipates that the high prosperity of the liability side will drive a valuation switch in insurance stocks, with expectations of continued growth in the insurance sector due to strong demand for savings and pension products [4]. - The insurance sector's premium income for the first 11 months of 2025 reached CNY 57,629 billion, with a year-on-year growth of 7.6%, indicating a recovery in premium income [35].

一、同意撤销中国人寿保险股份有限公司法库县支公司慈恩寺营销服务部。 二、接此批复文件后，中国人寿保险股份有限公司法库县支公司慈恩寺营销服务部应立即停止一切经营 活动，于15个工作日内向辽宁金融监管局缴回许可证，并按照有关法律法规要求办理相关手续。 中国人寿 中国人寿 分时图 日K线 周K线 月K线 46.68 -0.26 -0.55% 1.04% 0.70% 0.34% 0.00% 0.34% 0.70% 1.04% 46.45 46.61 46.78 46.94 47.10 47.27 47.43 09:30 10:30 11:30/13:00 14:00 15:00 0 11万 22万 33万 2025年12月17日，辽宁金融监管局发布批复称，《中国人寿（601628）保险股份有限公司辽宁省分公司 关于撤销中国人寿保险股份有限公司法库县支公司慈恩寺营销服务部的请示》(国寿人险辽发〔2025〕 377号)收悉。经审核，现批复如下： ...

Investment Rating - Maintain "Overweight" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown resilience, with insurance and multi-financial sectors outperforming the CSI 300 index recently. The insurance sector is expected to perform well in the upcoming "opening red" period for 2026 [1][9] - The insurance industry has seen improvements in premium growth, with a year-to-date increase of 9.2% in original premiums for life insurance [20][27] - The securities sector is experiencing a decline in trading volume but is supported by new policies allowing foreign investors to engage in bond repurchase transactions [14][19] Summary by Sections Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (December 22-26, 2025), the multi-financial sector rose by 3.20%, and the insurance sector increased by 2.98%, while the overall non-bank financial sector rose by 1.97% [9] - Year-to-date, the insurance sector has increased by 35.78%, outperforming other sectors [10] Non-Bank Financial Sector Insights Securities - Trading volume has decreased, with an average daily trading amount of 21,509 billion CNY in December, a 22.49% increase year-on-year but a 4.02% decrease month-on-month [14] - The margin financing balance reached 25,454 billion CNY, a year-on-year increase of 35.40% [14] - The average PB valuation for the securities sector is 1.3x for 2025E, with recommendations for leading firms like CITIC Securities and Tonghuashun [19] Insurance - The insurance sector's original premium for the first 11 months of 2025 reached 44,206 billion CNY, with a year-on-year growth of 9.2% [20] - The asset-liability management regulations are being revised to strengthen oversight, which is expected to enhance risk management in the sector [23][27] - The insurance sector's valuation is currently at 0.69-1.02 times 2025E P/EV, indicating a historical low and maintaining an "Overweight" rating [27] Multi-Financial - The trust industry saw its asset scale reach 32.43 trillion CNY by mid-2025, with a year-on-year growth of 20.11% [30] - The futures market recorded a transaction volume of 7.70 billion contracts in November, with a transaction value of 66.61 trillion CNY, reflecting a year-on-year growth of 13.54% [34] Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial services, with key recommendations including China Life, Ping An, and CITIC Securities [45] - The sector is characterized by low average valuations, providing a safety margin and balanced risk-reward profile [45]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry [3] Core Insights - The report highlights the recovery in the securities sector, with a projected increase in December performance driven by improved investment returns and a rise in equity financing [4][7] - The insurance sector is expected to benefit from the clarification of income tax treatment under IFRS17, enhancing profit predictability for insurers [4][11] - The report emphasizes the growth of ETFs, which have surpassed 6 trillion yuan in total assets, indicating a strong trend in the investment landscape [4] Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,657.24, with a weekly increase of 1.95%, while the non-bank index rose by 2.09% [7] - The securities, insurance, and diversified financial sectors reported increases of 1.58%, 2.97%, and 2.66% respectively [7] Securities Industry Insights - The average daily trading volume in the A-share market for December is estimated at 1.84 trillion yuan, with a 5% decrease month-on-month [4] - The margin financing balance reached 2.5 trillion yuan, reflecting a 3% increase [4] - Equity financing in December totaled 508.4 billion yuan, a 72% increase from the previous month [4] Insurance Industry Insights - The report notes that the implementation of IFRS17 will standardize income tax calculations for insurers starting in 2026, which is expected to improve profit visibility [4][11] - The insurance sector index rose by 2.97%, outperforming the Shanghai Composite Index by 1.02 percentage points [4] Investment Recommendations - For the securities sector, the report recommends focusing on leading firms with strong competitive positions, such as Guotai Junan and CITIC Securities, as well as firms with significant earnings elasticity like Huatai Securities [4] - In the insurance sector, the report suggests investing in major players like China Life and Ping An, highlighting their systemic value re-evaluation opportunities [4]