Core Viewpoint - The financial institutions in China are strategically evolving towards high-quality development, with large banks focusing on financial stability and small banks enhancing local services to fill gaps in financial coverage [1][2][3]. Group 1: Large Financial Institutions - Large state-owned financial institutions are the main force in serving the real economy and maintaining financial stability, focusing on specialized operations to strengthen risk management [1]. - Policy-oriented financial institutions are addressing areas that commercial banks cannot cover, thus providing essential support for national strategies [1]. Group 2: Small Financial Institutions - Small financial institutions are crucial for inclusive finance, with their stable operations impacting the effectiveness of financial services for the real economy [3]. - In 2025, small banks are expected to undergo significant reforms, with over 440 banks having been dissolved or merged this year, enhancing their risk management and regional competitiveness [3][4]. Group 3: Financial Ecosystem - The differentiation in development among financial institutions is becoming clearer, with large banks moving towards comprehensive and international operations, while small banks focus on specialized services [6]. - The regulatory body aims to guide institutions to find their positioning and focus on their core businesses, promoting a diverse and healthy financial ecosystem [5][6].

证券代码：601628 证券简称：中国人寿 编号：临2025－049 中国人寿保险股份有限公司 中国人寿保险股份有限公司（"本公司"）于2025年9月25日召开2025年第一次临时股东大会，审议通过 了《关于不再设立监事会的议案》及《关于修订〈公司章程〉的议案》。 本公司于近期收到国家金融监督管理总局（"金融监管总局"）《关于中国人寿保险股份有限公司修改公 司章程的批复》（金复〔2025〕752号），金融监管总局已经核准本公司2025年第一次临时股东大会对 《中国人寿保险股份有限公司章程》（"《公司章程》"）做出的修订。 2025年12月24日 本次修订后的《公司章程》自金融监管总局核准之日起生效，其全文详见上海证券交易所网站 （www.sse.com.cn）和本公司网站（www.e-chinalife.com）。 自《公司章程》修订获核准之日起，本公司不再设立监事会，由董事会审计委员会行使《中华人民共和 国公司法》以及监管规则中规定的监事会职权。曹伟清先生、谷海山先生、叶映兰女士、董海锋先生不 再担任本公司监事，并确认其与本公司并无任何意见分歧，亦无任何其他事项须提请本公司股东注意。 本公司对各位监事在任职 ...

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Date**: December 23, 2015 Key Points Industry and Market Outlook - China Life Insurance's 2025 "opening red" progress is in line with expectations, with good performance in advance premium collection and recording, leading to a positive outlook for Q1 2026 [2][4] - The company anticipates a stable number of agents, with gradual recovery in the individual insurance channel, contributing significantly to premium, value, and product structure transformation [2][5] - The health insurance sector is expected to grow due to increasing demand from an aging population, despite recent challenges from income fluctuations and policy impacts [3][15] Product Strategy - China Life is actively adjusting its product structure, introducing participating insurance products, which are expected to increase in proportion by 2026 while maintaining a diversified product strategy [2][10] - The company has set a low cost for rigid policies below 2.9%, indicating a turning point in cost management [3][17] - The effective duration of participating insurance is approximately 9 years, which is slightly shorter than traditional whole life insurance [11][18] Distribution Channels - The individual insurance channel remains a core channel, with expected stability in agent numbers and gradual recovery in performance despite initial pressures [5][6] - The bancassurance channel is positioned as a strategic support, with significant growth potential anticipated due to large upcoming maturity of fixed deposits [2][8] Financial Management - The company is focused on accumulating high-dividend stocks to stabilize net investment income and increase the proportion of Other Comprehensive Income (OCI) [3][22] - The new asset-liability management guidelines are expected to have limited impact on the investment side, with a focus on maintaining a balanced and diversified investment strategy [3][20][27] Future Projections - For 2026, China Life does not set rigid targets for participating insurance sales but will promote a diversified strategy based on customer preferences [12][30] - The company expects a stable and positive dividend policy, maintaining a payout ratio above 35% under the old standards, while adapting to new regulations [31] Regulatory Environment - The company is preparing for the implementation of the second phase of solvency regulations, with no significant impact expected on its asset allocation strategy [28][30] Investment Opportunities - China Life is optimistic about the capital market in 2026, expecting stable economic conditions and moderate inflation to provide upward pressure on interest rates [30][34] - The company is exploring structural opportunities in the Hong Kong stock market, focusing on high-dividend and new economy sectors [34] Conclusion - China Life Insurance is strategically positioned to leverage its diversified product offerings and strong distribution channels to navigate market challenges and capitalize on growth opportunities in the insurance sector. The focus on high-quality investments and stable dividend policies reflects a commitment to long-term value creation for stakeholders.

（文章来源：证券日报） 证券日报网讯 12月24日，中国人寿在互动平台回答投资者提问时表示，目前公司暂无需予披露的信 息。 ...

中国人寿表示，自《公司章程》修订获核准之日起，公司不再设立监事会，由董事会审计委员会行使 《中华人民共和国公司法》以及监管规则中规定的监事会职权。曹伟清、谷海山、叶映兰、董海锋不再 担任公司监事。 北京商报讯（记者 李秀梅）12月24日，中国人寿保险股份有限公司（以下简称"中国人寿"）公告，金 融监管总局已经核准公司2025年第一次临时股东大会对《中国人寿保险股份有限公司章程》（"《公司 章程》"）做出的修订。 ...

Core Viewpoint - The comprehensive solvency adequacy ratio of the life insurance industry in Q3 2025 is 204%, showing a decrease of 26 percentage points quarter-on-quarter and 18 percentage points year-on-year. This decline is attributed to several factors, including the increase in minimum capital requirements and the dynamics of asset and liability growth [1][10]. Group 1: Solvency Analysis - The solvency adequacy ratio decreased due to a 3.2% increase in recognized assets and a 4.1% increase in recognized liabilities, leading to a 1.6% decline in actual capital. Meanwhile, the minimum capital requirement increased by 10.8% [3][13]. - The minimum capital scale reached 2.3 trillion yuan, up 10.8% quarter-on-quarter and 18.7% year-on-year, while actual capital stood at 4.7 trillion yuan, down 1.6% quarter-on-quarter but up 8.1% year-on-year [11][12]. Group 2: Risk Structure - The composition of the quantitative risk minimum capital shows that insurance risk accounts for 24%, market risk for 62%, and credit risk for 14%. The market risk proportion has significantly increased compared to the past three years [16][18]. - The increase in market risk minimum capital is primarily due to the shift towards dividend-type insurance products and the corresponding rise in equity asset allocation, which has heightened the minimum capital requirements and increased solvency pressure on insurance companies [18][26]. Group 3: Regulatory Response - In response to the solvency pressure, regulatory authorities introduced policies to guide the industry in optimizing investment structures and promoting long-term investment. For instance, the risk factor for long-term investments in stocks from the CSI 300 index held for over three years can be reduced by 10% [18][26]. - These adjustments aim to support stable investment behaviors and alleviate the capital burden faced by insurance companies in the current market environment [18][26]. Group 4: Company-Specific Risk Indicators - Among the top three life insurance companies, China Life has a market risk minimum capital proportion of 68.6%, which is above the industry average [18][27]. - The risk structures of leading companies differ significantly, influenced by their business structures, product term structures, and asset allocation strategies [20][28].

证券日报网讯12月24日，中国人寿（601628）在互动平台回答投资者提问时表示，鸿鹄基金为公司与新 华人寿共同设立的私募证券基金，基金选择优质上市公司股票进行投资并长期持有，是保险资金践行长 期投资、实现保值增值的举措之一。 ...

Core Viewpoint - The forum highlighted the transformative role of technology in insurance asset management, emphasizing that the primary value of technology is to enhance decision-making stability rather than to make investments more aggressive [1]. Group 1: Evolution of Insurance Asset Allocation - The evolution of insurance asset allocation has shifted from reliance on experience and single return targets to a multi-objective approach focusing on duration, return, and liquidity [2]. - The current environment is characterized by increased geopolitical risks and significant asset correlation, making the dynamic interaction between assets and liabilities more critical than ever [2]. - The essence of insurance asset allocation has transitioned from "what assets to select" to finding "explainable, verifiable, and executable optimal solutions" under multiple constraints [2]. Group 2: Value of Technology in Investment - The primary value of technology in insurance asset management is to make decision-making more robust rather than to accelerate investment processes [3]. - A systematic framework focusing on value and profit has been implemented by the company, exploring AI applications in scenario-based asset allocation [3]. - An example was provided where an algorithm reduced capital risk indicators by 15% while maintaining expected surplus, demonstrating a methodology that integrates liabilities, capital, returns, and risks into a unified decision-making space [3]. Group 3: AI's Role in Insurance Asset Management - AI is seen as a tool to amplify system capabilities rather than replace decision-makers, with applications starting from three foundational areas [4]. - The first area is the structured processing of high-dimensional data, allowing for the identification of structural relationships among thousands of assets and numerous constraints [4]. - The second area involves scenario generation and portfolio simulation, where AI can create more realistic potential paths compared to traditional assumptions [4]. Group 4: Challenges of AI Implementation - The true challenge of technological transformation in insurance asset management lies in whether the organization has a compatible decision-making mechanism and culture, which is deemed more important than the models and algorithms themselves [6]. - Collaboration among research, risk control, actuarial, and IT departments in a common language is essential for effective implementation [6]. - Management must accept the idea of using systems to constrain personal judgment, allowing technology to become an integral part of the institution and its processes [6].

本章程经 2025 年 9 月 25 日公司 2025 年第一次临时股东会审议 通过并经《国家金融监督管理总局关于中国人寿保险股份有限 公司修改公司章程的批复》（金复〔2025〕752 号）核准生效。 中国人寿保险股份有限公司章程 1 | 序 号 | 章程制定 | | | 决议时间 | | | 会议名称 | 监管机构批准文号 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 章程制定 | 2003 日 | 年 | 4 | 月 | 29 | 创立大会 | 保监复〔2003〕115 | | | | | | | | | | 号 | | 2 | 第一次修 订 | 2003 | 年 | 9 | 月 | 11 | 2003 年第二次临 | 保监复〔2003〕190 | | | | 日 | | | | | 时股东大会 | 号 | | 3 | 第二次修 | 2003 | 年 | 11 | 月 | | 2003 年第三次临 | 保监复〔2003〕221 | | | 订 | 12 日 | | | | | 时股东大会 | 号 | | 4 | 第三次修 | ...

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。 茲提述中國人壽保險股份有限公司（「本公司」）日期為 2025 年 9 月 25 日的公告， 內容有關（其中包括）本公司於同日召開的 2025 年第一次臨時股東大會（「臨時股東 大會」）上審議通過了關於修訂本公司章程（「公司章程」）的議案。有關修訂詳情 請見本公司日期為 2025 年 9 月 4 日的通函。 本公司於近期收到國家金融監督管理總局（「金融監管總局」）的批覆，金融監管總 局已核准臨時股東大會對公司章程作出的修訂。 修訂後的公司章程自金融監管總局核准之日起生效，其全文詳見香港交易和結算所有 限公司網站(www.hkexnews.hk)和本公司網站(www.e-chinalife.com)。 自修訂後的公司章程生效之日起，本公司不再設立監事會，由董事會審計委員會行使 《中華人民共和國公司法》以及監管規則中規定的監事會職權。本公司所有監事（包 括曹偉清先生、谷海山先生、葉映蘭女士及董海鋒先生）自修訂 ...