Group 1 - The core point of the article is that China Life Insurance Company plans to increase its investment in a partnership by an additional RMB 5 billion, raising the total contribution to RMB 18.901 billion, which will be used for further investment in the Yiti Port Phase II project and other projects [2] Group 2 - As of December 19, 2025, China Life's stock closed at 28.8 yuan, up 1.19% from the previous trading day, with a trading volume of 1.085 billion yuan [1] - The stock has a 52-week high of 29.08 yuan and a low of 11.91 yuan [1] - The partnership currently holds a 49.895% stake in the project company responsible for the Yiti Port Phase II development [2]

Core Viewpoint - The 20th China Insurance Innovation Forum, themed "Co-creation and Symbiosis," aims to address challenges and innovations in the insurance industry amidst an aging society, new regulatory policies, and the explosion of AI technology [1][3][41]. Group 1: Forum Overview - The China Insurance Innovation Forum, initiated in 2006, has evolved into an annual event that combines various forums focused on insurance product innovation, culture, and health care [3][43]. - The forum serves as a platform for discussing the insurance industry's challenges and innovations at a critical juncture, particularly as the 14th Five-Year Plan concludes and the 15th begins [3][43]. Group 2: Key Speakers and Insights - Notable speakers included former Vice Chairman of the China Insurance Regulatory Commission Wei Yingning, who emphasized the need for deeper integration, more vibrant innovation, and improved ecological systems within the industry [5][46]. - Liu Canfang, Chairman of Jiangsu Jiuzhou Investment Group, expressed a desire for collaboration in the integration of insurance and health care industries to contribute to high-quality development [8][48]. - Zhang Yingbin, the forum chairman, highlighted that future winners in the insurance sector will be those who understand customers, manage risks effectively, and integrate ecosystems [10][50]. Group 3: Research and Reports - He Zhiguang, Executive Chairman of the Insurance Health and Care Industry Alliance, released the "2025 Annual Research Report on China's Insurance Health and Care Industry," noting that insurance is becoming an effective tool for national development strategies [14][54]. - Chen Pojian, Chairman of Ruihua Health Insurance, discussed the opportunities and challenges posed by an aging society and called for more precise regulatory guidance for specialized health insurance companies [16][56]. Group 4: Industry Trends and Innovations - The forum addressed the digital transformation of life insurance marketing, emphasizing the need for a customer-centric service system and the integration of technology for precise marketing and efficient operations [27][67]. - Discussions included the impact of new accounting standards on insurance companies' revenue and profit measurement, necessitating timely adjustments in business strategies [22][62]. Group 5: Awards and Recognition - The 20th China Insurance Innovation Awards ceremony recognized outstanding contributions in brand building and product development within the insurance sector [40][80]. - The awards serve as a review of the industry's progress and commitment to high-quality transformation over the past year [40][80].

Core Viewpoint - Morgan Stanley's emerging market strategy report is optimistic about several markets, particularly China, South Korea, India, Brazil, South Africa, UAE, Greece, and Poland, highlighting various growth drivers and opportunities in these regions [1] Group 1: Market Insights - China is favored due to deepening artificial intelligence development, supply-side reforms, and consumer support [1] - South Korea benefits from governance reforms and strong demand for memory chips [1] - India is supported by dual easing policies and recovering domestic demand boosting corporate profits [1] - Brazil is expected to enter a loosening cycle with a projected 350 basis points by 2026, although election uncertainties exist [1] - South Africa shows improvement in trade conditions, rising gold/platinum prices, declining bond yields, and initial successes in reforms [1] - UAE is projected for long-term compound growth [1] - Greece and Poland are seen as benefiting from the uplift in the European economy combined with low valuations [1] Group 2: Stock Recommendations - The report lists highly confident stocks in emerging markets, including TSMC with a target price of 1,700 New Taiwan Dollars, Alibaba with a target price of 225 Hong Kong Dollars, China Life with a target price of 31 Hong Kong Dollars, and Futu with a target price of 300 US Dollars, all rated as "overweight" [1]

Group 1 - The Fuzhou Financial Regulatory Bureau approved the request to revoke three marketing service departments of China Life Insurance Co., Ltd. [1] - The specific departments being revoked include the Tianjingyuan Marketing Service Department of the Nancheng Branch, the Dagang Marketing Service Department of the Linchuan Branch, and the Hunan Marketing Service Department of the Fuzhou Branch [1] - Following this approval, China Life Insurance Co., Ltd. is required to cease all operations of these departments immediately and return the licenses to the Fuzhou Financial Regulatory Bureau within 15 working days [1]

Core Viewpoint - The insurance sector is experiencing a valuation recovery, driven by policy support and increasing consumer demand for health and wealth protection, with major companies like China Pacific Insurance, New China Life, and China Life seeing significant stock price increases, and China Ping An reaching a four-year high [1][2]. Policy Support - The strong rebound in the insurance sector is initiated by policy support, specifically the recent adjustment of risk factors for insurance companies' investment in stocks, which reduces capital occupation and enhances solvency ratios [2]. - The policy encourages insurance funds to invest in a stable and long-term manner, with a focus on holding positions for over three years, which is seen as a timely boost for the market [2]. - If insurance capital reallocates to equity assets, it could potentially unlock 550 billion to 600 billion yuan in long-term funds by 2026 [2]. Consumer Demand Shift - A report by Accenture indicates a structural shift in consumer focus towards health and wealth, with health concern rising from 78% in 2021 to 87% in 2025, and wealth concern increasing from 47% to 61% [4]. - This shift translates into a rigid demand for insurance products, with a notable preference for protection-oriented products such as dividend insurance, health insurance, and million medical insurance [4]. - Companies like China Ping An and China Pacific Insurance are adapting to these changes, with significant growth in their health insurance segments and overall profitability [4][5]. Valuation Recovery Logic - The insurance sector is expected to enter a golden development period, with investment logic shifting from "valuation repair of existing business" to "growth capability valuation premium," highlighting the advantages of leading companies [7]. - By 2026, the total assets of the insurance industry are projected to exceed 45 trillion yuan, with equity investment scale reaching 6 trillion yuan, making it a significant source of long-term capital in the A-share market [7]. - China Ping An is anticipated to lead the market due to its comprehensive industry chain layout, product innovation, and technological empowerment, with target prices being raised by multiple institutions [7].

证券代码：601628 证券简称：中国人寿 编号：临2025－046 中国人寿保险股份有限公司 第八届监事会第十次会议决议公告 重要提示 本公司监事会及全体监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。 本公司第八届监事会第十次会议于2025年12月9日以书面方式通知各位监事，会议于2025年12月18日在 北京召开。会议应出席监事4人，实际出席监事4人。监事会主席曹伟清，监事谷海山、叶映兰、董海锋 现场出席会议。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、部门规章、《中国人寿保险股份有限公司章程》和《中国人寿保险股份有限公司监事会议事规则》 的规定。 会议由监事会主席曹伟清先生主持，与会监事经充分审议，一致通过如下议案： 一、《关于〈公司2025年消费者权益保护工作情况专项审计报告〉的议案》 议案表决情况：同意4票，反对0票，弃权0票 特此公告 中国人寿保险股份有限公司监事会 2025年12月18日 证券代码：601628 证券简称：中国人寿 编号：临2025－045 中国人寿保险股份有限公司 第八届董事会 ...

Core Viewpoint - The "Hongbao Qingwan" central insurance enterprise party-building co-construction initiative was launched at the People's Insurance Company of China (PICC) Qingdao branch, aiming to enhance political leadership and service capabilities in the financial sector [1][3]. Group 1 - Eight insurance institutions, including PICC, China Life Insurance, and China Taiping Insurance, signed a party-building co-construction agreement [1][3]. - The co-construction agreement outlines six action items, including the creation of an "integrated" party-building community and a "service-oriented" development joint body [1][3]. - The initiative aims to achieve new heights in political leadership, a new pattern of integrated development, and new contributions to local services [1][3]. Group 2 - The co-construction is expected to facilitate resource linkage and efficient services, addressing the current issues of "dare not insure" and "cannot insure" in key economic sectors [1][3]. - The PICC Qingdao branch will serve as the rotating lead for the first year of this initiative [2][4].

Core Viewpoint - China Life Insurance announced the approval of several proposals, including the performance evaluation results for senior executives for the year 2024, during the 23rd meeting of its eighth board of directors [1] Group 1 - The board meeting took place on December 18, where multiple resolutions were discussed and approved [1]

Core Insights - The article highlights that over 80% of insurance companies have a surrender rate below 2%, indicating a positive trend in policy retention [7][12][20] - The total surrender scale exceeds 1.3 trillion, with lifetime insurance accounting for over 670 billion, reflecting significant market activity [11][9] - The average surrender rate has seen a continuous decline, with the median surrender rate for Q3 2025 recorded at 1.27% [12][14] Summary by Sections Surrender Rates and Trends - In Q3 2025, 71 life insurance companies reported a surrender rate, with 2 companies exceeding 8% and 3 exceeding 4% [7][22] - The average surrender rate for these companies is 1.73%, a decrease of 1.48 percentage points compared to three years ago [14][16] - A total of 58 companies have a surrender rate below 2%, which is approximately 82% of the surveyed companies, marking an increase of about 1.6 percentage points from the previous year [20][22] Surrender Scale and Product Types - The cumulative surrender scale for over 740 products reached more than 1.3 trillion, with 4 companies reporting over 100 billion in surrenders [11][9] - The increase in surrender scale is primarily attributed to lifetime insurance, which has surpassed 670 billion, while the share of annuity insurance in surrenders has significantly decreased [11][30] - The surrender rates for investment-linked and universal life products are notably high, indicating a shift in consumer preferences [26][28] Company Performance and Market Outlook - The article notes that the life insurance sector is expected to enter a golden development period by 2026, driven by improved liability quality and investment returns [7][8] - The net profit for 72 life insurance companies in the first three quarters of 2025 reached 461.96 billion, surpassing the total for the entire year of 2024 and setting a historical high for the industry [7][8] - The decline in surrender rates is attributed to the maturation of previously popular products and a shift towards more stable lifetime insurance offerings [16][31]

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 續展委託投資管理協議下之持續關連交易 茲提述本公司日期為2022年12月15日的公告，內容有關（其中包括）本公司與資產管理 公司之間的現有委託投資管理協議。該協議將於2025年12月31日屆滿。本公司擬於 2026年1月1日前與資產管理公司訂立2026-2028年委託投資管理協議，據此，資產管理 公司將繼續對本公司委託給其的資產進行投資和管理。 上市規則的影響 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。資產管理公司由本公司和集團公司分別持有60%和40%的股權，為本公司 的關連附屬公司。因此，2026-2028年委託投資管理協議下之交易構成本公司在上市規 則第14A章項下的持續關連交易。 CHINA LIFE INSURANCE COMPANY LIMITED 由於2026-2028年委託投資管理協議下持續關連交易的年度上限之適用百分比率超過 0. ...