证券代码：601628 证券简称：中国人寿 编号：临 2025－035 重要提示 重要内容提示： 一、业绩发布会类型 中国人寿保险股份有限公司（"本公司"）将针对 2025 年第三季度业绩 和经营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。业 绩发布会将通过网络直播及文字互动方式召开。 二、业绩发布会召开的时间、地点 1 会议召开时间：2025 年 10 月 30 日（星期四）19:00-20:00 会议召开方式：网络直播及文字互动 投资者可于 2025 年 10 月 28 日（星期二）23:59 前将相关问题通过电子 邮件的形式发送至本公司投资者关系邮箱：IR@e-chinalife.com。本公 司将会于 2025 年第三季度业绩发布会（以下简称"业绩发布会"）上对 投资者普遍关注的问题进行回答。 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 关于召开 2025 年第三季度业绩发布会的公告 本公司投资者关系团队，电子邮箱：IR@e-chinalife.com。 六、其他事项 投 资 ...

召開 2025 年第三季度業績發布會 中國人壽保險股份有限公司（「本公司」）擬於 2025 年 10 月 30 日在香港交易及結算 所有限公司「披露易」網站（www.hkexnews.hk）公布本公司 2025 年第三季度業績。 為了便於廣大投資者更全面深入地了解本公司 2025 年第三季度業績和經營情況，本公 司擬於 2025 年 10 月 30 日 19:00-20:00 通過網絡直播及文字互動方式召開 2025 年第三 季度業績發布會（「業績發布會」）。本公司總裁利明光先生，其他高級管理人員及 一名獨立非執行董事將出席業績發布會。 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) 自願性公告 於本公告日期，本公司董事會由以下人士組成： | 執行董事： | ...

Core Insights - The insurance sector experienced a slight increase of 0.03% on October 22, with Xinhua Insurance leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Insurance Sector Performance - Xinhua Insurance (601336) closed at 68.68, up 0.56% with a trading volume of 200,800 shares and a transaction value of 1.371 billion [1] - China Pacific Insurance (601601) closed at 37.20, down 0.35% with a trading volume of 250,500 shares and a transaction value of 934.7 million [1] - China Life Insurance (601628) closed at 43.93, down 0.14% with a trading volume of 232,600 shares and a transaction value of 1.021 billion [1] - China Ping An (601318) closed at 58.21, up 0.22% with a trading volume of 379,900 shares and a transaction value of 2.211 billion [1] - China Reinsurance (601319) closed at 8.67, up 0.23% with a trading volume of 633,400 shares and a transaction value of 548 million [1] Capital Flow Analysis - The insurance sector saw a net outflow of 259 million from institutional investors, while retail investors contributed a net inflow of 253 million [1] - Xinhua Insurance had a net inflow of 75.31 million from institutional investors, but a net outflow of 73.70 million from retail investors [2] - China Ping An experienced a significant net outflow of 168 million from institutional investors, while retail investors contributed a net inflow of 172 million [2] - China Life Insurance and China Pacific Insurance also saw net outflows from institutional investors, with retail investors offsetting some of these losses [2]

Core Insights - The insurance agent workforce is transitioning from quantity expansion to quality enhancement, marking a significant shift towards high-quality growth in the insurance industry [1] Group 1: Stability in Agent Workforce - The insurance agent workforce is showing signs of stabilization, with a slight decrease of 4.0% to approximately 1.33 million agents among five A-share listed insurance companies by mid-2025 [2] - The number of insurance marketing agents is projected to be 2.64 million by the end of 2024, down over 70% from the peak of 9.12 million in 2019, but the decline has significantly narrowed compared to 2.81 million at the end of 2023 [2] - The stabilization is attributed to the completion of the "clearing" process and the implementation of "quality over quantity" strategies by insurance companies, focusing on attracting and nurturing high-quality talent [2] Group 2: Reduction in Branch Offices - Insurance companies are also undergoing a "streamlining" process, with the number of branch offices closed from 2020 to 2024 being 980, 2,196, 3,020, 2,065, and 2,012 respectively [3] - Since 2025, over 2,400 branch offices have exited the market, with a total of more than 12,000 institutions closed in the past five years [3] Group 3: Transformation of Agent Roles - The role of insurance agents is evolving from mere sales to comprehensive advisory roles, with companies like Ping An Life introducing "insurance health consultants" that combine multiple identities [4] - Major insurance firms are enhancing professional training to meet refined customer needs, reflecting a shift from quantity-driven expansion to quality-driven capability enhancement [4][5] - Regulatory frameworks are supporting this transformation, with directives aimed at accelerating marketing system reforms and encouraging the professionalization of insurance sales personnel [4] Group 4: Rising Professional Standards - The educational qualifications of insurance marketing agents are improving, with 72.34% holding a college degree or higher, an increase of 5.5 percentage points from the previous year [5] - The proportion of new agents with a bachelor's degree or higher has risen from under 30% five years ago to nearly 70% [5] Group 5: Performance Growth Linked to Quality - The quality enhancement is translating into performance growth, with China Life's individual insurance channel new business value reaching 24.34 billion yuan, a year-on-year increase of 9.5% [6] - Ping An Life's agent channel new business value grew by 17.0%, with per capita new business value increasing by 21.6% [6] - New business value for Xinhua Insurance's individual insurance channel reached 3.11 billion yuan, up 11.7% year-on-year, with per capita productivity increasing by 74% [6] Group 6: Future Trends and Challenges - As customer insurance awareness grows, the demand for comprehensive services is increasing, necessitating agents to transition from sales experts to planning consultants with knowledge across multiple fields [7] - The introduction of roles like "financial planners" and "risk managers" is attracting more professionals into the insurance sector, with expectations for the agent workforce to stabilize and potentially grow [7] - However, the industry will continue to experience a dynamic process of selection, with increasing complexity in product sales requiring higher professional capabilities from agents [8]

Core Viewpoint - China Life Insurance Company expects a significant increase in net profit for the first three quarters of 2025, projecting a range of approximately 156.79 billion to 177.69 billion yuan, representing a year-on-year growth of about 50% to 70% compared to 2024 [1] Group 1: Performance Forecasts - China Life is the third listed insurance company to announce a profit increase for the third quarter [2] - People's Insurance Company of China (PICC) anticipates a net profit of 26.75 billion yuan for the first three quarters, with a growth of 40% to 60% compared to 2024 [2] - New China Life Insurance expects a net profit between 29.99 billion and 34.12 billion yuan, with an increase of 9.31 billion to 13.44 billion yuan, reflecting a year-on-year growth of 45% to 65% [2] Group 2: Reasons for Profit Increase - The three insurance companies attribute their profit increases to two main factors [3] - The first factor is the optimization of financial operations and structural reforms in the insurance supply side, with a focus on value creation and efficiency improvement [4] - China Life emphasizes its role as an economic stabilizer and its commitment to enhancing sustainable development capabilities through diversified products and services [4] - The second factor is the proactive entry of medium- and long-term funds into the market, leading to a significant increase in investment returns [5] - China Life and PICC have both focused on long-term, value-oriented investments, enhancing their investment portfolios to improve stability and long-term returns [5] - Analysts expect that the overall positive performance of the equity market will further accelerate profit growth for listed insurance companies in the third quarter [5]

Core Insights - The A-share market is currently in the peak period of disclosing third-quarter reports, with 360 companies having released their performance data, showing strong operational resilience as over 70% of the companies reported profit growth year-on-year [1] Industry Performance - The electronic and chemical industries are leading in performance growth, with 32 companies in the electronic sector being the most prominent, benefiting from the rapid iteration of artificial intelligence technology and expanding application scenarios [3] - Key players in the electronic sector, such as Cambricon Technologies, reported a net profit of 1.605 billion yuan, marking a successful turnaround, while Haiguang Information saw a 28.56% year-on-year increase in net profit to 1.961 billion yuan [3] - The basic chemical industry also showed strong performance with 30 companies reporting profit growth, driven by product price increases and new capacity production [3] Historical Performance - Among the companies reporting growth, 85 achieved record high net profits for the first three quarters, indicating exceptional growth potential [4] - Notably, seven companies among these have reached a market capitalization of over 100 billion yuan, with China Life leading at 916.027 billion yuan and an estimated net profit growth of 50% to 70% year-on-year [4] Stock Market Reaction - The impressive earnings have led to a corresponding rise in stock prices, with 17 of the 85 companies reaching historical stock price highs in the past month [5] - Overall, the A-share third-quarter reports have started positively, with over 70% of companies delivering optimistic results, particularly in the electronic and chemical sectors, leading to a beneficial resonance between performance and stock prices [5]

Core Viewpoint - The listed insurance companies are expected to report significant profit growth for the first three quarters of 2025, driven primarily by improved investment returns due to a recovering capital market [1][2][3]. Group 1: Performance Expectations - Xinhua Insurance, China Life, and PICC have announced profit increases ranging from 40% to 70% year-on-year for the first three quarters of 2025 [1][2]. - The total net profit for the five major listed insurance companies in A-shares is projected to reach approximately 319.03 billion yuan, marking a 78.3% year-on-year increase, the highest for the same period historically [1]. - China Life expects its net profit to be between 156.79 billion yuan and 177.69 billion yuan, an increase of approximately 52.26 billion yuan to 73.17 billion yuan compared to 2024, reflecting a growth of 50% to 70% [2]. Group 2: Investment Returns - The strong profit growth is attributed to improved investment returns, with companies increasing their equity investments in response to a stable stock market [2][3]. - Xinhua Insurance reported that its investment income continued to grow significantly year-on-year, benefiting from a favorable capital market environment [3]. - The proportion of equity investments measured at fair value through profit or loss (FVTPL) is high for these companies, allowing them to fully benefit from stock market gains [3]. Group 3: Premium Income and Cost Ratios - Xinhua Insurance reported a 19% year-on-year increase in original insurance premium income, totaling 172.70 billion yuan for the first three quarters of 2025 [5]. - China Pacific Insurance's life insurance segment achieved a premium income of 232.44 billion yuan, a 10.9% increase, while its property insurance segment saw a slight increase of 0.1% [5]. - The overall combined ratio (COR) for listed insurance companies is expected to improve, driven by lower claims from natural disasters and the implementation of a unified reporting and pricing system for non-auto insurance [5][6].

Core Viewpoint - The A-share market is currently witnessing a surge in companies reporting high growth in their third-quarter earnings, with a significant portion of these companies showing profitability and year-on-year growth in net profits [1]. Group 1: Earnings Performance - As of now, 360 listed companies have disclosed their third-quarter earnings, with 254 companies reporting net profits that are profitable and show year-on-year growth, accounting for over 70% of the disclosed companies [1]. - The electronics industry has the highest number of companies reporting growth, with 32 companies benefiting from advancements in artificial intelligence technology and expanding application scenarios [1]. - Notable companies in the electronics sector include Cambricon Technologies, which reported a net profit of 1.605 billion yuan, marking its first profitable quarter in history [1]. Haiguang Information achieved a net profit of 1.961 billion yuan, a year-on-year increase of 28.56% [1]. Group 2: Industry Insights - The basic chemical industry has 30 companies reporting strong performance, benefiting from rising chemical product prices and new capacity expansions [2]. - Salt Lake Potash, a leading lithium miner, expects a net profit of 4.3 billion to 4.7 billion yuan, reflecting a year-on-year growth of 36.89% to 49.62% due to rising prices of potassium chloride [2]. - Dongfang Tower anticipates a net profit of 750 million to 900 million yuan, with a year-on-year increase of 60.83% to 93% also driven by potassium chloride price increases [2]. Group 3: Historical Comparison - Among the companies reporting growth, 85 have achieved historical highs in net profits for the third quarter, excluding those listed for less than three years [3]. - As of October 21, among these 85 companies, 7 have a market capitalization exceeding 100 billion yuan, with China Life Insurance being the highest at 916.027 billion yuan, expecting a net profit of approximately 156.785 billion to 177.689 billion yuan, a year-on-year growth of about 50% to 70% [3]. - In conjunction with record earnings, some companies have seen their stock prices rise, with 17 companies reaching historical price highs in the past month, including Siyuan Electric and Yangjie Technology [3].

Core Insights - The insurance asset management products have shown strong performance, with 92.7% of the 1,583 products reporting positive returns this year, particularly equity products averaging a return of 28% [1][2] - There is a significant increase in insurance institutions' research on listed companies, especially in the technology sector, focusing on high dividend and high growth opportunities [3][4] - The shift towards equity investments is driven by a recovering market and rising risk appetite among insurance companies, leading to improved performance and profit growth [4][5] Group 1: Performance of Insurance Asset Management Products - A total of 1,583 insurance asset management products have disclosed their latest net values since October, with 1,468 products achieving positive returns this year [1] - Among these, 263 equity products have only 4 reporting losses, while 190 out of 200 mixed products have positive returns [2] - The top 10 products in the last six months by return rate are all equity products, indicating strong performance in this category [2] Group 2: Research and Investment Focus - Insurance and asset management companies have conducted over 14,000 research sessions on listed companies this year, with a focus on technology and high-growth sectors [3] - Key sectors of interest include electronic components, industrial machinery, integrated circuits, and healthcare equipment, with specific companies like Deep South Circuit and Junzheng Technology receiving significant attention [3] - Traditional banking stocks remain a core focus for high dividend strategies, with regional banks being frequently researched [3] Group 3: Strategic Shifts in Asset Allocation - The market environment has changed significantly since September last year, with a notable recovery in confidence reflected in rising stock prices and bond yields [4] - Insurance companies are increasing their equity investment allocations, leading to better-than-expected earnings reports from major insurers like China Life and New China Life [4] - There is a growing trend towards diversifying income sources through alternative investments to enhance long-term returns and stabilize net value fluctuations [5]

Core Viewpoint - The recent surge in insurance stocks is driven by strong earnings growth exceeding expectations, with key players like China Life, New China Life, and PICC reporting significant profit increases for the first three quarters of 2025 [1][2][3]. Group 1: Earnings Growth - New China Life expects a net profit of approximately 29.986 billion to 34.122 billion yuan for the first three quarters, representing a year-on-year growth of 45% to 65% [2]. - PICC's subsidiary, PICC Property and Casualty, anticipates a net profit growth of 40% to 60% for the same period [2]. - China Life projects a net profit of about 156.785 billion to 177.689 billion yuan, reflecting a year-on-year increase of approximately 50% to 70% [2][3]. Group 2: Market Performance - Since October 14, the A-share insurance sector has seen an overall increase of 9.1%, with China Life rising over 12%, PICC over 10%, and New China Life over 9% [1][3]. - In the H-share market, domestic insurance stocks have also performed well, with China Life's H-shares increasing over 15% and New China Life's H-shares rising over 8% [3]. Group 3: Investment Environment - The positive performance of insurance companies is attributed to favorable stock market conditions, which have enhanced investment returns for insurance funds [4]. - As of the end of the second quarter, the stock assets held by five A-share listed insurance companies exceeded 1.8 trillion yuan, an increase of over 400 billion yuan, marking a growth of 28.7% [4]. Group 4: Strategic Focus - Companies are focusing on improving the value and quality of their insurance business, optimizing asset allocation, and accelerating the transformation of dividend insurance products [5]. - The shift towards floating yield products and the enhancement of the dividend product system have contributed to premium growth and improved overall quality in life insurance business [5].