Core Viewpoint - The Baoding Regulatory Bureau of the National Financial Supervision Administration has approved the dissolution of China Life Property & Casualty Insurance Co., Ltd.'s Baigou New Town branch, requiring the company to cease all operations and return its license within 15 working days [1]. Summary by Sections - Approval of Dissolution: The regulatory body has officially agreed to the request for the dissolution of the Baigou New Town branch of China Life Property & Casualty Insurance Co., Ltd. [1] - Immediate Actions Required: Following the approval, the company must immediately halt all business activities and return its operating license to the Baoding Financial Regulatory Bureau within a specified timeframe [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 54.6 yuan for 2026 [2][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 156.785 billion to 177.689 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50% to 70% [2][6]. - The third quarter of 2025 is projected to yield a net profit of 115.854 billion to 136.758 billion yuan, indicating a quarterly growth rate of 75% to 106% [6]. - The significant growth in profits is primarily driven by increased equity investments, with the company actively seizing market opportunities [6]. Financial Performance Summary - **Revenue Forecasts**: - 2024: 528.567 billion yuan - 2025E: 597.961 billion yuan - 2026E: 538.228 billion yuan - 2027E: 581.141 billion yuan - **Net Profit Forecasts**: - 2024: 106.935 billion yuan - 2025E: 176.476 billion yuan - 2026E: 114.417 billion yuan - 2027E: 137.478 billion yuan - **Earnings Per Share (EPS)**: - 2024: 3.78 yuan - 2025E: 6.24 yuan - 2026E: 4.05 yuan - 2027E: 4.86 yuan - **Price-to-Earnings Ratio (P/E)**: - 2025E: 6.8 [2][6][7]. Investment Strategy - The company has increased its allocation to equity assets, with stocks rising by 1.12 percentage points to 8.7% and funds increasing by 0.28 percentage points to 4.92%, making a total equity asset allocation of 13.62% [6]. - The report highlights the company's strategy of flexible asset allocation to capture structural market opportunities, with total investment assets reaching 7.13 trillion yuan as of mid-2025, a 7.8% increase from the previous year [6][7].

Group 1 - Hong Kong insurance stocks experienced a significant increase on October 21, with China Life (02628.HK) rising by 5.44% to HKD 24.8 [1] - New China Life (01336.HK) saw a gain of 3.68%, reaching HKD 50.1 [1] - Ping An Insurance (02318.HK) increased by 2.67%, trading at HKD 55.75 [1] - China Pacific Insurance (02328.HK) rose by 2.35%, with a price of HKD 19.19 [1]

Group 1 - The non-bank financial sector has reported better-than-expected performance in Q3, with several companies announcing profit increases for the first three quarters of 2025 [1] - Xinhua Insurance expects a net profit attributable to shareholders of the parent company to be between 29.986 billion and 34.122 billion yuan, an increase of 9.306 billion to 13.442 billion yuan compared to the same period in 2024, representing a year-on-year growth of 45% to 65% [1] - China Life anticipates a net profit of approximately 156.785 billion to 177.689 billion yuan for the first three quarters of 2025, an increase of about 52.262 billion to 73.166 billion yuan compared to 2024, indicating a year-on-year growth of about 50% to 70% [1] Group 2 - As of the end of 2024, the balance of insurance fund utilization reached 33.26 trillion yuan, a year-on-year increase of 15.08%, outpacing the average growth rate of the asset management industry [2] - The asset allocation structure is increasingly favoring standard products, with bond allocation rising to 50.7% and stock allocation increasing to 8.3% [2] - Insurance companies are actively increasing their equity asset allocation in the context of a recovering capital market, with China Life's stock and fund allocation growing by approximately 36% compared to the same period last year [2] Group 3 - As of October 20, 2025, the latest scale of the Hong Kong Stock Connect Non-Bank Financial ETF reached 20.778 billion yuan, with net inflows of 9.62 billion yuan over the past five trading days [3] - The Hong Kong Stock Connect Non-Bank Financial ETF is the first and only ETF tracking the Hong Kong non-bank index, with over 60% of its allocation in insurance stocks [3] - The ETF selects up to 50 listed companies that meet the non-bank financial theme from the Hong Kong Stock Connect securities range to reflect the overall performance of these companies [3]

Core Viewpoint - The financial sector continues to rise, with securities, insurance, and diversified financials leading the gains, indicating a positive market sentiment towards these industries [1] Group 1: Sector Performance - The securities sector has shown significant growth, with Tianfeng Securities increasing by over 7% [1] - Other companies in the financial sector, such as Changjiang Securities, China Life Insurance, and China Pacific Insurance, also experienced upward movement [1] Group 2: Notable Stocks - Ruida Futures and Luxin Venture Capital reached their daily limit up, reflecting strong investor interest [1]

Core Viewpoint - The Hong Kong insurance stocks experienced a collective surge, with notable increases in share prices for major companies in the sector [1] Group 1: Stock Performance - China Life Insurance led the gains with an increase of over 4% [1] - China Pacific Insurance rose by 3.5% [1] - New China Life Insurance saw a rise of 2.6% [1] - Other companies such as New China Life, Ping An Insurance, China Pacific Insurance, and AIA Group all recorded increases of over 2% [1]

第三，今年迄今，小摩观察到客户对无风险资产人寿保单的需求强劲，受分销渠道强化支持。这预期将 推动责任准备金加速增长及保险盈利提升。此外，小摩预期政府对保障业务增长进一步政策支持，包括 健康保险及私人养老金，并可能于年底增加税务优惠。在小摩看来，国寿将成为这些发展的主要受益 者。 摩根大通发布研报称，中国人寿（601628）(02628)发布了2025年前九个月强劲的盈利预喜，净利润为 1,568亿至1,777亿元人民币，按中国企业会计准则(ASBE)计算，同比增长50%至70%。小摩预期，市场 将对此公告作出正面反应，特别是盈利预喜仅于业绩公布前10天发布;维持顶级"增持"评级，基本面仍 有上行空间，如股息预期上调、更快责任准备金增长潜力，以及政府政策支持;采用2026财年8倍市盈 率，目标价31港元。 展望未来，小摩识别国寿三项基本面催化剂，伴随其强劲的盈利势头。首先，小摩看到2025财年共识每 股股息0.7元人民币(同比增长7.9%)有上调空间，等同约4%收益率。其次，国寿是少数未完全采用市值 估值计算偿付能力的保险公司之一。凭借强劲盈利及稳健资本状况，公司有潜力进行首度股份回购，管 理层于今年上半年业绩 ...

第三，今年迄今，小摩观察到客户对无风险资产人寿保单的需求强劲，受分销渠道强化支持。这预期将 推动责任准备金加速增长及保险盈利提升。此外，小摩预期政府对保障业务增长进一步政策支持，包括 健康保险及私人养老金，并可能于年底增加税务优惠。在小摩看来，国寿将成为这些发展的主要受益 者。 小摩认为，中国政府对保险行业的改革议程，将越来越多地惠及国有大型保险公司(如国寿)，因为它们 是市场最大参与者，并正摆脱业务低效率。尽管如此，代理业务复苏及责任准备金结构改善，应仍是长 期关键基本面驱动力。小摩视对参与型保单的持续推进持看好态度，尤其是在债券收益率下降的背景 下。 智通财经APP获悉，摩根大通发布研报称，中国人寿(02628)发布了2025年前九个月强劲的盈利预喜，净 利润为1,568亿至1,777亿元人民币，按中国企业会计准则(ASBE)计算，同比增长50%至70%。小摩预 期，市场将对此公告作出正面反应，特别是盈利预喜仅于业绩公布前10天发布;维持顶级"增持"评级， 基本面仍有上行空间，如股息预期上调、更快责任准备金增长潜力，以及政府政策支持;采用2026财年8 倍市盈率，目标价31港元。 展望未来，小摩识别国寿三 ...

10月19日，中国人寿保险股份有限公司（以下简称"中国人寿"，股票代码：601628.SH，2628.HK）发 布2025年前三季度业绩预增公告。 经初步测算，2025年前三季度，中国人寿预计实现归属于母公司股东的净利润约人民币1567.85亿元到 人民币1776.89亿元，与2024年同期相比，将增加约人民币522.62亿元到人民币731.66亿元，同比增长约 50%到70%。 （文章来源：21世纪经济报道） ...

Core Viewpoint - The three listed insurance companies in China have announced significant profit growth forecasts for the first three quarters of 2025, driven by improved equity investment returns and favorable market conditions [5][6]. Group 1: Earnings Forecasts - China Life Insurance expects a net profit attributable to shareholders of 156.8-177.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50%-70%. The estimated net profit for Q3 2025 is projected to be 115.9-136.8 billion yuan, with a growth of 75%-106% [5]. - New China Life Insurance anticipates a net profit attributable to shareholders of 29.99-34.12 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 45%-65%. The Q3 2025 net profit is expected to be 15.2-19.3 billion yuan, with a growth of 58%-101% [5]. - China Pacific Insurance forecasts a net profit of 37.5-42.8 billion yuan for the first three quarters of 2025, indicating a year-on-year growth of 40%-60%. The estimated Q3 2025 net profit is projected to be 13-18.3 billion yuan, with a growth of 57%-122% [5]. Group 2: Performance Drivers - The strong earnings growth is attributed to a recovery in the stock market, which has significantly boosted equity investment returns. The CSI 300 Index rose by 17.9% in Q3, an increase of 1.8 percentage points compared to the same period last year [6]. - As of the end of September, the yield on 10-year government bonds increased by 21 basis points compared to the end of June, which is expected to positively impact China Life's service fees in Q3 [6]. - New China Life's acquisition of a stake in Hangzhou Bank is anticipated to contribute positively to its financial results due to a change in accounting treatment for the investment [6]. - China Pacific Insurance benefits from a reduction in the impact of major disasters and improvements in its non-auto insurance segment, leading to enhanced underwriting profits [6]. Group 3: Asset Allocation Trends - As of the end of H1 2025, the total stock investment of five major listed insurance companies reached 1.8 trillion yuan, a growth of 28.9% from the beginning of the year, with stock investments now accounting for 9.3% of total investment assets, an increase of 1.5 percentage points [7]. - The proportion of total invested assets in TPL stocks for these companies is 5.6%, up by 0.3 percentage points from the start of the year, indicating a significant increase in asset flexibility [7]. - New China Life's stock investment proportion is 8.9%, while China Life's is 6.7%, both showing increases from the beginning of the year, suggesting a trend towards higher equity exposure among insurance firms [7].