Core Viewpoint - The recent listing of Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT marks a significant development in China's public REITs market, attracting substantial interest from institutional investors, particularly insurance funds [1][2]. Group 1: Market Development - Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed on August 8, with both products experiencing a price increase of 30% by the end of the trading day [1]. - The public offering of these REITs was met with enthusiastic subscription, leading to a full sell-out of the public investor portion in just one day [1]. - As of August 14, 73 public REITs have been listed in China, covering various asset categories including infrastructure and energy [3]. Group 2: Insurance Fund Participation - Insurance funds are increasingly diversifying their investments into public REITs, with significant participation noted in the strategic placements of the newly listed REITs [1][2]. - Notable insurance institutions such as China Life Asset, Ping An Health Insurance, and others have been involved in the strategic placements of these REITs [1]. - Insurance funds have also engaged in offline offerings, with over 10% of the allocation for both Southern Runze and Southern Wanguo REITs going to insurance investment accounts [2]. Group 3: Advantages of Public REITs - Public REITs are recognized for their stable dividends and lower risk, aligning well with the investment needs of insurance funds [2]. - The current market environment, characterized by asset scarcity, has led to increased attention on public REITs from insurance capital [2]. - REITs are seen as a long-term investment tool with stable returns, strong liquidity, and relative transparency, making them suitable for long-term capital like insurance funds [2]. Group 4: Future Outlook - The public REITs market is expected to continue growing, with insurance funds likely to increase their allocation to these investment vehicles [3]. - Regulatory improvements, such as adjustments to risk factors for insurance company investments in public REITs, are anticipated to enhance the attractiveness of these investments [3]. - Despite the growth potential, challenges remain, including the relatively small scale of public REITs and limited market liquidity, which may hinder large-scale allocations by insurance funds [4].

Group 1 - The announcement states that China Life Insurance Co., Ltd. will act as an agent to sell certain open-end funds managed by the company starting from August 15, 2025 [1][3] - Investors can consult details through China Life's customer service at 95519 or visit their website [1] - The company emphasizes that while it commits to managing and utilizing fund assets with honesty and diligence, it does not guarantee profits or minimum returns for investors [1]

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [12]. Core Insights - The insurance sector demonstrates good elasticity, stability, and sustainability during bull markets, often outperforming the Shanghai Composite Index [3][6]. - The report highlights a dual mainline configuration strategy for the insurance sector, focusing on companies that benefit from improved interest spread expectations and those with stable operations and dividend outlooks [10]. Summary by Sections Performance Analysis - The insurance sector has shown good elasticity, with 4 out of 6 bull market cycles resulting in excess returns compared to the Shanghai Composite Index [20]. - In the bull market from January 2016 to January 2018, the insurance sector ranked 1st out of 32 industries, while from April 2025 to present, it ranked 11th [8][20]. - The sector's performance is less pronounced in rapid or structural bull markets, ranking lower during such periods [8][20]. Individual Stock Performance - In liquidity-driven upcycles, high-beta life insurance stocks like New China Life and China Life performed well, while comprehensive insurance groups excelled during economic reforms and structural bull markets [9][20]. Future Outlook - The report emphasizes the potential for long-term ROE improvement in the insurance industry, driven by better liability cost management and asset allocation [10]. - The dual mainline strategy includes focusing on high-leverage life insurance stocks and stable dividend-paying companies [10].

方案出台刺激消费，利好消费信贷及保险 [Table_Industry] 综合金融 ——《个人消费贷款财政贴息政策实施方案》点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 《个人消费贷款财政贴息政策实施方案》出台，有利于消费需求改善，贴息政策反 映利率下行趋势或低于预期，利好消费金融和保险板块。 投资要点： [Table_Report] 相关报告 综合金融《配置的利器:ETF 的战略角色》 2025.08.12 综合金融《利率波动下"类固收"产品崛起》 2025.08.12 综合金融《华电新能等重要项目落地，IPO 逐步 回暖》2025.08.12 综合金融《GPT5 发布，人工智能文件落地推动 行业发展》2025.08.10 综合金融《监管细则落地，稳定币申牌在即》 202 ...

Core Viewpoint - Several listed insurance companies in China, including China Ping An, China Life, and China Pacific Insurance, have suspended the disclosure of monthly premium income data, indicating a shift in focus towards value indicators rather than scale metrics [1][1]. Group 1: Company Responses - China Ping An stated that the switch to new standards means that original insurance premium income does not fully reflect the insurance service income, especially for life insurance companies [1]. - The last premium income announcement from China Ping An was on January 14, 2025, reporting the original insurance contract premium income for the year 2024 [1]. - Other listed insurance companies, such as China Life and China Pacific Insurance, have also ceased to disclose monthly premium income data this year [1]. Group 2: Industry Trends - The decision to stop disclosing monthly premium income is not unique to China Ping An, as it reflects a broader trend among several listed insurance companies in China [1]. - In contrast, Xinhua Insurance and China Taiping Insurance continue to disclose relevant data, highlighting a divergence in reporting practices within the industry [1].

Core Viewpoint - The recent approval of private equity fund management companies by major insurance firms in China indicates a significant shift towards long-term investment strategies in the capital market, driven by regulatory support and the need for stable returns in a changing economic landscape [1][2][4]. Group 1: Establishment of Private Equity Funds - China Taiping's subsidiary, Taiping Asset, has received approval to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., marking a trend among major insurance companies to set up private equity funds [1]. - As of now, several large insurance companies, including China Life, China Ping An, and others, have established or are operating private investment funds, reflecting a broader industry movement towards private equity investments [1][2]. Group 2: Investment Scale and Strategy - The first batch of pilot funds, including the Honghu Fund, has a total scale of 500 billion yuan, with China Life and Xinhua Insurance each contributing 250 billion yuan [2]. - The second batch of pilot funds has been initiated, with a total scale of 1,120 billion yuan, involving companies like Taikang Life and Sunshine Life [2][3]. - The third batch of pilot funds is expected to further expand the scale to 2,220 billion yuan, including participation from smaller insurance companies [3]. Group 3: Investment Focus and Market Impact - The Honghu Fund primarily targets key industries related to national interests, focusing on companies with strong competitive advantages and good governance [6]. - The insurance sector is increasingly seen as a stabilizing force in the capital market, with a push for long-term investments to support economic transformation and development [4][7]. - Experts suggest that insurance funds should diversify their investment strategies to enhance long-term returns and manage risks effectively [7].

证券代码：601628 证券简称：中国人寿 编号：临2025－024 中国人寿保险股份有限公司 关于董事任职资格获金融监管总局核准的公告 重要提示 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（"本公司"）于2024年6月27日召开2023年年度股东大会，选举牛凯龙先生 为本公司第八届董事会非执行董事。 本公司近日收到国家金融监督管理总局（"金融监管总局"）关于牛凯龙任职资格的批复。根据该批复， 金融监管总局已核准牛凯龙先生担任本公司董事的任职资格，其任职自2025年8月6日起生效。自同日 起，牛凯龙先生担任本公司第八届董事会战略与资产负债管理委员会委员。 牛凯龙先生的简历请见本公司于2024年5月22日在上海证券交易所网站（www.sse.com.cn）发布的《中 国人寿保险股份有限公司2023年年度股东大会会议资料》。 特此公告 中国人寿保险股份有限公司 董事会 2025年8月12日 ...

凤凰网财经讯 8月12日，据国家金融监管总局官网消息显示，中国人寿一天领3张罚单，合计被罚款87万元。 中国人寿泰宁县支公司因虚列费用、虚构保险中介业务等2项违规，被罚款18万元。 中国人寿三明分公司因财务数据不真实等，被罚款61万元。 时任中国人寿三明分公司总经理助理翁志日、时任中国人寿三明分公司收展发展部负责人曹招根、时任中国人寿三 明分公司个险企划部经理刘会永，对此违规行为负有责任，均被警告并分别被罚款7.5万元、4.5万元、2.1万元。 此外，时任中国人寿三明分公司代理人郑贤斌因给予投保人合同约定以外利益，被警告并罚款1.3万元。 | 序 | 当事人名称 | 主要违法违规行为 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | | 를 | | | 内容 | 机关 | | 1 | 郑贤斌 (时 任中国人寿 | 给予投保人合同约定 | 警告,并 处 罚 款 | 三明金融 | | | 三明分公司 | 以外利益 | 1.3万元 | 监管分局 | | | 代理人) | | | | | 2 | 中国人寿保 险股份有限 | | 罚款8万 | 三明金融 | | | 公司明溪 ...

中 國 人 壽 保 險 股 份 有 限 公 司 董事長及執行董事 蔡希良 執行董事 利明光 劉暉 阮琦 非執行董事 王軍輝 胡錦 胡容 牛凱龍 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) 董事名單與其角色和職能 中國人壽保險股份有限公司董事會（「董事會」）成員載列如下。 林志權 翟海濤 陳潔 盧鋒 董事會設立 5 個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 委員會 | 審計委員會 | 提名薪酬委 | 風險管理與 | 戰略與資産 | 關聯交易控 | | --- | --- | --- | --- | --- | --- | | 董事 | | 員會 | 消費者權益 | 負債管理委 | 制委員會 | | | | | 保護委員會 | 員會 | | | 蔡希良 | | | | | | | 利明光 | | | | M | | | 劉暉 | | | | M | | | 阮琦 | | | M | | | | 王軍輝 | | M | | | | | 胡錦 | | | M | | | | 胡容 | | | M | ...

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) | 執行董事： | 蔡希良、利明光、劉暉、阮琦 | | --- | --- | | 非執行董事： | 王軍輝、胡錦、胡容、牛凱龍 | | 獨立非執行董事： | 林志權、翟海濤、陳潔、盧鋒 | 公告 董事任職資格獲金融監管總局核准 茲提述中國人壽保險股份有限公司（「本公司」）日期為 2024 年 6 月 27 日的公告，內容有 關（其中包括）本公司於同日召開的股東週年大會（「股東週年大會」）上，選舉牛凱龍先 生為本公司第八屆董事會（「董事會」）非執行董事。 本公司近日收到國家金融監督管理總局（「金融監管總局」）關於牛凱龍先生任職資格的批 覆。根據該批覆，金融監管總局已核准牛凱龍先生擔任本公司董事的任職資格，其任職自 ...