智通财经APP获悉，国泰海通发布研报称，25Q3权益市场整体向好，叠加保险公司优化资产结构提升 权益资产配置，预计投资收益显著提振，预测25年前三季度上市险企净利润在2024年同期高增长基础上 继续同比大幅增长，且较25年半年度的利润增长进一步提速。25年1-8月寿险保费增长景气，预计得益 于上市险企把握定价利率下调前窗口期推动新单集中销售，银保渠道日益成为价值增长的重要贡献来 源。财险方面，预计车险综改持续深化以及非车险"报行合一"导向下行业保费增长逐步由追求规模、速 度向追求质量、效益转变。 国泰海通主要观点如下： 预计财险保费缓慢增长，巨灾赔付提升不改COR改善趋势 预计车险综改持续深化以及非车险"报行合一"导向下行业保费增长逐步由追求规模、速度向追求质量、 效益转变。受制于25Q3台风等自然灾害仍然频发，预计赔付率仍有一定压力，得益于风险减量持续显 效预计对COR负面影响相对有限；另一方面，得益于上市险企严格落实监管"报行合一"强化费用管控， 预计费用率持续改善。预计25年前三季度上市险企COR延续改善态势，分别为：中国财险(96.1%，同 比-2.1pt)、平安财险(96.6%，同比-1.2pt)、 ...

Core Viewpoint - The A-share insurance sector has been experiencing a rebound since October, with significant gains in the insurance index and individual insurance companies, indicating a positive market sentiment and investment opportunities in the sector [2][3]. Group 1: Market Performance - Since October 9, the insurance index has increased by 7.96%, while the CSI 300 index has decreased by 0.42% [3]. - As of October 16, the insurance index rose by 2.04% during the morning session, leading the A-share market [2]. - Over the past five trading days, major insurance companies such as China Life, China Pacific Insurance, and New China Life have seen stock price increases of 6.99%, 7.71%, and 10.78% respectively [2]. Group 2: Company Earnings and Profit Sources - New China Life's third-quarter earnings forecast indicates a net profit increase of 93.06 million to 134.42 million, representing a year-on-year growth of 45% to 65% [3]. - The profit sources for insurance companies include interest spread, mortality spread, and expense spread, with interest spread being significantly influenced by investment returns and liability costs [3]. - For instance, in 2020, the interest spread from life and health insurance for China Ping An accounted for approximately 40.7% of new business value [3]. Group 3: Investment Outlook and Regulatory Environment - The overall performance of the A-share market since 2025 has been strong, with insurance companies' investment returns expected to improve, contributing to the valuation recovery of insurance stocks [4]. - Historical data shows that since the listing of insurance stocks in 2007, the insurance index has risen by 165%, outperforming the market by 55% [4]. - Recent regulatory actions, such as the guidelines for promoting high-quality health insurance and the notification on non-auto insurance business regulation, are expected to enhance product innovation and improve profitability in the insurance sector [5].

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。 (股份代號：2628) 董事會會議通告 中國人壽保險股份有限公司(「本公司」)董事會(「董事會」)茲通告謹定於 2025 年 10 月 30 日(星期四)舉行董事會會議，以審議及批准相關事項，其中包括本公 司按照中國企業會計準則編制的截至 2025 年 9 月 30 日止(三季度)的未經審計業 績。 承董事會命 中國人壽保險股份有限公司 邢家維 公司秘書 香港，2025 年 10 月 16 日 於本公告日期，本公司董事會由以下人士組成： | 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 | 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 ...

证券之星消息，10月16日保险板块较上一交易日上涨3.01%，中国人寿领涨。当日上证指数报收于 3916.23，上涨0.1%。深证成指报收于13086.41，下跌0.25%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601628 | 中国人寿 | 42.80 | 5.16% | 59.75万 | | 25.36 Z | | 601319 | 中国人保 | 8.55 | 4.01% | 181.06万 | | 15.36亿 | | 601601 | 中国太保 | 37.70 | 2.17% | 63.14万 | | 23.77亿 | | 601336 | 新华保险 | 68.63 | 1.12% | 42.76万 | | 29.45 Z | | 601318 | 中国平安 | 58.02 | 0.36% | 68.15万 | | 39.66亿 | | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户 ...

中国人寿（601628）(02628)涨超5%，领跑保险股。截至发稿，涨5.08%，报24.42港元，成交额32.21亿 港元。 消息面上，花旗指出，预测内险股首三季盈利同比升10%至55%，第三季则同比升15%及80%，因内险 股内地A股导向投资组合在第三季带来更大利好。在业绩方面，该行偏好国寿等。高盛表示，展望即将 公布的第三季业绩，认为内险股风险回报正在改善，憧憬在股票投资收益推动下，第三季盈利或好过预 期，而明年新业务价值可能录得双位数增幅，合约服务利润率亦将迎来增长拐点。内险股中，高盛预期 中国人寿第三季从股市及收益率变动中受益最多， ...

消息面上，花旗指出，预测内险股首三季盈利同比升10%至55%，第三季则同比升15%及80%，因内险 股内地A股导向投资组合在第三季带来更大利好。在业绩方面，该行偏好国寿等。高盛表示，展望即将 公布的第三季业绩，认为内险股风险回报正在改善，憧憬在股票投资收益推动下，第三季盈利或好过预 期，而明年新业务价值可能录得双位数增幅，合约服务利润率亦将迎来增长拐点。内险股中，高盛预期 中国人寿第三季从股市及收益率变动中受益最多， 智通财经APP获悉，中国人寿(02628)涨超5%，领跑保险股。截至发稿，涨5.08%，报24.42港元，成交 额32.21亿港元。 ...

Core Insights - China Life Insurance Company reported over 44 million claims and more than 73 billion yuan in payouts for the first three quarters of 2025, maintaining a leading position in the industry [1][2] Claims Performance - The total number of claims for the first three quarters of 2025 reached 44.09 million, with total payouts amounting to 73.3 billion yuan [2] - Health insurance claims accounted for over 43.4 million cases, reflecting a year-on-year increase of over 13.3%, with payouts exceeding 56 billion yuan, a year-on-year increase of over 2.2% [2] - The distribution of claims across four major categories was as follows: 19.1% for death, 58.0% for medical, 18.3% for critical illness, and 3.0% for disability [2] Technological Innovations - The company is actively exploring the frontiers of insurance by integrating technology into claims services, aligning with the "Digital China" strategy [3] - In the first three quarters of 2025, China Life processed 5.98 million direct payment claims, totaling over 3.2 billion yuan [3] - The introduction of the "electronic invoice hassle-free claim" service resulted in 6.93 million claims processed with an average service time of only 0.28 days [3] Health Risk Insights - The company highlighted the increased risk of cardiovascular diseases during the autumn and winter seasons, with claims data indicating a 5% rise in such cases compared to spring and summer [4] - Recommendations were made for preventive measures against high-incidence diseases, particularly for minors in enclosed school environments [4] Critical Illness Insurance Gaps - Data revealed that malignant tumors accounted for over 70% of critical illness claims, yet the average payout of 43,000 yuan is significantly lower than treatment costs [4] - The need for commercial health insurance to supplement basic medical coverage for innovative and expensive treatments was emphasized [4] Commitment to Service - China Life Insurance positions itself as a stabilizing force in the economy, providing timely and compassionate claims services to its clients [5]

Market Overview - The A-share market experienced slight fluctuations, with the Shanghai Composite Index rising by 0.1% to 3916 points, while the Shenzhen Component Index fell by 0.25% and the ChiNext Index increased by 0.38% [1][2] - The total market turnover was 1.95 trillion yuan, a decrease of 141.7 billion yuan compared to the previous trading day, with nearly 4200 stocks declining [1] Sector Performance Coal Mining and Processing - The coal mining and processing sector continued to rise, with stocks like Antai Group, Dayou Energy, and Baotailong hitting the daily limit, while China Coal Energy rose over 7% and Zhengzhou Coal Electricity increased over 6% [4][5] - The demand for coal is expected to increase due to a significant cold wave and early heating supply in several cities, alongside a notable rebound in coking coal prices [4] Insurance Sector - The insurance sector saw significant gains, with China Life rising over 5%, China Pacific Insurance increasing over 2%, and China Ping An slightly up by 0.36% [5][6] - China Life is set to distribute a cash dividend of 0.238 yuan per share, totaling 6.727 billion yuan, with the ex-dividend date on October 16 [6] Storage Chip Sector - The storage chip sector experienced a surge, with stocks like Yunhan Chip City hitting the daily limit and Xiangnong Xinchuan rising over 16% [6][7] - A report from Debang Securities indicates that the storage chip market is entering a new upcycle in 2024, driven by demand from AI infrastructure [7] Small Metals Sector - The small metals sector faced a downturn, with Zhongtung High-tech leading the decline by over 7%, and other stocks like Shenghe Resources and Huaxi Nonferrous Metals also falling significantly [8][10] - The decline is attributed to the release of 189.5 million shares from a private placement by Zhongtung High-tech, which accounted for 8.31% of its total share capital [9] Wind Power Equipment Sector - The wind power equipment sector saw declines, with stocks like Jixin Technology dropping over 5% and other companies like Guoda Special Materials and Goldwind Technology also experiencing significant losses [11][12] - Guoda Special Materials recently received a notice of investigation, which may have contributed to the stock's decline [11] Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector also faced a downturn, with Shenghe Resources and other companies experiencing significant drops [12][14] - Concerns over potential escalations in US-China trade tensions and stricter export controls on rare earths are impacting market sentiment [13] Future Outlook - CITIC Securities anticipates a favorable market for humanoid robots in the fourth quarter, driven by developments in Tesla's third-generation Optimus and increasing production expectations [14] - The report suggests that the domestic supply chain will see continuous releases of news related to capital operations and order shipments, indicating a positive outlook for the sector [14]

Market Overview - The A-share market showed mixed performance on October 16, with the Shanghai Composite Index up by 0.1%, the Shenzhen Component down by 0.25%, and the ChiNext Index up by 0.38% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.93 trillion yuan, a decrease of 141.7 billion yuan compared to the previous trading day, with nearly 4,200 stocks declining [1][2] Sector Performance - The coal sector experienced significant gains, with major companies like Dayou Energy and Antai Group hitting the daily limit up, while China Coal Energy and Zhengzhou Coal Electricity also saw substantial increases [2] - Financial stocks, including insurance and banking, performed strongly, with China Life Insurance rising over 5% and China Pacific Insurance up by 4% [2] Capital Flow - Main capital inflows were observed in the automotive, communication equipment, and banking sectors, with notable net inflows into Chang'an Automobile, Changshan Beiming, and ZTE [4] - Conversely, significant net outflows were recorded in software development, non-ferrous metals, and home appliances, with Zijin Mining and Sanhua Intelligent Control facing the largest sell-offs [4] Institutional Insights - Everbright Securities predicts that the market will likely maintain a volatile and consolidating trend in October [6] - Guodu Securities notes that the Shanghai Composite Index has recovered above the five-day moving average and returned to the 3,900-point level, indicating a decrease in short-term market risks, although trading volume remains low [6] - CITIC Securities highlights a reduction in market risk appetite, suggesting a rotation between high and low-performing sectors [6]

Group 1 - The core viewpoint of the news is that China Life Insurance Company has demonstrated strong performance in claims processing for the first three quarters of 2025, with over 44 million claims and a total payout exceeding 73 billion yuan, maintaining a leading position in the industry [1] Group 2 - In the first three quarters of 2025, China Life processed a total of 44.09 million claims, with a payout amount of 73.3 billion yuan. Health insurance claims accounted for over 43.4 million, reflecting a year-on-year increase of over 13.3% in claim numbers and over 2.2% in claim amounts [1] - The distribution of claims by category includes 19.1% for death, 58.0% for medical, 18.3% for critical illness, and 3.0% for disability [1] Group 3 - China Life has focused on integrating "medical + insurance + internet" services, simplifying claims procedures through collaboration with social security, medical institutions, and third-party data companies, allowing for proactive claims support [1] - The company provided direct payment services for 5.98 million claims, with a payout exceeding 3.2 billion yuan in the first three quarters of 2025 [1] - An innovative "electronic invoice hassle-free claim" service was launched, processing 6.93 million claims with an average service time of only 0.28 days [1] Group 4 - The report highlights that there are still shortcomings in critical illness insurance coverage, particularly for malignant tumors, which account for over 70% of critical illness claims. The average payout for malignant tumors is only 43,000 yuan, which is significantly lower than the treatment costs [2] - The need for commercial health insurance as a supplementary payment method is emphasized, especially for innovative drugs that are not fully covered by basic medical insurance [2] - It is recommended to allocate medical insurance products that cover out-of-pocket expenses for advanced treatment options within budget constraints to enhance overall medical coverage [2]