【导读】中国人寿财产保险股份有限公司原党委书记、总裁刘安林被开除党籍 中国基金报记者 晨曦 周末反腐重磅消息来了！ 10月12日，中央纪委国家监委官网通报：中国人寿财产保险股份有限公司原党委书记、总裁 刘安林被开除党籍。 值得关注的是，刘安林于2024年3月通报被查，距今已一年半有余。 据中央纪委国家监委驻中国人寿纪检监察组、山西省纪委监委消息：日前，中央纪委国家监 委驻中国人寿纪检监察组、山西省临汾市监委对中国人寿财产保险股份有限公司原党委书 记、总裁刘安林严重违纪违法问题进行了纪律审查和监察调查。 经查，刘安林存在以下问题： ● 身为国有金融企业党员领导干部，丧失理想信念，背弃初心使命，政治意识淡漠，落实党 中央重大决策部署不力，违规经营造成重大损失，履行全面从严治党主体责任不力，政绩观 不正，严重破坏所在单位政治生态； ● 廉洁底线失守，违规持有非上市公司股份，私自占用公物，违规发放奖金，大量挥霍浪费 公司财产；工作严重不负责任，对委托投资项目不履行职责，造成严重后果；生活腐化堕 落，影响公职人员形象；破坏社会主义市场经济秩序，违规购买经济适用房； ● 毫无纪法底线，擅权妄为，"靠保险吃保险"，利用职务 ...

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) 海外監管公告 本公告乃由中國人壽保險股份有限公司（「本公司」）根據香港聯合交易所有限公 司上市規則第 13.10B 條規定而刊登。 根據中華人民共和國（「中國」）有關法律法規，本公司於上海證券交易所網站 (www.sse.com.cn)及中國報章刊登「中國人壽保險股份有限公司 2025 年半年度 A 股利潤分配實施公告」。 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 證券代碼：601628 證券簡稱：中國人壽 公告編號：2025-033 中國人壽保險股份有限公司 茲載列該公告如下，僅供參閱。 2025 年 10 月 13 日 於本公告日期，本公司董事會由 ...

Core Viewpoint - The article discusses the serious disciplinary violations and illegal activities of Liu Anlin, the former Party Secretary and President of China Life Property Insurance Co., highlighting the consequences of his actions and the disciplinary measures taken against him [1][2]. Group 1: Disciplinary Violations - Liu Anlin, as a leader in a state-owned financial enterprise, lost his ideals and beliefs, failed to implement major decisions from the Party Central Committee, and caused significant losses through illegal operations [1]. - He violated the spirit of the Central Eight Regulations by repeatedly accepting gifts, misusing official vehicles, and attending banquets that could influence his official duties [1][2]. - Liu Anlin engaged in multiple violations of organizational principles, including the improper promotion of personnel and using his position to assist friends and relatives in obtaining jobs [1][2]. Group 2: Financial Misconduct - Liu Anlin breached the integrity standards by holding shares in non-listed companies, misappropriating public property, and issuing bonuses improperly, leading to significant waste of company resources [1]. - His negligence in managing entrusted investment projects resulted in severe consequences, further damaging the company's reputation [1]. Group 3: Legal Consequences - Liu Anlin's actions constituted serious violations of political, organizational, and ethical disciplines, leading to his expulsion from the Party and the cancellation of his benefits [2]. - The case has been referred to the judicial authorities for further investigation and prosecution regarding his suspected criminal activities, including corruption and bribery [2].

中央纪委国家监委网站10月12日发布，据中央纪委国家监委驻中国人寿纪检监察组、山西省纪委监委消 息：日前，中央纪委国家监委驻中国人寿纪检监察组、山西省临汾市监委对中国人寿财产保险股份有限 公司原党委书记、总裁刘安林严重违纪违法问题进行了纪律审查和监察调查。 经查，刘安林身为国有金融企业党员领导干部，丧失理想信念，背弃初心使命，政治意识淡漠，落实党 中央重大决策部署不力，违规经营造成重大损失，履行全面从严治党主体责任不力，政绩观不正，严重 破坏所在单位政治生态；无视中央八项规定精神，长期、多次违规收受他人赠送礼品，违规使用公务用 车，接受可能影响公正执行公务的宴请；违反组织原则，多次违规提拔干部，利用职权或者职务上的影 响为多名亲友入职提供帮助；廉洁底线失守，违规持有非上市公司股份，私自占用公物，违规发放奖 金，大量挥霍浪费公司财产；工作严重不负责任，对委托投资项目不履行职责，造成严重后果；生活腐 化堕落，影响公职人员形象；破坏社会主义市场经济秩序，违规购买经济适用房。毫无纪法底线，擅权 妄为，"靠保险吃保险"，利用职务便利侵吞公共财产，为他人谋取利益、非法收受财物。 刘安林严重违反党的政治纪律、组织纪律、廉洁 ...

经查，刘安林身为国有金融企业党员领导干部，丧失理想信念，背弃初心使命，政治意识淡漠，落实党 中央重大决策部署不力，违规经营造成重大损失，履行全面从严治党主体责任不力，政绩观不正，严重 破坏所在单位政治生态；无视中央八项规定精神，长期、多次违规收受他人赠送礼品，违规使用公务用 车，接受可能影响公正执行公务的宴请；违反组织原则，多次违规提拔干部，利用职权或者职务上的影 响为多名亲友入职提供帮助；廉洁底线失守，违规持有非上市公司股份，私自占用公物，违规发放奖 金，大量挥霍浪费公司财产；工作严重不负责任，对委托投资项目不履行职责，造成严重后果；生活腐 化堕落，影响公职人员形象；破坏社会主义市场经济秩序，违规购买经济适用房。毫无纪法底线，擅权 妄为，"靠保险吃保险"，利用职务便利侵吞公共财产，为他人谋取利益、非法收受财物。 刘安林严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律和生活纪律，构成严重职务违法并涉嫌 贪污、受贿等犯罪，在党的十八大后仍然不收手、不收敛、不知止，性质严重，影响恶劣，应予严肃处 理。依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分 法》等有关规定，经中国人 ...

证券代码：601628 证券简称：中国人寿 公告编号：2025-033 中国人寿保险股份有限公司 重要内容提示： 2025年半年度A 股利润分配实施公告 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。 每股分配比例 A 股每股派发现金红利人民币0.238元（含税） 相关日期 | | | | 现金红利发放日 | | --- | --- | --- | --- | | 股权登记日 2025/10/16 | 最后交易日 － | 除权（息）日 2025/10/17 | 2025/10/17 | | 股份类别 Ａ股 | | | | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经中国人寿保险股份有限公司（以下简称"本公司"）2025 年 9 月 25 日召开 的2025年第一次临时股东大会审议通过。 二、分配方案 (一)发放年度：2025年半年度 (二)分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以 下简称"中国结算上海分公司"）登记在册的本公司全体 A 股 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4][55]. Core Insights - The report highlights strong growth in the brokerage sector, with a significant increase in new A-share accounts and trading volumes, indicating a robust market environment. The net profit for the brokerage sector is expected to show high year-on-year growth for the first nine months of 2025 [4]. - The insurance sector is undergoing regulatory changes aimed at improving profitability, particularly in non-auto insurance, which is expected to benefit leading companies in the industry [4]. - The report identifies three main investment themes in the brokerage sector: 1) Stronger institutions benefiting from improved competition, 2) Brokerages with high earnings elasticity, and 3) Companies with strong international business capabilities [4]. Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage sector saw a rise of 4.42%, while the insurance sector increased by 0.89% [7]. - The average daily trading volume for the Shanghai and Shenzhen stock exchanges reached 26,034.09 billion yuan, reflecting a year-on-year increase of 56.08% [15][31]. Non-Bank Industry Data - As of October 10, 2025, the financing balance in the margin trading market was 24,455.47 billion yuan, showing a year-on-year increase of 31.2% [15]. - The report notes that the average daily trading volume for the first nine months of 2025 was 26,034.09 billion yuan, indicating a vibrant trading environment [31]. Regulatory Developments - The Financial Regulatory Bureau has implemented a new framework for non-auto insurance, focusing on improving underwriting profitability and establishing stricter fee management and compliance measures [4][17]. - The report mentions the central bank's liquidity measures, including significant net injections through various monetary policy tools, which aim to maintain market liquidity [16][19].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector [1] Core Views - The report highlights a continuation of strong growth in the brokerage sector, with a significant increase in net profits expected for the first nine months of 2025. Key metrics include a 61% year-on-year increase in new A-share accounts and a 203% increase in average daily stock trading volume in September 2025 [2][5] - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.48, placing it in the 47.8th percentile over the past decade [2] - The report notes a favorable market environment supporting continued high growth in brokerage performance, with specific recommendations for leading firms and those with strong international business capabilities [2][7] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage, insurance, and diversified financial sectors reported gains of 4.42%, 0.89%, and 0.52%, respectively [5][6] Non-Bank Sector Insights - The report indicates that the insurance sector is benefiting from the implementation of a "de-involution" policy framework for non-auto insurance, which is expected to improve underwriting profitability for leading firms [2][16] - Specific investment recommendations include firms that are expected to benefit from improved competitive dynamics and those with strong earnings elasticity [2][7] Key Data Tracking - As of October 10, 2025, the average daily trading volume in the stock market was 26,034.09 billion yuan, reflecting an 18.99% increase from the previous period [14][32] - The report also tracks significant metrics such as the balance of margin financing and securities lending, which stood at 24,455.47 billion yuan as of October 9, 2025, marking a 31.2% increase from the end of 2024 [14][39]

Core Insights - Continuous rainy weather during the autumn harvest season in Shandong Province poses challenges and risks to grain collection, prompting the company to provide extensive support and risk assurance for farmers [1][2] Group 1: Company Initiatives - The company held a leadership meeting to ensure uninterrupted service during the National Day and Mid-Autumn Festival, emphasizing the importance of addressing the needs of the public and preparing for adverse weather impacts on grain harvest [2] - The company has established a green channel for autumn grain claims, with staff from 16 city branches returning early from holidays to assist farmers in drainage and harvesting efforts [2][3] - Utilizing meteorological data, the company disseminates timely weather information to farmers through various communication channels, enabling them to prepare for harvesting [2][3] Group 2: Technological Empowerment - The company leverages its 331 "Three Rural" service stations to guide farmers in scientific harvesting practices, mitigating the effects of adverse weather [3] - Advanced methods such as "drone inspections + APP assessments" are employed to enhance the efficiency of claims investigations [3] - The company collaborates with agricultural experts to provide tailored harvesting strategies for insured crops, ensuring optimal conditions for grain quality [3] Group 3: Insurance Coverage and Support - The company has insured 6.84 million acres of policy-based crops, covering disaster loss guarantees amounting to 6.1 billion yuan [4] - New insurance products, including rainfall index insurance and income supplement insurance, have been introduced to address the gap between policy coverage and actual market values [4] - The dual approach of policy and commercial insurance aims to create a comprehensive risk protection system for autumn grain crops, enhancing farmers' motivation to cultivate [4]

Regulatory Dynamics - The central bank emphasizes the use of insurance company swap facilities and stock repurchase loans to maintain capital market stability [6] - The National Healthcare Security Administration signed a data-sharing agreement with the All-China Federation of Trade Unions to improve employee medical insurance information sharing [8] - The Financial Regulatory Administration supports the development of floating income health insurance and the pilot sale of health and life insurance combinations [9] - The Financial Regulatory Administration requires property insurance companies to reasonably lower premium scales and business growth assessments [10] - Beijing's insurance industry reported original premium income of 257.5 billion, a year-on-year increase of 7.07% [11] - Shanghai's insurance companies accumulated original premium income of 230.5 billion in the first eight months [12] Company Dynamics - Ping An Life increased its stake in Agricultural Bank of China by 207 million HKD, raising its holding to 17.03% [19] - Hongkang Life increased its stake in Honghua Wisdom Energy by 32.36 million HKD, raising its holding to 8.05% [20] - China Life reduced its stake in Hangzhou Bank by 5.08 million shares, completing the reduction [23] - China Life will no longer establish a supervisory board, with 11 insurance companies having dissolved their supervisory boards this year [28] - Yingda Taihe received approval to issue capital supplement bonds worth 2.5 billion RMB [30] - Sunshine Insurance launched its "Evergreen" employee stock ownership plan [31] Personnel Changes - Ni Jinqian has been appointed as the Party Secretary and Director of the Shanxi Financial Regulatory Bureau [37] - He Liuyi has been approved as the new Chairman of Happiness Life Insurance [42] - Guo Xiaotao has been appointed as the Chairman of Ping An Good Doctor [50] - AIA Life has undergone a series of personnel changes, including the departure of a long-serving executive [55] Industry Dynamics - The latest list of insurance institutions shows 238 entities, with a decrease in property insurance companies from 89 to 88 [57] - Some insurance-related elderly care community projects have achieved occupancy rates exceeding 80% [59] - Foreign capital has been actively acquiring Hong Kong insurance stocks, with notable actions from the Norwegian central bank and major investment firms [64] - In September, 271 new life insurance products were launched, with over 40% being dividend insurance [65]