Hua Er Jie Jian Wen·2025-08-27 11:55Core Viewpoint - The A-share market is experiencing an upward trend, with increased market activity and investment from major players like China Life Insurance [1] Financial Performance - China Life Insurance reported a half-year operating revenue of 239.235 billion yuan for 2025, a year-on-year increase of 2.1%, and a net profit attributable to shareholders of 40.931 billion yuan, up 6.9% [2] - The company achieved a net investment income of 96.067 billion yuan, with a net investment yield of 2.78%, and a total investment income of 127.506 billion yuan, yielding 3.29% [3] Investment Strategy - China Life has invested over 100 billion yuan into the stock market, significantly impacting market dynamics [4] - The total investment assets of China Life reached 7.13 trillion yuan as of June 30, 2025, with equity financial assets increasing from 1.269 trillion yuan to 1.426 trillion yuan, a net increase of approximately 157 billion yuan [6] - The increase in equity investments is comparable to the scale of 16 new large-cap mutual funds being fully invested [8] Asset Allocation Changes - The company has reduced its allocation to money market funds, decreasing from 2.095 billion yuan to 1.718 billion yuan, reallocating funds towards equity and bond funds, indicating a higher risk appetite [10] - The direct stock investments rose from 501.083 billion yuan to 620.137 billion yuan, a net increase of 119 billion yuan, while fund investments increased from 306.551 billion yuan to 350.704 billion yuan, a net increase of 44.2 billion yuan [11] Market Outlook - China Life's investment strategy reflects a clear shift towards equities and funds, with a reduction in low-yield assets and an increase in high-potential investments [12] - The company plans to continue investing in A-shares and H-shares, focusing on high-dividend blue-chip stocks and sectors with growth potential [14]