Ge Long Hui A P P·2025-11-12 08:39Core Viewpoint - China Life Insurance achieved a net profit attributable to shareholders of 167.8 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 60.5%, outpacing the industry [1] Group 1: Financial Performance - The strong performance is attributed to favorable capital market conditions, with a total investment return rate of 6.42%, an increase of 104 basis points year-on-year [1] - Total investment income reached 368.55 billion yuan, reflecting a year-on-year increase of 41% [1] Group 2: Industry Outlook - The long-term logic of the insurance industry is centered on improving profitability, while the short-term focus is on market beta [1] - The performance of China Life demonstrates the insurance sector's elasticity and profit release capability during favorable equity market conditions, indicating potential for industry valuation reassessment [1] Group 3: Company Positioning - As a pure life insurance company, China Life possesses first-tier sensitivity and elasticity within the industry, making it a recommended high-quality beta asset for investment [1] - The current valuation of the company stands at 0.80 times PEV, with a maintained "buy" rating [1]