Core Viewpoint - The article emphasizes the role of China Life Asset Management Co., Ltd. in supporting technological innovation through innovative investment strategies, particularly the S Fund shares, to address the challenges faced by insurance capital in the tech sector [2][3]. Policy and Industry Resonance - The insurance capital's focus on technological innovation aligns with national policies, such as the "New Quality Productive Forces" concept and the "Creative Investment Seventeen Articles," which encourage long-term investment from insurance funds to support technological innovation and entrepreneurship [3][4]. - The implementation of the "High-Quality Development Plan for Technology Finance" encourages insurance institutions to diversify their investment tools to support venture capital [3]. Innovative Investment Strategies - China Life Asset has developed innovative investment strategies, such as S Fund shares, to navigate the inherent risks of technological innovation while adhering to the prudent investment principles of insurance funds [4][5]. - The total scale of private equity and venture capital funds in China has reached 14 trillion yuan, providing various stages of funding support for entrepreneurial enterprises [5]. Positive Outcomes from S Fund Shares - The S Fund shares have alleviated the "dam" problem in the equity investment market, providing differentiated capital to support the construction of a multi-tiered capital market and enabling tech companies to focus on innovation [6]. - The strategy balances the cautious use of insurance funds with the risks of technological innovation, creating new growth opportunities for long-term capital allocation [6]. - A new model of government-enterprise cooperation has been established, facilitating a positive investment interaction between government support and market-driven capital [6]. Gradual Progress in Technology Finance - Over the past three years, China Life Asset has gradually improved its technology finance strategies, achieving incremental advancements each year [8][9]. - The establishment of the "China Life - Electronic Mixed Reform No. 1 Equity Investment Plan" in 2022 raised 1.99 billion yuan to support critical technology sectors, particularly in the information security field [9]. - In November 2023, the "China Life - Shanghai No. 1 Equity Investment Plan" was launched with an investment scale of approximately 11.8 billion yuan, focusing on the semiconductor industry and addressing early-stage risks and valuation issues [10]. Focus on Venture Capital - China Life Asset has made strides in the venture capital sector, launching a 5 billion yuan "China Life - Beijing Science and Technology Innovation Equity Investment Plan" to invest in the Beijing Science and Technology Innovation Fund, which focuses on hard technology investments [11]. - This initiative aims to bridge the gap between insurance capital and venture capital, exploring feasible paths for insurance funds to support the development of new quality productive forces [11].

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with all board members assuming legal responsibility for its content [1][2][3] Financial Data - The company reported total assets of 29,623.08 billion RMB, an increase of 3,709.08 billion RMB or 14.31% from the end of the previous year [10] - Total liabilities reached 27,468.16 billion RMB, up 3,473.73 billion RMB or 14.48% from the previous year [10] - Total deposits amounted to 16,405.55 billion RMB, reflecting a growth of 1,443.83 billion RMB or 9.65% [11] - Total loans increased to 14,114.81 billion RMB, a rise of 1,550.83 billion RMB or 12.34% [11] Profitability - The company achieved operating income of 419.49 billion RMB, an increase of 8.79% year-on-year, with net interest income of 252.07 billion RMB, up 28.52% [12] - Non-interest income was 167.42 billion RMB, down 11.63% year-on-year [12] - The net profit attributable to shareholders was 180.05 billion RMB, reflecting an increase of 8.06% compared to the previous year [12] Risk Management - The company maintained a non-performing loan ratio of 0.83%, unchanged from the beginning of the year, with a provision coverage ratio of 313.22% [13] - The company continues to enhance risk control measures and improve the quality of new credit [13] Business Development - The company focuses on serving the real economy and has made progress in various financial sectors, including green finance and digital finance [9] - Corporate loans reached 10,731.35 billion RMB, an increase of 1,369.31 billion RMB or 14.63% [14] - The company has expanded its retail financial services, with retail assets growing to 9,686.95 billion RMB, an increase of 1,417.52 billion RMB or 17.14% [15] Shareholder Information - As of the end of the reporting period, major shareholders included BNP Paribas, holding 2,119,700,918 shares or 17.14% of total shares [5] - Jiangsu Transportation Holding Co., Ltd. increased its holdings by 608,746,244 shares, representing 4.92% of total shares [6] Important Events - The company redeemed all of its "Nan Yin Convertible Bonds" on July 17, 2025, converting 19,996,127,000 RMB into A-shares [18] - The company opened a new branch in Rugao on September 28, 2025 [18]

Core Viewpoint - China Life Asset Management Co., Ltd. (referred to as "Guoshou Asset") has been actively supporting technological innovation through innovative investment strategies, particularly via Secondary Funds, addressing the challenges of investing insurance capital in high-risk technology sectors [1][3]. Group 1: Policy and Industry Resonance - The focus on technological innovation aligns with national policies, emphasizing the importance of insurance capital in supporting new productive forces as outlined in recent government documents [2][3]. - The "New Quality Productive Forces" concept was introduced in September 2023 and is prioritized in the 2024 government work report, highlighting the role of insurance funds in fostering long-term investments in technology and entrepreneurship [2][3]. Group 2: Innovative Investment Strategies - Guoshou Asset has developed innovative investment strategies, such as S Shares, to address the structural contradictions between cautious insurance fund management and the inherent risks of technological innovation [3][4]. - The total scale of private equity and venture capital funds in China has reached 14 trillion yuan, providing various stages of funding support for entrepreneurial enterprises, despite challenges in fundraising and exit strategies [3][4]. Group 3: Long-term Capital Support - The implementation of S Shares has alleviated the "dam" issue in the equity investment market, providing differentiated capital to support technology innovation and creating a stable financial environment for industry development [4]. - Guoshou Asset's approach balances the cautious use of insurance funds with the risks associated with technological innovation, identifying new growth areas for long-term capital allocation [4]. Group 4: Progress in Technological Finance - Over the past three years, Guoshou Asset has gradually improved its strategies in technological finance, achieving incremental progress each year [5]. - In 2022, Guoshou Asset established the "China Life - Electronic Mixed Reform No. 1 Equity Investment Plan," raising 1.99 billion yuan to support critical technology sectors, particularly in the information technology field [6]. - In November 2023, Guoshou Asset initiated the "China Life - Shanghai Development No. 1 Equity Investment Plan," with an investment scale of approximately 11.8 billion yuan, focusing on the semiconductor industry and addressing early-stage risks and later valuation issues [7]. Group 5: Focus on Entrepreneurship - Guoshou Asset has made strides in the venture capital sector, launching a 5 billion yuan "China Life - Beijing Science and Technology Innovation Equity Investment Plan" in December 2024, targeting hard technology investments [8]. - This fund is the first government-backed mother fund focused on hard technology, demonstrating Guoshou Asset's commitment to bridging insurance capital with venture investments and supporting the development of new productive forces [8].

中邮投资注册资本为人民币 100 亿元，将作为该行全资一级子公司管理。设立中邮投资是该行响应国家 号召、服务科技强国建设的重要举措，有利于该行提升综合服务能力，做好金融"五篇大文章"，打造科 技金融生力军；通过开展市场化债转股及股权投资试点业务，发挥对科技创新和民营企业的支持作用， 助力新质生产力发展，提升服务实体经济质效，进一步推动该行高质量发展。 格隆汇10月27日丨邮储银行(01658.HK)公告，近日，中国邮政储蓄银行股份有限公司收到《国家金融监 督管理总局关于筹建中邮金融资产投资有限公司的批复》(金复〔2025〕604 号)，同意该行筹建中邮金 融资产投资有限公司(暂定名，公司名称以有关监管机构、市场监督管理部门核准的名称为准，以下简 称中邮投资)。筹建工作完成后，该行将按照有关规定和程序向国家金融监督管理总局提出开业申请。 ...

Core Viewpoint - Postal Savings Bank of China has received approval to establish China Post Financial Asset Investment Co., which will enhance its comprehensive service capabilities and support technological innovation and private enterprises [1][2]. Group 1: Establishment of China Post Financial Asset Investment Co. - The registered capital of China Post Financial Asset Investment Co. is set at RMB 10 billion, and it will operate as a wholly-owned subsidiary of Postal Savings Bank [2]. - The establishment of this investment company is part of the bank's strategic response to national calls for supporting the construction of a technology-driven economy [2]. - The investment company aims to create four major platforms: an innovative platform for investment and loans, a long-term capital platform for technological innovation, a platform for structural reform through debt-to-equity swaps, and an equity investment management platform [2]. Group 2: Regulatory Framework and Support for Investment Companies - The National Financial Regulatory Administration has issued guidelines to expand the pilot scope of equity investments by financial asset investment companies to 18 major cities, enhancing support for technological innovation [3][4]. - Financial asset investment companies are required to manage funds separately for each private equity investment fund and must not engage in any form of pooled funding [4]. - The guidelines emphasize the importance of thorough due diligence and internal approval processes for equity investment projects, ensuring compliance with risk management protocols [4][5].

Group 1 - Postal Savings Bank of China has received approval from the National Financial Regulatory Administration to establish China Post Financial Asset Investment Co., Ltd. with a registered capital of RMB 10 billion [1] - The establishment of China Post Investment is a strategic move to support national initiatives and enhance the bank's comprehensive service capabilities, particularly in technology finance [1] - The new subsidiary will focus on market-oriented debt-to-equity swaps and equity investment pilot projects to support technological innovation and private enterprises, thereby improving service quality to the real economy [1] Group 2 - Industrial Bank has also received approval to establish Xingyin Financial Asset Investment Co., Ltd. with a registered capital of RMB 10 billion [2] - On May 8, both China Merchants Bank and CITIC Bank announced plans to set up financial asset investment companies, pending regulatory approval [2] - Subsequent approvals for these banks were granted in June and July, indicating a trend of national commercial banks establishing financial asset investment companies to enhance investment in technology innovation [2]

据介绍，中邮投资注册资本为人民币100亿元，将作为邮储银行全资一级子公司管理。设立中邮投资是 该行响应国家号召、服务科技强国建设的重要举措，有利于本行提升综合服务能力，做好金融"五篇大 文章"，打造科技金融生力军；通过开展市场化债转股及股权投资试点业务，发挥对科技创新和民营企 业的支持作用。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网讯：10月27日，邮储银行公告称，国家金融监督管理总局已批复同意其筹建中邮金融资产投资有 限公司（暂定名，公司名称以有关监管机构、市场监督管理部门核准的名称为准，以下简称中邮投 资）。筹建工作完成后，该行将按照有关规定和程序向国家金融监督管理总局提出开业申请。 ...

（原标题：邮储银行(01658)获准筹建金融资产投资公司） 中邮投资注册资本为人民币100亿元，将作为本行全资一级子公司管理。设立中邮投资是本行响应国家 号召、服务科技强国建设的重要举措，有利于本行提升综合服务能力，做好金融"五篇大文章"，打造科 技金融生力军;通过开展市场化债转股及股权投资试点业务，发挥对科技创新和民营企业的支持作用， 助力新质生产力发展，提升服务实体经济质效，进一步推动本行高质量发展。 智通财经APP讯，邮储银行(01658)发布公告，近日，中国邮政储蓄银行股份有限公司(以下简称本行)收 到《国家金融监督管理总局关于筹建中邮金融资产投资有限公司的批复》(金复〔2025〕604号)，同意 本行筹建中邮金融资产投资有限公司(暂定名，公司名称以有关监管机构、市场监督管理部门核准的名 称为准，以下简称中邮投资)。筹建工作完成后，本行将按照有关规定和程序向国家金融监督管理总局 提出开业申请。 ...

10月27日，邮储银行发布公告称，近日，该行收到《国家金融监督管理总局关于筹建中邮金融资产投资 有限公司的批复》（金复〔2025〕604号），同意该行筹建中邮金融资产投资有限公司（暂定名，公司 名称以有关监管机构、市场监督管理部门核准的名称为准，以下简称中邮投资）。筹建工作完成后，邮 储银行将按照有关规定和程序向国家金融监督管理总局提出开业申请。 公告显示，中邮投资注册资本为人民币100亿元，将作为邮储银行全资一级子公司管理。设立中邮投资 是邮储银行响应国家号召、服务科技强国建设的重要举措，有利于该行提升综合服务能力，做好金 融"五篇大文章"，打造科技金融生力军；通过开展市场化债转股及股权投资试点业务，发挥对科技创新 和民营企业的支持作用，助力新质生产力发展，提升服务实体经济质效，进一步推动该行高质量发展。 （邮储银行） (编辑：钱晓睿) ...

格隆汇10月27日丨邮储银行(01658.HK)公告，近日，中国邮政储蓄银行股份有限公司收到《国家金融监 督管理总局关于筹建中邮金融资产投资有限公司的批复》(金复〔2025〕604 号)，同意该行筹建中邮金 融资产投资有限公司(暂定名，公司名称以有关监管机构、市场监督管理部门核准的名称为准，以下简 称中邮投资)。筹建工作完成后，该行将按照有关规定和程序向国家金融监督管理总局提出开业申请。 中邮投资注册资本为人民币 100 亿元，将作为该行全资一级子公司管理。设立中邮投资是该行响应国家 号召、服务科技强国建设的重要举措，有利于该行提升综合服务能力，做好金融"五篇大文章"，打造科 技金融生力军；通过开展市场化债转股及股权投资试点业务，发挥对科技创新和民营企业的支持作用， 助力新质生产力发展，提升服务实体经济质效，进一步推动该行高质量发展。 ...