Core Viewpoint - China Life Insurance actively implements the business philosophy of "One China Life, One Life Protection," providing comprehensive financial services including insurance, investment, and banking to support the development of the private economy. Group 1: Credit Support for Small and Micro Enterprises - China Life's subsidiary, Guangfa Bank, has established credit relationships with small and micro enterprises, such as Qiangchun Technology Co., which received a loan of 2.56 million yuan and later increased to a maximum credit of 3 million yuan [1][2] - Guangfa Bank has provided financing support exceeding 11.6 billion yuan to over 5,000 small and micro business owners in Hangzhou, with a total balance of inclusive loans for small enterprises reaching 196.1 billion yuan nationwide, reflecting a growth of approximately 9% since the beginning of 2024 [2] Group 2: Insurance Products for Small and Micro Enterprises - China Life has developed targeted insurance products for small and micro enterprises, providing employee protection for over 50,000 companies in Zhejiang alone in 2024 [3] - The company has launched specialized insurance products for technology enterprises, including intellectual property infringement liability insurance and data infringement loss compensation insurance, serving over 130,000 small and micro enterprises in Zhejiang [3] Group 3: Investment Support for Private Enterprises - China Life has leveraged its insurance funds to support private and small enterprises with an investment scale exceeding 240 billion yuan by the end of 2024 [5] - The company has invested in various private enterprises, including significant stakes in well-known companies such as CATL, Tencent, Midea, and Alibaba, with over 50% of the top ten holdings being private enterprise stocks [6] Group 4: Comprehensive Financial Services - China Life integrates various financial resources, including equity investment, banking settlement services, and equity financing consulting, to provide a full range of financial and non-financial services to small and micro enterprises [4] - The company emphasizes its commitment to supporting the private economy as part of its broader strategy to enhance financial services for the real economy [6]

Core Viewpoint - CITIC Limited reported a strong performance for the fiscal year 2024, with a revenue of 752.87 billion RMB, a year-on-year increase of 10.6%, and a net profit attributable to ordinary shareholders of 58.20 billion RMB, up 1.1% [1] Financial Performance - The financial services segment achieved a net profit of 52.65 billion RMB, reflecting a year-on-year growth of 4.3% [2] - The company proposed a final dividend of 0.36 RMB per share, leading to a total annual dividend of 0.55 RMB per share, with a payout ratio of 27.5%, an increase of 1.5 percentage points from the previous year [1] Strategic Initiatives - CITIC aims to enhance its competitive edge in comprehensive financial services through five key strategies: deep collaboration, international expansion, capital market opportunities, retail customer focus, and operational efficiency [2] - The company launched the CITIC Equity Investment Alliance ecosystem, serving over 11,000 national-level specialized enterprises, achieving a coverage rate of 96% [3] Risk Management - CITIC has actively managed risks in real estate and local government debt, with a total of nearly 82 billion RMB in hazardous assets addressed since 2022, revitalizing over 70 risk projects [4] - The company reported a decrease in non-performing loan ratios in real estate and local government debt-related businesses [4] Market Performance - CITIC's market capitalization increased by 27.5% in 2024, outperforming the Hang Seng Index and the Hang Seng Composite Industry Index [5] - The company has distributed over 120 billion HKD in dividends over the past decade, with an average annual dividend rate of 25.3% and a three-year dividend yield of approximately 7% [5] Future Outlook - The company is focused on enhancing its market communication and transparency to help investors better understand its investment value [6] - CITIC plans to invest 25.2 billion RMB in technology in 2024, marking an 11% increase, with a technology investment intensity of 3.34% [6] - The management emphasizes the importance of innovation and adapting to new industrial changes as a critical focus for future growth [6]