12月18日，五粮液第二十九届12·18共识共建共享大会在宜宾召开。现场，五粮液集团（股份）公司党委书记、董事长曾从钦发表演讲。 "这是酒业发展史上极不平凡、极为不易、极其艰辛的一年。"曾从钦表示，这一年，五粮液以"变"求进、以"合"聚力、以"诚"致远、"干"字当头，做到三 个主动——主动应市调整、主动纾压解困、主动识变求变。 他提到，过去一年，五粮液渠道创新有效推进。其中传统渠道方面，"三店一家"新增474家，终端直配覆盖20个核心城市；电商渠道方面，企业与头部电 商合作；新兴渠道方面，也与大型企业建立直销网络。 曾从钦认为，当前既要看当前产业运行之"形"，更要看产业长远发展之"势"。2024年以来，行业进入第五轮深度调整，调整更为复杂、更为深刻，是一 次"周期性""结构性""回归性"的调整。 在此背景下，行业发展仍有重大机遇。他表示，一是宏观经济向好蕴含新机遇。从规模来看，我国经济基础稳、优势多、韧性强、潜能大白酒产业逆周期 跨周期调整具备坚实的经济基础；从结构来看，我国经济结构转型，一批新商务人群、新消费场景正在快速形成白酒消费仍然具备坚实的市场基础。 二是产业政策导向蕴舍新机遇。今年以来，多项产业发展 ...

Core Viewpoint - China Life Insurance reported strong mid-year results, achieving a total premium of 525.09 billion yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 40.93 billion yuan, up 6.9% [1][3] Group 1: Financial Performance - Total premium reached 525.09 billion yuan, marking the highest growth rate in five years [1][4] - Net profit attributable to shareholders was 40.93 billion yuan, reflecting a 6.9% increase [1] - New business value increased by 20.3% year-on-year to 28.55 billion yuan [1] - Total assets and investment assets both exceeded 7 trillion yuan, standing at 7.29 trillion yuan and 7.13 trillion yuan respectively [1] - Total investment income was 127.51 billion yuan, with a growth of 4.2% and an investment yield of 3.29% [1] Group 2: Strategic Initiatives - The company emphasized a "three proactive" strategy: strategic initiative, transformation initiative, and development initiative, which have proven effective in navigating market complexities [3][4] - The asset-liability management model combines diversified liabilities and flexible asset allocation, leading to industry-leading levels of asset-liability linkage [4] - The proportion of floating income products in new business exceeded 40%, indicating a shift towards more diversified product offerings [4] Group 3: Digital Transformation - China Life's digital transformation strategy consists of two phases: "changing methods" and "changing models," which have significantly improved operational efficiency and reduced costs [5] - The new digital ecosystem has enhanced product competitiveness and has already surpassed the annual budget for internet channel premiums [5] Group 4: Investment Strategy - The company maintains a positive outlook on the A-share market for the second half of the year, focusing on asset allocation and optimizing equity structures [6] - Investments in the Hong Kong stock market are considered crucial, with a focus on new economy and high-dividend stocks, as the market shows signs of recovery [6] Group 5: Future Outlook - For the second half of the year, the company plans to focus on growth in the pension, health, and wealth management sectors, while emphasizing long-term value stability and concentrated development [7] - The company aims to enhance its service offerings in the elderly care ecosystem and improve product transitions following interest rate adjustments [7]