Group 1 - Morgan Stanley updated its model following China Life's half-year performance report, raising the earnings per share estimates for 2025 to 2027 by 13.1%, 1%, and 1.9% respectively, primarily benefiting from the stock market rise and steady sales growth in the fiscal year 2025 [1] - With improvements in profit margins, the new business value forecasts for each fiscal year increased by 6.6%, 8.1%, and 8.5% respectively [1] - Morgan Stanley slightly raised the target price for China Life's H-shares from HKD 25 to HKD 25.7, maintaining an "Overweight" rating [1]

Core Insights - Goldman Sachs has raised its net profit forecasts for China Taiping from 2025 to 2027 by 9% to 16% [1] - The forecast for book value has been increased by 1% to 3% [1] - The new business value (VONB) forecast has been adjusted upward by 9% to 13% [1] Financial Performance - The increase in net profit forecasts is primarily attributed to improved profitability of core subsidiaries [1] - The upward adjustment in VONB forecasts is due to enhanced profit margins resulting from product repricing [1] Ratings and Price Target - Despite the upward revisions, Goldman Sachs maintains a "Sell" rating on China Taiping [1] - The target price has been raised from HKD 11.8 to HKD 12.6 [1]