Core Viewpoint - Goldman Sachs has adjusted its future profit forecasts for China Life (02628) based on the company's third-quarter performance, highlighting better-than-expected investment returns and a positive outlook from management for 2026 [1] Summary by Categories Earnings Forecast - The net profit forecast for the full year has been raised by 69% due to strong investment returns in the last quarter [1] - Net profit forecasts for 2026 and 2027 have been increased by 7% [1] Premium Predictions - Premium forecasts for 2025 to 2027 have been adjusted upward by 7%, reflecting improved sales through bank insurance channels [1] Valuation Adjustments - Book value forecasts for 2025 to 2027 have been raised by 5% to 7% [1] - The earnings per share dividend forecast has been increased by 10%, with this year's dividend expected to grow by 23%, surpassing the previous estimate of 12% [1] Target Price - The target price for China Life has been raised from HKD 22.5 to HKD 24.5, while maintaining a "Neutral" rating [1]

Core Insights - Daxin Bank Group reported a net interest income of HKD 2.776 billion for the fiscal year 2025, representing a year-on-year increase of 9.4% [1] - The profit attributable to shareholders reached HKD 1.579 billion, up 13.1% year-on-year, with basic earnings per share at HKD 1.12 [1] Personal Banking Performance - The personal banking segment showed robust performance, with operating income increasing by 13% year-on-year and post-impairment operating profit rising by 26% [1] - This growth was primarily driven by strong increases in wealth management and bank insurance business revenues [1] Corporate Banking Performance - The corporate banking segment experienced a decline in operating income, mainly due to weak customer loan demand, although this was partially offset by a slight increase in non-interest income [1] - Due to reduced income and increased credit impairment losses, the post-impairment operating profit for this segment fell by 55% year-on-year [1]