JPCLIFE@EP2606A

China Life Insurance (2628.HK) Trading Outlook and Technical Analysis for Feb 23

Technical Alert: China Life faces short-term correction pressure.

Insurance sector attention heats up following Ping An Life's stake increase and strong market opening.

China's National People's Congress to Open on March 5

Citi forecasts China Life to lead sector in FY2025 New Business Value growth.

China Life expected to announce premium income for Jan-Feb 2026.

Hong Kong Financial Secretary to deliver the 2026-27 Budget.

China Life expects to sign Huizhi Yangtze River Delta Fund agreement by end of June.

Board to consider 2025 final dividend declaration alongside earnings.

Hang Seng Index quarterly review adjustments will become effective.

First full trading week of the Year of the Horse begins; China Life expected to benefit from AI and tech sector heat

Upcoming 2026 'Two Sessions' expected to deepen policy support for long-term insurance capital investment.

China Life Insurance will go ex-dividend on July 2, 2026

China Life's stock price shows recent technical pullback signals.

China Life releases '14th Five-Year' claims data, with cumulative payments exceeding 419.5 billion RMB.

Mainland insurance stocks generally fell, with China Life (02628.HK) closing down over 4%.

Citi Sees Positive Outlook for China Life and Gives Buy Rating

Ping An Life Insurance Again Increases Stake in China Life H-Shares

Industry Review Shows Stable Performance for Insurers in 2025

China Life is expected to have its annual dividend ex-dividend date on July 2, 2026

KO YO GROUP

SANERGY GROUP

CHINA INFO TECH

UNI PRINTSHOP

GEOTECH HLDGS

HUSCOKE HLDGS

MODERN LAND

AGTECH HOLDINGS

WAI HUNG GROUP

PUTIAN COMM

601628

02628

Citi has initiated a positive coverage on China Life, expecting a 47% growth in net profit for the fiscal year 2025 and a 38% annual growth in new business value. Citi believes that China Life will outperform its peers and provide positive information during its earnings release, giving it a "Buy" rating with a target price of 40 yuan, due to its brand, distribution network, and reform measures

AASTOCKS

China Life

CHINA LIFE

Citi initiates positive coverage on China Life with a target price of 40 yuan

00HSI

02899

601899

The Hang Seng Index fell for the second consecutive day, reaching H$26,550, its lowest since February 6, down from a year-to-date high of H$28,000. This decline mirrors global stock trends, with US equities also retreating. Key companies in the index, including Zijin Mining and China Life Insurance, saw significant drops. Despite this, technical analysis suggests a potential rebound if the index remains above the 100-day moving average. The upcoming US consumer inflation report is anticipated to influence market movements further.

Invezz

Hang Seng Index

ZIJIN MINING

Zijin Mining

Hang Seng Index dips to a key support as global stocks retreat

601818

601696

601988

512070

01339

513750

In 2025, the net profit of non-listed life insurance companies surged to 66.6 billion yuan, but net assets shrank by nearly 10 billion yuan, indicating a structural divergence of "profit increase without capital increase." The median comprehensive investment return rate dropped from 8.39% to 2.73%. Several insurance companies, such as BOC Samsung Life and CEB Grand China Life, despite achieving record high net profits, saw a significant decline in net assets, reflecting the impact of new financial instrument standards and market conditions

- In 2025, non-listed life insurance companies reported a misleading profit surge, with total net profits soaring to 66.6 billion yuan, up 165% from 2024.  
- Despite this profit increase, the median comprehensive investment return plummeted to 2.73%, and industry net assets fell by nearly 10 billion yuan, indicating a structural divergence of "increased profits without increased assets."  
- The primary drivers of this phenomenon stem from market volatility and the shift to new accounting standards, which have led to extreme fluctuations in net profits compared to net assets.

Wallstreetcn

CEB Bank

BOCIC

Bank Of China

ChinaAMC CSI Banks ETF

CHINA EB LTD

CEB BANK

E Fund CSI 300 Financials (ex Banks) ETF

BANK OF CHINA

PICC GROUP

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

EB GRAND CHINA

Profit to the left, net assets to the right: Analyzing the "surface" and "substance" of the performance of unlisted life insurance companies

02259

09626

01772

00669

01698

09992

00100

06809

02601

ZIJIN GOLD INTL(02259) rose 9.06%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 56.7%. BILIBILI-W(09626) rose 5.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 31.1%. POP MART(09992) fell 5.49%, with a trading turnover 4.4 Billion HKD, and a year-to-date rose 35.9%. MINIMAX-WP(00100) fell 4.82%, with a trading turnover 681.6 Million HKD, and a year-to-date rose 210.9%.

- The Hang Seng Index increased by 0.31%, with a year-to-date gain of 6.4%, while the Hang Seng Tech Index rose by 0.9%, showing a year-to-date decline of 0.3%.  
- Zijin Mining International (02259) saw a rise of 9.06% with a trading volume of HKD 1.7 billion, resulting in a year-to-date increase of 56.7%.  
- Bilibili-W (09626) grew by 5.16%, with a trading volume of HKD 1.22 billion, reflecting a year-to-date increase of 31.1%, whereas Pop Mart (09992) fell by 5.49%, despite a year-to-date increase of 35.9%.

Top Gainers & Losers

ZIJIN GOLD INTL

BILIBILI-W

GANFENGLITHIUM

TECHTRONIC IND

TME-SW

POP MART

MINIMAX-WP

MONTAGE TECH

CPIC

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

HSCEI

STECH

601318

09888

02318

Hong Kong stocks performed strongly today, with the Hang Seng Index closing up 467 points at 27,027 points. The National Index and the Hang Seng TECH Index also rose by 136 points and 71 points, respectively. Domestic insurance stocks generally increased, with China Life and Ping An both rising by about 4%. Commodity stocks performed well, with gold and silver-related stocks up by 4.5% to 5.6%. Technology stocks rebounded, with Tencent, Baidu, and others all seeing gains. The overall market turnover was HKD 255.142 billion

Hang Seng China Enterprises Index

Hang Seng TECH Index

Ping An

BIDU-SW

Ping An Insurance

PING AN

SD-GOLD

FI2 CSOP HSI

FI CSOP HSI

EFUND GOLD MI ETF

EFUND GOLD MI-U

"Hong Kong Stocks" The Hang Seng Index closed up 467 points, with domestic insurance, commodities, and AI stocks rising. Zhizhu surged 36%

159768

159707

The three major A-share indices closed higher for the day, with an increase of about 1% to 3%. The Shanghai Composite Index rose 1.4% to 4,123 points, the Shenzhen Component Index rose 2.2% to 14,208 points, and the ChiNext Index rose 3% to 3,332 points. Domestic insurance and real estate stocks strengthened, with Ping An rising 2.7% and China Life rising 3.2%. Real estate stocks such as Beijing Investment Development hit the daily limit, Vanke A and Gemdale rose 3% to 5.7%. Chip stocks performed strongly, with SMIC A rising 2% and Cambricon rising 4.8%. The central parity rate of the RMB against the US dollar was adjusted up by 67 points, reported at 6.9523

Yinhua CSI Interior Real Estate Theme ETF

Hwabao WP CSI 800 Real Estate ETF

Cambricon

Vanke

SMIC

Gemdale

CHINA VANKE

ChinaAMC CSI All Share Real Estate ETF

China Southern CSI All Share Real Estate ETF

The three major A-share indices of Shanghai and Shenzhen closed near their highs for the day, rising between 1.4% and 3%. Domestic insurance and real estate stocks strengthened, while semiconductor, computing power, and commercial aerospace stocks surged

00700

The Hong Kong stock market opened higher in the morning session influenced by the rise in US stocks, with the Hang Seng Index opening up and once rising by 524 points, closing up 385 points at 26,945 points. Domestic insurance and financial stocks performed strongly, with China Life and Ping An rising by 4.5% and 4.1% respectively. Technology stocks generally rose, with Tencent and JD.com increasing by 1.1% and 1.4% respectively. The overall market turnover reached HKD 136.256 billion

TENCENT

"Hong Kong Stocks" Hang Seng Index rises 385 points in half a day, with insurance and financial stocks leading the gains; POP MART rebounds over 5%

The Hong Kong Stock Exchange's disclosure shows that on February 2, Ping An increased its holdings in China Life by 10.895 million H shares, bringing its latest shareholding ratio to 10.12%, triggering relevant stake disclosure rules in the Hong Kong stock market

Insurance capital giants once again increase their stakes in peers

01024

01299

Today, the Hong Kong stock market closed with all three major indices retreating. The Hang Seng Index fell by 1.21%, the Hang Seng Tech Index dropped by 1.11%, and the National Enterprises Index decreased by 0.68%. The overall market experienced a high-level correction, with key sectors such as internet, retail, and insurance generally weakening. Core stocks like Tencent Holdings, Alibaba -W, and AIA Group saw significant declines, reflecting rising risk aversion and weak consumer confidence. Market hotspots were concentrated in small-cap stocks like Southern Communications and Long Resources, which experienced significant fluctuations and active trading. External macro variables and liquidity expectations continue to impact the capital situation of Hong Kong stocks, leading to short-term market sentiment fluctuations

- Hong Kong's three major stock indices closed lower today, with the Hang Seng Index at 26,559.95 points, down 1.21%.  
- The market's decline is attributed to decreased investor risk appetite, impacting sectors such as internet content and retail, with major players like Tencent and Alibaba experiencing significant drops.  
- Recent macroeconomic data on retail and export performances continue to influence investor sentiment amid ongoing market volatility.

Market Heartbeat

KUAISHOU-W

BABA-W

JD-SW

MNSO

DRAGON MINING

NANFANG COMM

KING'S STONE

CMON

XIAOMI-W

MEITUAN

Hong Kong Stock Market Closing | Hang Seng Index Pulls Back, Small-Cap Stocks like Southern Communications Surge, Internet and Insurance Sectors Lead Decline

The Hang Seng Index fell over 400 points in early trading, with AIA and China Life each dropping over 4%. The three major U.S. stock indices showed mixed results, with technology stocks under pressure. Hong Kong stocks opened lower this morning, with the Hang Seng Index once down 436 points, currently reported at 26,513 points, down 333 points or 1.2%. Major technology stocks such as Kuaishou, Alibaba, and Tencent all declined, while financial stocks dragged down the market, with AIA down 4.69% and China Life down 4.27%

The Hang Seng Index fell more than 400 points in the early session, with AIA and China Life each dropping over 4%. Mining and resource stocks were under pressure

601319

Standing at the intersection of the conclusion of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," China Life, the insurance giant with an asset scale exceeding 8 trillion, is attempting to launch a

- China Life Insurance aims to reshape its growth logic through a deep "digital transformation," with total assets exceeding 8 trillion yuan as it transitions from the 14th to the 15th Five-Year Plan.  
- The company reported a combined revenue of 1.28 trillion yuan, up 11.3% year-on-year, and a 17.6% increase in investment income, reflecting its strong asset management despite economic challenges.  
- Emphasizing digitalization, the management set quality development goals for 2026, focusing on improving operational efficiency and leveraging technology to enhance market competitiveness while maintaining risk control.

PICC Group

China Life Group's revenue grew by 11.3%, and the "digital intelligence transformation" continues to accelerate

00966

China is planning to sell approximately 200 billion yuan ($28.8 billion) in special government bonds to recapitalize its largest insurers, including China Life Insurance Group, the People’s Insurance Co Group, and China Taiping Insurance Group. This move aims to strengthen the insurance sector, which is facing pressure to consolidate, according to Bloomberg News.

Reuters

CHINA TAIPING

China plans $29 billion capital injection into biggest insurers, Bloomberg News reports

Hong Kong stocks continued their upward trend on July 28, with the cryptocurrency, innovative drug, gaming, and insurance sectors performing well. Hong Kong's &#34;Stablecoin Ordinance&#34; will officially take effect on August 1, marking the countdown to stablecoin issuance; the innovative drug sector was boosted by Hengrui Pharmaceuticals securing a $12 billion order; insurance stocks extended their gains as industry anti-internal competition and interest rate cuts improved profit prospects; gaming stocks benefited from Macau's July gaming revenue exceeding expectations and Thailand's withdrawal of the casino bill.

HENGRUI PHARMA

Hengrui Pharma

INNOVENT BIO

3SBIO

CSPC PHARMA

OSL GROUP

SUNSHINE INS

SANDS CHINA LTD

Sands China

WYNN MACAU

CR HOLDINGS

SINO BIOPHARM

MELCO INT'L DEV

GUOTAI JUNAN I

AIA-R

AIA Group

SJM HOLDINGS

Hot Trades in Hong Kong Stocks (7.28)｜Cryptocurrency, Innovative Drugs, Insurance, and Gaming Sectors Shine, Hengrui Pharmaceuticals Soars 15% at Midday

On July 11, the three major stock indices in Hong Kong rose together. In terms of sectors, technology stocks rose collectively, and securities and brokerage stocks mostly increased.

ZA ONLINE

LAOPU GOLD

MIXUE GROUP

GUMING

WUXI APPTEC

WuXi AppTec

LIANLIAN

PICC P&C

MAO GEPING

BLOKS

Ping An Ins HK SDR2to1

CITIC SEC

CITIC Securities Co., Ltd.

EB SECURITIES

EBSCN

WUXI BIO

WuXi Biologics

CHICMAX

Xiaomi HK SDR 2to1

Xiaomi Corporation

AKESO

BEONE MEDICINES

BeOne Medicines

Beigene

REMEGEN

RemeGen

The Hang Seng Index is approaching its highest level in nearly 3 years, with Chinese brokerage, insurance, and stablecoin concept stocks remaining hot!

JPCLIFE@EP2606A(23662.HK)

Citi initiates positive coverage on China Life with a target price of 40 yuan

Hang Seng Index dips to a key support as global stocks retreat

Profit to the left, net assets to the right: Analyzing the "surface" and "substance" of the performance of unlisted life insurance companies

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

"Hong Kong Stocks" The Hang Seng Index closed up 467 points, with domestic insurance, commodities, and AI stocks rising. Zhizhu surged 36%