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Listed insurance firms' Q1 net profit generally fell by nearly 17%, with the market anticipating a subsequent recovery

CMBI Raises Life Insurance Target Price to 34 HKD, Maintains Buy Rating

Goldman Sachs Raises 2026 Profit Forecast for China Life by 8%

Morgan Stanley Raises Target Price for China Life to HKD 38.9

China Ping An Life Insurance Increases Holdings in China Life

UBS Report: China Life Sees 76% Increase in New Business Value, 32% Drop in Net Profit in Q1

The total net profit of the five major listed insurance companies decreased by 16.98% in Q1 2026, but the new business value of life insurance saw comprehensive growth

China Ping An Insurance Buys 1.266 Million Shares of China Life Insurance

JPMorgan Releases Q1 Earnings Analysis for China Life

Fujian Xinrui Relay Sci-Tech Equity Investment Partnership Established with an Investment of About 4 Billion Yuan

CHINA LIFE released FY2026 Q1 earnings on April 29 After-Market (BJT), actual revenue HKD 61.86 B, actual EPS HKD 0.7822

LaSalle Investment Management and National Life Capital Collaborate on Shanghai Long-Term Rental Apartment Acquisition

China Life Releases 2025 ESG Report, MSCI Rating Upgraded to AA

China Life Insurance Reports 75.5% Increase in New Business Value in Q1

China Life Sees Growth in Sales Force Quality in Q1

China Life's Q1 2026 Net Profit Falls 32.3% to 19.505 Billion Yuan

Ping An Asset Management Co., Ltd.增持 China Life Insurance

Significant Growth in Dividend Insurance Sales via Banking Channels

Insurance industry focuses on technological innovation and green transformation in Q1 2026

HKEX announces the addition of weekly contracts for 17 option classes, including China Life

UBOT HOLDING

GOLDENPOWER

DEEPEXI TECH

COSMOS MACH

ASIA PIONEER

POLYFAIR HLDGS

ENTERPRISE DEV

INVESTECH HLDGS

HAO WEN HLDGS

RICH GOLDMAN

PNGAY

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BofAS reported that Chinese insurers' 1QYY results were solid despite stock market volatility affecting investment income. CHINA LIFE saw a 32% YoY decline in net profit, while NCI posted an unexpected 11% profit increase. PING AN and CPIC delivered stable results. BofAS believes the market has absorbed weak profit factors and investors will focus on long-term growth. Their top picks are PING AN and CHINA LIFE, with target prices of HKD74 and HKD33.1, respectively, both rated as Buy.

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CHINA LIFE

PING AN

China Life

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PING AN-R

BofAS: 1QYY Results of Chinese Insurers Solid; Top Picks PING AN , CHINA LIFE

CMBI has raised the target price for CHINA LIFEfrom HKD33 to HKD34 following a mixed performance in 1Q26. The company's net profit fell 32.3% YoY to RMB19.5 billion, missing forecasts due to stock market volatility. However, new business value surged 75.5% YoY, indicating strong growth potential. The broker maintains a Buy rating, optimistic about earnings growth in Q2, supported by a stock market rebound and effective asset-liability management.

CMBI Raises CHINA LIFE  TP to HKD34; Strong 1Q26 NBV

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Morgan Stanley has raised its target price for CHINA LIFEfrom HKD37.9 to HKD38.9, reflecting a 2.6% increase. This adjustment follows strong growth in the company's new business value in Q1 2026, prompting slight increases in earnings forecasts for 2026 to 2028 by 0.1%, 0.3%, and 0.4%. The firm maintains an Overweight rating on the stock.

SINO-LIFE GROUP

Morgan Stanley

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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M Stanley Raises CHINA LIFE  TP to HKD38.9, Reiterates Overweight

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CICC reported that CHINA LIFEexceeded expectations in its 1Q26 results, with a 75.5% YoY increase in new business value (NBV), despite a 32.3% YoY decline in net profit to RMB19.505 billion. CICC maintained its Outperform rating and unchanged earnings forecasts, setting a target price of RMB60.3 for A shares and HKD44.5 for H shares, indicating potential upside of 65% and 62%, respectively.

CICC

CICC: CHINA LIFE  1Q26 NBV Far Exceeds Expectations; Maintains Outperform Rating

UBS reported that CHINA LIFEachieved a 76% year-on-year increase in new business value for 1Q26, significantly surpassing expectations. However, the company's net profit after tax fell 32% year-on-year to RMB20 billion, aligning with market forecasts due to weak equity performance and high investment leverage. UBS maintains a Buy rating on CHINA LIFE with a target price of HKD40.

UBS Group AG

UBS: CHINA LIFE  1Q26 New Business Value +76% YoY Far Beats; Buy, TP HKD40

Hong Kong stocks declined ahead of the May 1 holiday, with the HSI closing down 335 points at 25,776. China Life rose 4.5% after quarterly results, while SMIC gained 7.8%. Brent oil futures reached $120.92 per barrel. The US Federal Reserve maintained interest rates, and the DJIA fell 0.6%. Southbound trading will be suspended during the holiday. YOFC shares plummeted 13.8% after disappointing Q1 results, despite significant year-on-year profit growth. Overall, the HSI saw a weekly decline of 0.8%, but a monthly gain of 4%.

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Hong Kong Stocks Weaken Ahead of Long Holiday; CHINA LIFE  Up 4%; SMIC Sought After

NCIshares rose 2.8% at midday, closing at HKD52. BofAS reported a net profit of RMB6.5 billion for 1Q26, up 11% YoY, but noted one-off gains. NCI's investment yield was 2.1%, lower than CHINA LIFE's 2.2%. M Stanley and UBS also reported positive earnings, with M Stanley assigning an Underweight rating and a TP of HKD43, while UBS maintained a Neutral rating with a TP of HKD48.5. Overall, NCI's performance exceeded market expectations despite challenges in the equity market.

Bank of America

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

NCI  Up 2.8% at Midday; Brokers Say 1Q26 Earnings Beat Expectations

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The HSI fell 322 points to 25,789 at midday, influenced by a 280-point drop in the DJIA. CHINA LIFE rose nearly 5% despite a 32.3% drop in 1Q net profit, while SMIC surged over 6%. Other major stocks like CCB and BANKCOMM reported profit increases but saw share declines. Tech stocks faced mixed results, with TENCENT down 3% and NTES up 2.2%. International oil prices rose, benefiting PETROCHINA, while auto stocks like BYD and NIO experienced significant drops. HSBC is involved in a USD40 billion loan arranged by SoftBank, with its shares down 0.7%.

CSOP HSI ETF

China Southern Hang Seng ETF

ISHARESHSI

FI2 CSOP HSI

HSI Down 322 pts at Half Day; CHINA LIFE  Up Nearly 5%; SMIC Surges Over 6%

CLSA has raised its target price for CHINA LIFEfrom HKD33 to HKD37 following the company's 1Q26 results, which showed a 76% YoY increase in new business value, despite a 32% YoY decline in net profit. The broker has adjusted its forecasts for 2026 EPS and DPS downwards but increased earnings and net asset value estimates for 2027 and 2028. CLSA maintains an Outperform rating for CHINA LIFE, its top pick among Chinese insurers, while lowering its A-share target price from RMB45 to RMB39 with a Hold rating.

CLSA Raises CHINA LIFE  TP to HKD37; 1Q26 Net Profit Largely In Line

JPM's report highlights that CHINA LIFE's 1Q new business value surged 75.5% YoY, significantly exceeding expectations. Despite a 32% YoY decline in net profit to RMB19.5 billion, the bank maintains an Overweight rating, citing strong sales momentum and a robust solvency ratio of 157%. The target price is set at HKD40, based on an 8x projected 2026 P/E ratio, indicating a positive outlook for the stock.

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

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JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM: CHINA LIFE  1Q New Business Value Surges 75.5% YoY Far Above Expectations; Reiterates Overweight as Top Pick

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.

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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.

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

JP#CLIFERC2809B(54529.HK)

BofAS: 1QYY Results of Chinese Insurers Solid; Top Picks PING AN , CHINA LIFE

CMBI Raises CHINA LIFE TP to HKD34; Strong 1Q26 NBV

M Stanley Raises CHINA LIFE TP to HKD38.9, Reiterates Overweight

CICC: CHINA LIFE 1Q26 NBV Far Exceeds Expectations; Maintains Outperform Rating

UBS: CHINA LIFE 1Q26 New Business Value +76% YoY Far Beats; Buy, TP HKD40