Investment Rating - The report maintains a "Buy" rating for China Life Insurance (2628 HK) with a target price of HKD 14.00, indicating a potential upside of 18.4% from the current closing price of HKD 11.82 [1][8]. Core Insights - The company's net profit attributable to shareholders increased by 10.6% year-on-year in the first half of 2024, with a significant recovery in Q2, where profits doubled compared to the same period last year [1]. - Premium income rose by 4.1% year-on-year, primarily driven by renewal premiums, while the structure of premiums improved, with a notable increase in 10-year and above regular premiums [1]. - The new business value grew by 18.6% year-on-year, although this growth rate is relatively lower compared to peers in the industry [1]. - Total investment income saw a substantial increase of 50% year-on-year, with an annualized net investment return of 3.03% [1]. Financial Overview - For the fiscal year ending December 31, 2022, the company reported total revenue of RMB 388.895 billion, with a projected revenue of RMB 454.408 billion for 2024, reflecting a year-on-year growth of 32.0% [4]. - The net profit for 2022 was RMB 66.680 billion, with an expected increase to RMB 54.795 billion in 2024, representing a year-on-year growth of 18.7% [4]. - The company's earnings per share (EPS) is projected to rise from RMB 1.63 in 2023 to RMB 1.94 in 2024 [4]. - The price-to-earnings (P/E) ratio is expected to be 5.5 in 2024, indicating a favorable valuation compared to historical levels [4]. Business Metrics - The report highlights that the 14-month persistency rate improved to 91.5%, up by 2.3 percentage points year-on-year, indicating better customer retention [1]. - The number of individual insurance agents remained stable at 629,000, suggesting a solid distribution network [1]. - The proportion of new business value from the individual insurance channel increased to 30.6%, up by 5.4 percentage points year-on-year [1].

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Financial Performance - Total premium reached RMB 489.566 billion, achieving the best historical level for the same period[2] - New business value amounted to RMB 32.262 billion, with embedded value exceeding RMB 1.4 trillion[2] - Net profit attributable to shareholders was RMB 38.278 billion, demonstrating strong development resilience[2] - Revenue for the first half of 2024 was RMB 234.235 billion, a 25.7% increase year-on-year[5] - Pre-tax profit grew by 27.6% to RMB 47.9 billion compared to the same period last year[5] - For the first half of 2024, the company's net profit attributable to shareholders was RMB 38.278 billion, representing a year-on-year increase of 5.9%[9] - Total premium income for the period was RMB 489.566 billion, an increase of 4.1% year-on-year, marking a historical high[9] - The new business value increased by 18.6% year-on-year, reaching RMB 32.262 billion, continuing to lead the industry[9] - The first-year premium income was RMB 97.294 billion, with ten-year and above first-year premium income rising by 9.4% to RMB 42.616 billion[9] - Total investment income for the first half of 2024 was RMB 122.366 billion, significantly higher than RMB 91.372 billion in the same period of 2023[10] - The net profit attributable to shareholders for the first half of 2024 was RMB 38.278 billion, compared to RMB 36.151 billion in the same period of 2023, reflecting a growth of 5.9%[10] - The company reported a pre-tax profit of RMB 47,900 million, up from RMB 37,538 million in the same period of 2023[54] Assets and Liabilities - Total assets increased by 7.2% to RMB 622.2638 billion compared to the end of 2023[5] - Total liabilities rose by 7.6% to RMB 571.8505 billion, with insurance contract liabilities increasing by 11.5%[5] - Total assets and investment assets both exceeded RMB 6 trillion, reaching RMB 6.22 trillion and RMB 6.09 trillion respectively[9] - As of June 30, 2024, total investment assets reached RMB 608,648.5 million, an increase of 7.5% compared to the end of 2023[28] - The total liabilities as of June 30, 2024, were RMB 5,718,505 million, compared to RMB 5,315,052 million at the end of 2023, indicating a rise in liabilities[66] - The company's equity attributable to shareholders increased to RMB 493,834 million as of June 30, 2024, from RMB 477,093 million at the end of 2023[66] Dividends - The company proposed a mid-year cash dividend of RMB 2.0 per 10 shares, subject to shareholder approval[2] - The total dividend for 2023 was RMB 0.43 per share, amounting to approximately RMB 12,154 million, which was approved at the annual general meeting on June 27, 2024[64] - The company proposed an interim dividend of RMB 0.20 per share for 2024, totaling approximately RMB 5,653 million, to be presented at the upcoming shareholders' meeting[64] Investment and Income - Investment income for the first half of 2024 totaled RMB 122.366 billion[9] - The investment income increased by 140.3% year-on-year to RMB 56.736 billion, driven by market fluctuations and proactive investment operations[8] - The net investment yield for the first half of 2024 was 3.03%, a decrease of 28 basis points compared to the same period in 2023[30] - The company reported a significant increase in interest income to RMB 59,413 million, up from RMB 10,841 million in the previous year[71] - The investment income for the period was RMB 56,736 million, showing a strong performance across various segments[71] Risk Management - The company maintained an A rating in risk assessment for 24 consecutive quarters, reflecting strong risk management capabilities[4] - The comprehensive solvency adequacy ratio was 205.23%, and the core solvency adequacy ratio was 151.90%, both significantly above regulatory requirements[9] - The proportion of AAA-rated credit bonds held by the company exceeded 98% as of the report date, indicating strong asset quality[31] Customer and Market Engagement - The company provided services to a total of 1.56 billion people in the first half of the year, with over 40 million individuals benefiting from value-added services related to family, health, and lifestyle[48] - The registered user base of the China Life Insurance APP has surpassed 150 million, indicating a steady enhancement in online reach capabilities[48] - The customer protection management system has reached over 130 million consumers through educational campaigns, reflecting a year-on-year increase of 27.2%[49] - The company is focusing on enhancing its technological capabilities and digital transformation to drive high-quality development, including building a 5G network laboratory and improving data management standards[47] Operational Efficiency - The average claims processing time has improved to 0.34 days, a significant reduction of 13% year-on-year, positioning the company among the industry leaders[48] - The company has introduced innovative service models such as "proactive claims reminders" and "instant claims payments," enhancing operational efficiency[48] Future Outlook - The company plans to focus on customer-centric strategies and aims to enhance service quality, value creation, and team development in the second half of 2024[52] - The company anticipates that its funding will meet the insurance business expenditures and new investment project requirements in the second half of 2024[53] - The insurance industry is expected to experience high-quality development driven by the long-term positive economic fundamentals in China[51] - The company is committed to optimizing asset-liability management and diversifying value creation sources to address potential risks in the economic recovery phase[53]

Investment Rating - The report maintains a "Buy" rating for China Life Insurance (2628 HK) with a target price adjusted from HKD 17.00 to HKD 14.00, indicating a potential upside of 35.9% from the current closing price of HKD 10.30 [1][7]. Core Insights - The company's net profit for Q1 2024 decreased by 9.3% year-on-year, primarily due to increased claims in the insurance service sector, which saw a decline of 20.4% [1]. - New business value showed significant growth, increasing by 26.3% year-on-year, driven by an improved business structure and cost efficiency measures [1]. - The investment yield decreased, with annualized net and total investment yields at 2.82% and 3.23%, respectively, both down year-on-year [1]. Financial Performance Summary - **Revenue**: The total revenue for 2023 is projected to be RMB 344,272 million, down 11.5% from 2022, with a recovery expected in 2024 to RMB 385,064 million, representing an 11.8% increase [3][4]. - **Net Profit**: The net profit for 2023 is expected to be RMB 46,181 million, a decrease of 30.7% from 2022, with a slight recovery to RMB 46,610 million in 2024 [3][4]. - **New Business Value**: The new business value is projected to grow from RMB 36,860 million in 2023 to RMB 40,794 million in 2024, reflecting a year-on-year growth rate of 10.7% [4][8]. Business Structure and Strategy - The proportion of premium income from ten-year and above regular premium policies has significantly increased, accounting for 33.7% of new regular premium income, up 5.6 percentage points year-on-year [1]. - The company has optimized its premium structure, with a 3.2% increase in total premium income, primarily driven by renewal premiums [1]. Investment and Asset Management - Total investment assets grew by 4.8% year-to-date, with total investment income increasing by 7.2% year-on-year [1]. - The company has maintained a core solvency ratio of 154.97% as of Q1 2024, down 3 percentage points from the previous year, indicating a strong capital position despite market risks [1].

Financial Performance - Net profit attributable to shareholders decreased by 9.3% to RMB 20,644 million from RMB 22,770 million in the same period last year[2] - Operating revenue increased by 14.4% to RMB 120,970 million compared to RMB 105,713 million in the same period last year[2] - Basic and diluted earnings per share decreased by 9.3% to RMB 0.73 from RMB 0.81 in the same period last year[2] - The weighted average return on equity decreased by 1.70 percentage points to 4.31% from 6.01% in the previous year[2] - The total profit for the group was RMB 26,771 million, compared to RMB 25,653 million in Q1 2023, indicating a year-over-year increase of 4.4%[17] - The group's operating profit was RMB 26,868 million, an increase from RMB 25,740 million in the previous year, marking a growth of 4.4%[17] - The total comprehensive income attributable to shareholders of the parent company was RMB 3,286 million, down from RMB 26,155 million in Q1 2023[19] Assets and Liabilities - Total assets reached RMB 6,070,843 million, an increase of 7.4% compared to the end of the previous year[2] - The total liabilities of the group as of March 31, 2024, were RMB 5,580,095 million, compared to RMB 5,316,011 million as of December 31, 2023, reflecting an increase of 4.9%[15] - The insurance contract liabilities reached RMB 5,241,249 million, up from RMB 4,859,175 million, indicating an increase of 7.9%[15] - The company's total assets as of January 1, 2024, are RMB 5,511,324 million, an increase of RMB 154,325 million compared to December 31, 2023[29] - Total liabilities as of January 1, 2024, amount to RMB 5,316,011 million, a slight decrease of RMB 959 million from December 31, 2023[28] Cash Flow - The net cash flow from operating activities was RMB 183,759 million, reflecting a 4.4% increase from RMB 175,980 million in the previous year[2] - In Q1 2024, the company generated net cash flow from operating activities of RMB 183,759 million, an increase from RMB 175,980 million in Q1 2023, representing a growth of approximately 4.5%[21] - Total cash inflow from investment activities was RMB 572,600 million in Q1 2024, compared to RMB 406,307 million in Q1 2023, marking an increase of about 40.9%[23] - The net cash flow from financing activities in Q1 2024 was negative RMB 77,644 million, a decline from negative RMB 65,283 million in Q1 2023, indicating a worsening of approximately 18.2%[25] - The total cash and cash equivalents at the end of Q1 2024 reached RMB 254,217 million, compared to RMB 172,842 million at the end of Q1 2023, showing an increase of approximately 47.0%[25] Insurance Performance - In Q1 2024, total insurance premiums reached RMB 337.64 billion, a year-on-year increase of 3.2% from RMB 327.22 billion in Q1 2023[12] - New single premiums amounted to RMB 112.44 billion, down 4.4% from RMB 117.67 billion in the same period last year[12] - First-year regular premiums were RMB 74.83 billion, an increase of 4.7% compared to RMB 71.48 billion in Q1 2023[12] - The proportion of first-year regular premiums for ten years and above reached 33.67%, up 5.57 percentage points from the previous year[10] - Insurance service revenue was RMB 53,773 million, up from RMB 47,183 million, reflecting a growth of 14.4% year-over-year[16] Investment Performance - Total investment income for Q1 2024 was RMB 64.66 billion, a year-on-year increase of 7.2%[11] - Net investment income was RMB 42.68 billion, showing a slight decline of 0.1% year-on-year[11] - Investment income decreased to RMB 5,464 million from RMB 54,338 million, reflecting a substantial decline[16] - The company's long-term equity investments increased to RMB 266,428 million from RMB 258,872 million, a growth of 2.4%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 131,444, with the largest shareholder holding 68.37%[6] - Shareholders' equity attributable to the parent company increased by 46.6% to RMB 480,406 million from RMB 327,784 million at the end of the previous year[2] - The company's equity attributable to shareholders increased to RMB 480,406 million from RMB 327,784 million, showing a substantial growth of 46.5%[15] Accounting Standards - The company implemented new accounting standards for insurance contracts and financial instruments starting January 1, 2024, affecting the presentation of comparative period information[1] - The company will implement new accounting standards for insurance contracts and financial instruments starting January 1, 2024, with a transition date of January 1, 2022, affecting the comparative data[13] - The company has disclosed the new balance sheet as of January 1, 2024, reflecting the impact of the new accounting standards[13]

Company Overview - As of December 31, 2023, China Life Insurance Company had approximately 328 million valid long-term personal and group life insurance policies, annuity contracts, and long-term health insurance policies[3]. - The company is recognized as one of the largest institutional investors in China, with total assets ranking first in the domestic life insurance industry[8]. - In 2023, China Life Insurance was ranked 62nd in the "Forbes Global 2000" list and 12th in the "Fortune China 500" list[9]. - The company has a professional management team with extensive experience in the domestic life insurance market, ensuring stable operations[8]. Financial Performance - Total revenue for 2023 was RMB 344,746 million, a decrease of 7.0% from RMB 370,861 million in 2022[13]. - Profit before tax for 2023 was RMB 44,576 million, down 36.4% from RMB 70,060 million in 2022[13]. - Net profit attributable to shareholders for 2023 was RMB 46,181 million, a decline of 30.7% compared to RMB 66,680 million in 2022[13]. - Total assets as of December 31, 2023, reached RMB 5,802,086 million, reflecting a 15.8% increase from RMB 5,010,068 million in 2022[13]. - Total liabilities increased to RMB 5,315,052 million, up 14.7% from RMB 4,635,095 million in 2022[13]. - Shareholders' equity attributable to the company was RMB 477,093 million, a rise of 30.3% from RMB 366,021 million in 2022[13]. - Basic and diluted earnings per share for 2023 were RMB 1.63, down 30.7% from RMB 2.36 in 2022[13]. - The weighted average return on equity decreased to 9.65%, down 7.61 percentage points from 17.26% in 2022[13]. - The total investment return rate for 2023 was 2.43%, down 1.47 percentage points from 3.90% in 2022[13]. Premium Income and Business Growth - Total premium income reached a historical high, with new business value achieving double-digit growth, solidifying the company's leading position in the industry[20]. - Total premium income for 2023 reached RMB 641.38 billion, a year-on-year increase of 4.3% compared to RMB 615.19 billion in 2022[28]. - New premium amounted to RMB 210.81 billion, up 14.1% year-on-year[24]. - First-year regular premium was RMB 112.57 billion, increasing by 16.7% year-on-year[24]. - The one-year new business value was RMB 36.86 billion, growing by 11.9% compared to the same period in 2022[24]. - The individual insurance segment premium income was RMB 501.58 billion, up 1.9% from RMB 492.44 billion in 2022, with first-year regular premium income growing by 12.6% to RMB 91.81 billion[30]. Technological Innovation and Digital Transformation - China Life Insurance has established a digital operation service system focused on customer experience, enhancing service quality and efficiency[8]. - The company is committed to technological innovation, building a digital insurance ecosystem to support comprehensive digital transformation[8]. - The company has implemented a digital risk control system based on big data analysis, enhancing the identification and monitoring of key business risks[59]. - The company has developed a real-time data service platform with PB-level scale, which won the Capital Financial Innovation Achievement Special Award[59]. Customer Focus and Service Quality - The company emphasizes a customer-centric approach, aiming to provide efficient and high-quality services to enhance customer satisfaction[8]. - The average claim processing time has been reduced to 0.38 days, with a claim approval rate of 99.7%[60]. - The company maintained a policy retention rate of 90.40% for 14 months, up from 83.00% in 2022[24]. - The number of VIP customers and service interactions increased by 11.9% and 26.0% respectively[60]. Investment and Asset Management - The company actively allocated long-term interest bonds and high-grade credit bonds to stabilize its fixed-income investments amid a low interest rate environment[43]. - The company maintained a high-quality credit investment portfolio, with over 98% of credit bonds rated AAA and over 99% of debt-type financial products rated AAA[47]. - The company's insurance contract liabilities totaled RMB 4,859.18 billion, an increase of 13.9% from RMB 4,266.95 billion at the end of 2022, primarily due to new and renewal insurance business[49]. Corporate Governance and Compliance - The company emphasizes the importance of corporate governance and transparency in its operations, as reflected in its detailed reporting on executive compensation and board composition[146]. - The board of directors consists of 8 members, including 2 executive directors, 2 non-executive directors, and 4 independent directors, meeting the requirement of at least 3 independent directors[185]. - The company has established a performance management mechanism that aligns with strategic goals and emphasizes employee development through a comprehensive training system[108]. - The company has complied with the disclosure requirements of the Stock Exchange regarding related party transactions[93]. Social Responsibility and ESG Initiatives - The company has been recognized as a leading enterprise in ESG innovation, highlighting its commitment to social responsibility[19]. - The company has integrated ESG factors into its investment management practices, achieving a green investment scale of RMB 462.788 billion by the end of 2023[102]. - The company has donated RMB 36 million to the China Life Charity Foundation in 2023, supporting various public welfare initiatives[104]. - The company deployed 980 personnel to assist in rural poverty alleviation, managing 1,171 assistance points and investing RMB 33.66 million throughout the year[105]. Future Outlook and Strategic Initiatives - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by market expansion strategies[1]. - The company is investing in new product development, with a budget allocation of $200 million for R&D in innovative technologies[1]. - The company aims to enhance service quality, promote integration, and reduce costs as part of its strategic plan for 2024[62]. - The company plans to issue capital replenishment bonds totaling up to RMB 35 billion, subject to market conditions and regulatory approval[98].

Core Viewpoint - The five major listed insurance companies in A-shares reported a total premium income of 10,664.23 billion yuan in the first quarter, reflecting a year-on-year growth of 0.96%, indicating a recovery trend in the insurance sector after a previous decline [1][2]. Group 1: Premium Income Performance - The five major insurance companies, namely China Life, China Pacific, China Ping An, China Property, and New China Life, achieved a total premium income exceeding 10 trillion yuan, marking a return to positive growth after two months of negative performance [2]. - Among these companies, China Life led with a premium income of 3,376 billion yuan, up 3.2% year-on-year, while China Ping An followed with 2,644.22 billion yuan, a 1.6% increase [2]. - The life insurance segment faced pressure, with only China Life and Ping An Life showing positive growth, the latter achieving a premium income of 1,733.02 billion yuan, up 0.9% [2]. Group 2: Property Insurance Growth - In contrast to the mixed performance in life insurance, the property insurance sector continued to show comprehensive growth, with total premium income from China Pacific Property, Ping An Property, and China Property reaching 3,155.44 billion yuan, a 4.4% increase [2]. - Specifically, China Pacific Property reported a premium income of 624.91 billion yuan, up 8.6% [2]. - The main insurance products, particularly auto insurance, also saw growth, with China Property and Ping An Property reporting premium incomes of 692.40 billion yuan and 517.98 billion yuan, respectively, reflecting year-on-year increases of 1.92% and 3.54% [2]. Group 3: Market Outlook and Trends - The stock performance of insurance companies improved significantly, with major stocks rising over 3% on April 18, indicating a positive market sentiment driven by policy support and the return to positive premium growth [3]. - Analysts suggest that the insurance sector is expected to maintain a stable growth trajectory throughout the year, influenced by economic recovery and increased consumer demand [4]. - However, challenges such as intensified market competition, regulatory adjustments, and technological innovations necessitate continuous strategic adjustments and risk management by insurance companies to ensure sustainable development [4].

Investment Rating - The report maintains a BUY rating for China Life, with a new target price set at HK$13.7, implying a potential upside of 47.2% from the current price of HK$9.31 [2][4][16]. Core Insights - China Life reported a full-year net profit attributable to shareholders of RMB 46.2 billion, a decrease of 30.7% year-over-year, but the net loss in 4Q23 significantly narrowed to RMB 610 million from a loss of RMB 10.6 billion in 3Q23 [2][6]. - The company achieved a low-teen growth in Value of New Business (VNB), increasing by 11.9% year-over-year to RMB 36.9 billion, despite revised Economic Value (EV) assumptions [2][6]. - The insurer's insurance revenue saw a strong rebound, growing by 32.6% in the second half of 2023, supported by a release of RMB 44.1 billion in contractual service margin [2][6]. Summary by Sections Financial Performance - For FY23, China Life's net profit was RMB 46.2 billion, with a net profit of RMB 10.6 billion in 4Q23, reflecting a significant improvement from the previous quarter [2][6]. - The company reported a total investment yield of 2.43% and a net investment yield of 3.70% by the end of 2023, both showing a decline compared to the previous year [2][6]. VNB and EV Growth - The VNB for FY23 was RMB 36.9 billion, reflecting an 11.9% increase year-over-year, while the EV grew by 5.6% to RMB 1.26 trillion [2][6]. - The report indicates that the revisions in EV assumptions had a limited impact on VNB growth, with the long-term investment return revised down to 4.5% [2][6]. Investment Strategy - The report anticipates a positive turnaround in net investment results in 1H24, driven by improved index performances and a higher allocation to bonds [2][6]. - The target price adjustment reflects a new valuation approach based on P/EV and DDM, with the new target price of HK$13.7 implying a P/EV of 0.3x for FY24E [2][6].

Core Viewpoint - The five major listed insurance companies in A-shares reported a significant decline in investment income and net profit for 2023, with a total investment income of 384.47 billion yuan, down 15.24% year-on-year, and a combined net profit of 165.52 billion yuan, down 23.25% year-on-year [1][2][4]. Investment Income Summary - The total investment income for the five major insurance companies was 384.47 billion yuan in 2023, compared to 453.58 billion yuan in 2022, reflecting a year-on-year decrease of 15.24% [2][3]. - Individual company performances in terms of investment income were as follows: - China Life: 141.97 billion yuan, down 24.38% from 187.75 billion yuan - Ping An: 123.90 billion yuan, up 32.8% from 93.31 billion yuan - China Pacific: 52.24 billion yuan, down 28.3% from 72.85 billion yuan - China Property: 44.12 billion yuan, down 19.7% from 54.94 billion yuan - New China Life: 22.25 billion yuan, down 50.25% from 44.73 billion yuan [3]. Net Profit Summary - The combined net profit for the five major insurance companies was 165.52 billion yuan in 2023, down 23.25% from the previous year [1][2]. - Breakdown of net profit by company: - Ping An: 85.67 billion yuan, down 22.83% - China Life: 21.11 billion yuan, down 34.2% - China Pacific: 27.25 billion yuan, down 27.1% - New China Life: 8.71 billion yuan, down 11.3% - China Property: 22.77 billion yuan, down 10.2% [2]. Investment Yield Analysis - The total investment yield for the five major insurance companies ranged from 1.8% to 3.3%, significantly lower than the previous year's range of 2.4% to 4.6% [5]. - Individual investment yields were as follows: - China Property: 3.3%, down 1.3 percentage points - New China Life: 1.8%, down 2.5 percentage points - China Pacific: 2.6%, down 1.5 percentage points - China Life: 2.68%, down 1.26 percentage points - Ping An: 3%, up 0.6 percentage points [5]. Market Outlook and Investment Strategies - Despite the decline in investment income and yields, the management of listed insurance companies expressed optimism for the investment market in 2024, anticipating a significant improvement in the stock market compared to the previous two years [6]. - Companies plan to focus on long-duration fixed income assets, high-dividend stocks, and alternative investments to optimize their asset allocation and manage risks effectively [6].

Central Huijin's ETF Investments - Central Huijin Investment Company announced its purchase of exchange-traded funds (ETFs) on October 23, 2022, and plans to continue increasing its holdings [2][3] - As of the end of 2023, Central Huijin's holdings in various ETFs have significantly increased, with the number of shares in the Huaxia SSE 50 ETF rising from approximately 6.7 billion shares in mid-2023 to about 12.4 billion shares by year-end [3][4] - The Huaxia CSI 300 ETF saw Central Huijin's holdings grow from 1.8 billion shares to 2.9 billion shares during the same period [3][4] - The Jiashi CSI 300 ETF's holdings surged from 80 million shares to 2.7 billion shares by the end of 2023 [3][4] Central Huijin Asset Management - Central Huijin Asset Management Company also increased its ETF holdings, with its share in the Jiashi CSI 300 ETF rising from 604 million shares in mid-2023 to 628 million shares by year-end [5][6] Insurance Institutions' Buying Activity - Several insurance institutions, including China Life Insurance Company, have been actively purchasing ETFs, with reported increases exceeding 100 million shares [8][9] - China Life Insurance Company appeared in the top ten holders of 23 funds, with over half of these funds seeing increased holdings [9] Specific ETF Holdings by China Life - As of the end of 2023, China Life's holdings in the Huaxia CSI Innovation and Entrepreneurship 50 ETF reached approximately 1.73 million shares, an increase of 1.27 million shares [9] - The company also increased its holdings in the Huaxia SSE Science and Technology Innovation Board 50 ETF by 46,421 shares [9]