Core Viewpoint - The company has taken swift and effective measures to respond to the severe weather events in Guangxi, ensuring the safety of people's lives and property while fulfilling its responsibilities as a financial central enterprise [1][5]. Group 1: Disaster Response - On April 19, severe weather including heavy rain and hail affected parts of Hechi and Baise in Guangxi, causing varying degrees of damage to vehicles and property [1]. - The company has received a total of 69 claims related to hail damage, with an estimated insurance payout of 1.92 million yuan [1]. - A disaster response leadership team and emergency work group were established immediately to manage post-disaster claims services [1]. Group 2: Claims Processing - The company set up centralized damage assessment points at local 4S dealerships to expedite the claims process for vehicles damaged by hail [1]. - Staff were deployed to these locations to conduct rapid assessments, significantly improving the efficiency of subsequent repairs and claims [1]. - The company utilized its online claims advantages, including video assessments and remote damage evaluations, to ensure prompt payouts and simplify the claims process for customers [3]. Group 3: Ongoing Efforts - As of April 21, the disaster claims team had completed assessments for all vehicle insurance cases, while non-vehicle claims were being processed [5]. - The company is committed to its mission of "insurance for the people," providing efficient and convenient claims services to protect the lives and property of the public [5].

Core Viewpoint - China Life Property Insurance's Qujing branch has effectively supported local mushroom farmers by providing timely compensation of 158,100 yuan, showcasing its commitment to agricultural risk management and customer service [1][2][4]. Group 1: Agricultural Risk Management - Qujing City is developing highland specialty agriculture, particularly the cultivation of morel mushrooms, supported by Baoxing Agricultural Group's investment in multiple planting bases [2]. - China Life Property Insurance Qujing branch has tailored a mushroom planting insurance plan, providing risk coverage for 60 acres of planting area, thus creating an innovative service model of "insurance + enterprise + farmers" [2][4]. Group 2: Efficient Claims Process - Following a severe windstorm in March 2025, the company quickly activated a green claims channel, enabling rapid assessment and guidance for farmers, resulting in a swift compensation of 158,100 yuan [2][4]. - The efficiency of the claims process has significantly boosted farmers' confidence in agricultural insurance, as expressed by a local farmer who praised the professional service from reporting to compensation [2][4]. Group 3: Customer-Centric Service - The local farmer expressed gratitude by presenting a banner to the company, highlighting the recognition of its prompt and dedicated service [4]. - The company prioritizes customer interests by optimizing processes and innovating service models, ensuring that insurance protection is both fast and considerate [4]. Group 4: Commitment to Rural Revitalization - As a central financial enterprise, China Life Property Insurance Qujing branch is committed to serving national strategies and safeguarding public welfare, with plans to increase agricultural insurance investments and expand coverage [4]. - The company aims to support the consolidation of poverty alleviation achievements and promote high-quality development of highland specialty agriculture, contributing to rural revitalization efforts in Qujing [4].

Group 1 - The core point of the article is that Shoucheng Holdings has announced the establishment of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund in collaboration with China Life (601628) and Caixin Life, with a target scale of 10 billion yuan [1] - The first closing scale of the fund is 5.237 billion yuan, making it the largest public REITs investment fund in the market currently [1]

Core Viewpoint - Shoucheng Holdings has launched the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, marking a significant step in its REITs strategy and reinforcing its leading position in the market [1][8]. Group 1: Fund Establishment and Strategic Positioning - The Pingzhun Fund aims for a target size of 10 billion yuan, with an initial closing size exceeding 5 billion yuan, making it the largest public REITs investment fund in the market [1]. - This initiative reflects Shoucheng Holdings' long-term strategy as a smart infrastructure asset service provider, promoting a "full industry chain" model to reshape the REITs market ecosystem [1][4]. - The fund is expected to attract long-term capital from insurance and fund of funds (FOF), optimizing the investor structure and facilitating a shift from "scale expansion" to "value discovery" in the market [3][6]. Group 2: Comprehensive Industry Chain Layout - Shoucheng Holdings has developed a comprehensive capability covering "Pre-REITs fund cultivation, asset operation management, public REITs issuance exit, and REITs investment" [2]. - The company has established over 30 public REITs projects, with an expected issuance scale surpassing 100 billion yuan [2]. - The focus on "asset circulation" allows the company to identify and cultivate quality infrastructure assets with REITs issuance potential [2][4]. Group 3: Financial Performance and Growth - The asset financing business of Shoucheng Holdings achieved a revenue of 284 million HKD in 2024, reflecting a significant year-on-year growth of 31% [3]. - The Pingzhun Fund is seen as a "high-level version" of the company's REITs strategy, leveraging its experience and the advantages of insurance capital to invest in public REITs for long-term value growth [3][9]. Group 4: Technological Integration and Operational Efficiency - The company employs smart inspection robots and IoT platforms to enhance operational efficiency, reducing labor costs and optimizing asset management strategies [5]. - This technological empowerment shifts the asset appreciation path from traditional scale expansion to efficiency-driven growth, solidifying the revenue foundation for future REITs issuance [5]. Group 5: Market Opportunities and Future Outlook - The establishment of the Pingzhun Fund aligns with the transition of China's REITs market from "pilot" to "normalization," with significant growth potential in the sector [6][9]. - The current REITs market size is estimated to have over ten times the expansion potential, given the substantial infrastructure investment completed in the past decade [6]. - Shoucheng Holdings is positioned to become a key hub connecting the real economy and capital markets, continuously supplying quality assets for public infrastructure REITs [9].

Core Viewpoint - The company has established a partnership to create a fund focused on investing in infrastructure public REITs, aiming to enhance investment returns and liquidity in the market [1][2]. Group 1: Partnership and Fund Establishment - The company, through its indirect wholly-owned subsidiary, has signed a partnership agreement with China Life, Caixin Life, and other entities to establish a limited partnership [1]. - The total investment amount from all partners in the newly formed partnership is RMB 5.237 billion [1]. Group 2: Investment Strategy and Objectives - The partnership will primarily invest in the initial and follow-on offerings of publicly raised infrastructure REITs through strategic placements [2]. - The fund will also engage in non-public transactions to acquire circulating shares of infrastructure public REITs, aiming for flexible asset allocation to enhance overall returns and liquidity [2]. - The initiative is expected to introduce long-term capital into the Chinese REITs market, linking excellent enterprises in the infrastructure sector nationwide and establishing strategic partnerships in the investment and financing domain [2].

Group 1 - The core viewpoint of the announcement is the establishment of a partnership to create an investment fund focused on infrastructure public REITs, aiming to enhance capital appreciation and provide satisfactory returns for partners [1][2][3][4] - The total investment amount for the partnership is RMB 5.237 billion, with a strategy to invest in publicly offered infrastructure securities investment funds and to construct a diversified asset portfolio [2][3] - The partnership will primarily invest in the initial issuance and expansion of public REITs, while also engaging in non-public transactions to enhance overall returns and liquidity [3][4] Group 2 - The collaboration with China Life reflects a proactive strategic layout in line with national policies, focusing on the infrastructure public REITs sector [4] - The company aims to leverage its experience and expertise to balance returns and scale, adopting a long-term investment and value investment philosophy [4] - The partnership seeks to create a virtuous cycle of revitalizing existing assets and new investments, solidifying the company's position as a leader in the Chinese REITs market [4]

Core Viewpoint - China Life Property & Casualty Insurance Guangxi Branch is actively supporting the rural revitalization strategy by enhancing its agricultural insurance product system and providing significant risk protection to farmers, thereby contributing to the agricultural sector's stability and growth [1][2][3]. Group 1: Agricultural Insurance Products - The company has successfully implemented a local policy-based agricultural catastrophe weather index insurance in Tian Deng County, providing a total risk coverage of 6 million yuan for losses due to drought and heavy rainfall across 13 townships [2][5]. - In January, the first compensation payment for the target price insurance of star anise was made, amounting to over 8.36 million yuan, marking the largest single compensation in Yulin City for agricultural insurance [4][7]. - The introduction of target price insurance mechanisms ensures that farmers can maintain basic income levels despite market price fluctuations, significantly boosting their production confidence [7]. Group 2: Support for Farmers and Local Economy - The company provided risk protection to over 14,600 farming households, with total risk coverage exceeding 7.647 billion yuan and compensation payments surpassing 58 million yuan in the first quarter of 2025 [1]. - The Guangxi Branch has engaged in consumption assistance activities, purchasing 488 free-range yellow tangerine chickens from Dongyi Village to help expand sales channels for local agricultural products [8][10]. - The company has been actively involved in community service initiatives, including environmental clean-up and health outreach programs, to enhance local residents' satisfaction and support rural development [10]. Group 3: Future Plans and Innovations - The company plans to continue innovating agricultural insurance products and service models to improve the level of agricultural insurance protection and contribute to high-quality local economic development [10].

Core Insights - The report by China Life Asset Management Company addresses how to effectively invest as patient capital, highlighting the growing focus on insurance funds' long-term equity investments [1][2]. Group 1: Global Patient Capital Overview - As of the end of 2023, global patient capital reached a total asset size of $110 trillion, with a rising trend [2]. - Pensions account for 54.4% of this capital, amounting to $59.7 trillion, providing stable funding to capital markets [2]. - Insurance funds represent 32.5% of the total, with a size of $35.7 trillion, despite a decline from 2022 [2]. Group 2: Domestic Pension Investment Landscape - China's secondary market shows significant potential for expanding patient capital, with insurance companies' investment balance reaching 33.26 trillion yuan, and equity investments accounting for 21% [3]. - The basic pension fund's investment scale was 1.86 trillion yuan at the end of 2023, projected to grow to 2.3 trillion yuan in 2024, but the equity allocation remains significantly below international averages [3]. - The overall investment in stocks by insurance funds is 2.43 trillion yuan, representing 3.13% of the A-share market capitalization [3]. Group 3: Value of Patient Capital - Patient capital provides continuous funding support to enterprises, reducing market volatility through stable strategies and low turnover rates [4]. - It focuses on long-term returns, showing low sensitivity to market fluctuations and high risk tolerance [4]. - The investment philosophy emphasizes uncovering intrinsic asset value, prioritizing stable long-term returns over short-term price movements [4]. Group 4: Operational Logic of Patient Capital - The operational logic relies on stable liabilities from long-term institutional investors, ensuring continuous capital supply [6]. - It requires investors to have a value investment mindset and risk tolerance, supporting companies throughout their lifecycle [6]. - A diversified investment tool matrix is essential, utilizing various financial instruments to optimize resource allocation and promote sustainable economic development [6]. Group 5: Patient Capital Allocation Strategy - The strategy combines active and passive approaches to enhance investment returns and mitigate risks [7]. - Focus on high-dividend assets with stable fundamentals and clear business models, such as telecommunications and utilities [8]. - Attention to opportunities arising from technological and industrial revolutions, utilizing various investment vehicles [8]. - Consideration of index investment opportunities through Smart Beta indices and industry-themed ETFs to enhance long-term returns [8][9]. - Diversification into international markets through ETFs in U.S. and Hong Kong stocks, as well as commodities, to reduce the impact of single market volatility [9].

重要内容提示： 一、业绩发布会类型 中国人寿保险股份有限公司（"本公司"）将针对 2025 年第一季度业绩 和经营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。业 绩发布会将通过网络直播及文字互动方式召开。 证券代码：601628 证券简称：中国人寿 编号：临 2025－013 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国人寿保险股份有限公司 关于召开 2025 年第一季度业绩发布会的公告 （ 一 ） 投 资 者 可 于 2025 年 4 月 29 日 19:00-20:00 登 陆 https://roadshowchina.cn 收听业绩发布会并以文字方式提问，公司将在 业绩发布会上对投资者普遍关注的问题进行回答。 （二）投资者可于 2025 年 4 月 27 日 23:59 前将相关问题通过电子邮 件的形式发送至本公司投资者关系邮箱：IR@e-chinalife.com。本公司将 会于业绩发布会上对投资者普遍关注的问题进行回答。 五、联系人及咨询办法 本公司投资者关系团队，电子邮箱：IR@e- ...

Core Viewpoint - The appointment of Li Zhuyong as the Vice Chairman and President of China Life Insurance Group is expected to enhance the company's compliance management and risk control capabilities, particularly in the context of stricter financial regulations [1][4][5]. Group 1: Leadership Changes - Li Zhuyong has been officially appointed as the Vice Chairman and President of China Life Insurance Group, indicating his approval for the position [1]. - Prior to this role, Li served as the Deputy Secretary of the Party Committee at China Life and held various positions at China People's Insurance Group, showcasing his extensive experience in risk management and legal compliance [4]. Group 2: Risk Management Focus - Li emphasizes the importance of proactive risk management, advocating for early detection and intervention to prevent systemic risks in the financial sector [4]. - He highlights the need for a robust early warning system and the importance of addressing emerging risks promptly to maintain the company's reputation and operational stability [4][5]. Group 3: Technological Empowerment - Li advocates for the integration of technology in risk management, aiming to enhance the efficiency and effectiveness of risk control measures through data analysis and digital tools [5]. - The focus on breaking down data silos and innovating digital risk prevention strategies is seen as crucial for improving operational efficiency and customer experience [5]. Group 4: Strategic Development - China Life has outlined a "333 strategy" aimed at fostering high-quality development and creating new growth drivers in the areas of pension, health, and wealth management [6]. - The company is committed to deepening reforms and enhancing its core business while also focusing on digital transformation and cultural development within the organization [6].