Broker Name: China Galaxy International Securities (Hong Kong) Co., Limited
Date of Report: April 17, 2026
Excerpt from China Galaxy International Securities report.
Report Summary
- Stock: China Life Insurance (2628.HK)
- Action: ADD (Buy)
- Target Price: HK\$40.00
- Current Price (at report date): HK\$27.74
- Upside: 44%
Key Highlights & Actionable Insights
- China Life management expressed strong confidence in 1Q26F sales and new business value (NBV) growth after a post-results roadshow.
- Double-digit premium growth and up to 40% YoY NBV growth expected for 1Q26F, driven by margin expansion, especially in bancassurance channels.
- Despite a likely YoY decline in 1Q26F net profit due to weak equity markets, the broker recommends focusing on underlying metrics like NBV, which reflect sustainable business quality.
- Industry insider confidence: Ping An (a major Southbound investor) raised its stake in China Life to 11.06%, historically a positive sector signal.
- Valuation is attractive with P/EV trading 0.5 s.d. below its post-2010 average, supporting the ADD rating.
- Potential re-rating catalysts: Acceleration in premium/NBV growth or a rebound in A-share markets.
- Risks: Weaker investment returns, lower Southbound flows, and intensified competition in insurance and banking products.
Summary Table
| Stock |
Call |
Target Price |
Upside |
| China Life Insurance (2628.HK) |
ADD |
HK\$40.00 |
44% |
above is an excerpt from a report by China Galaxy International Securities (Hong Kong) Co., Limited. Clients of China Galaxy International Securities (Hong Kong) Co., Limited can be the first to access the full report from the China Galaxy International Securities website : https://www.chinastock.com.hk
