According to Orient Securities Research Report, China Life plans to commit 4.999 billion yuan to set up a special semiconductor fund to further strengthen the hard technology industry with insurance funds. The establishment of a special semiconductor fund shows that China Life actively plays the role of “patient capital”, which helps optimize the asset allocation structure, broaden the sources of long-term investment income, and strengthen investment capabilities in the primary market. It is expected that the short-term impact on the company's profit and embedded value will be limited. The profit forecast and valuation assumption will remain unchanged. Using the 2026E intrinsic value as the valuation anchor, the company will be given 1.0 xp/EV in 2026, corresponding to a target price of 55.20 yuan, to maintain a “buy” rating.

According to Orient Securities Research Report, China Life plans to commit 4.999 billion yuan to set up a special semiconductor fund to further strengthen the hard technology industry with insurance funds. The establishment of a special semiconductor fund shows that China Life actively plays the role of “patient capital”, which helps optimize the asset allocation structure, broaden the sources of long-term investment income, and strengthen investment capabilities in the primary market. It is expected that the short-term impact on the company's profit and embedded value will be limited. The profit forecast and valuation assumption will remain unchanged. Using the 2026E intrinsic value as the valuation anchor, the company will be given 1.0 xp/EV in 2026, corresponding to a target price of 55.20 yuan, to maintain a “buy” rating.