China Life Insurance: Remains optimistic about the A-share market in the second half of the year.

At the 2025 mid-term performance release conference held on the 28th, Liu Hui, Vice President and Chief Investment Officer of China Life, responded to asset allocation by stating that the bond market remains volatile at a low level, overall stock market valuations are reasonable, the market bottom is relatively solid, and positive factors are accumulating. She remains optimistic about the A-share market in the second half of the year, and will continue to focus on the rotation of rising sectors in the market, such as investment opportunities in technology innovation, advanced manufacturing, new consumption, and overseas companies. She stated that in the second half of the year, they will focus on the asset allocation strategy of "keeping stable in asset allocation and optimizing flexible assets", maintaining a neutral and flexible asset allocation strategy, and keeping the asset-liability duration gap at a low level. In terms of the equity market, they will actively implement the requirements for long-term funds entering the market, continuously optimize the equity allocation structure, focus on the allocation of new productive forces and high-quality high-dividend stocks, and constantly improve the stability and long-term return potential of equity allocation.