Morgan Stanley has released a research report updating its financial model for China Life (02628) based on the company's first-half 2025 performance. The report indicates that benefiting from the stock market rally in 2025 and steady sales growth, the firm has revised upward its earnings per share forecasts for China Life from 2025 to 2027 by 13.1%, 1%, and 1.9% respectively. Against the backdrop of margin improvements, new business value growth is expected to reach 6.6%, 8.1%, and 8.5% for each respective year. Adjustments to both embedded value and book value are controlled within 1%. Taking all factors into consideration, Morgan Stanley has raised China Life's target price (base case scenario) from HK$25 to HK$25.7, representing a 2.8% increase, while maintaining an "Overweight" rating.