On August 29, New China Life Insurance Company Ltd. held its 2025 interim results announcement. Vice President Qin Hongbo stated that the company achieved strong investment performance in the first half of the year, which was the result of deep market insights and effective asset allocation. Facing industry-wide interest rate spread pressure, the company's overall approach is "asset-liability linkage," with specific measures outlined across two major dimensions: fixed income and equity investments.

Regarding fixed income investments, Qin Hongbo emphasized two core focus areas: First, maintaining strategic determination and ensuring proper cross-cycle matching of ultra-long-term bonds; Second, actively strengthening trading capabilities in fixed income investments to achieve "fixed income plus" through multi-asset, multi-strategy combinations and capturing trading opportunities, thereby enhancing overall portfolio returns.

For equity investments, Qin Hongbo indicated that under current market conditions, New China Life Insurance Company Ltd.'s equity investment strategy focuses on optimizing allocation structure to achieve long-term stable excess returns while effectively controlling volatility. The strategy concentrates on three key directions:

First, emphasizing the allocation value of high-dividend stocks. Against the backdrop of declining interest rate levels, Qin Hongbo believes quality high-dividend stocks offer multiple advantages: "They not only provide stable dividend cash flows and stable net investment yields, but also help smooth profit volatility through classification into OCI accounts under new accounting standards." He also mentioned that "regulatory authorities have introduced a series of policies to encourage and guide long-term funds and patient capital like ours to increase market participation."

Second, actively positioning in new productive forces aligned with national strategies. The company clearly aims to leverage the long-term advantages of financial and insurance funds around five major articles, actively supporting the development of strategic emerging industries and future industries.

Additionally, addressing market concerns about potential shareholding increases, Qin Hongbo stated that the company will make decisions based on comprehensive consideration of macroeconomic market conditions, the long-term value of specific targets and their compatibility with liability characteristics, as well as the company's own strategic synergies and operational needs.