格隆汇October 10th | swhy research pointed out that new china life insurance (601336.SH) has announced an increase in performance for the first three quarters, with the estimated Q3 quarterly net income attributable to mothers ranging from 7.524-9.432 billion yuan, an increase of 7.96-9.868 billion yuan from the same period last year (the company reported a loss of 0.436 billion yuan in 3Q23, which is not applicable year-on-year), benefiting from the recent significant recovery in the capital markets, the company's investment income significantly improved, driving performance growth beyond expectations. New china life insurance is considered a flexible choice in the high-elasticity sector of the insurance sector, with high asset-side elasticity, great potential for liability-side growth, and relatively strong beta characteristics. The performance of the third quarter exceeded expectations, raising the expected net income attributable to mothers for 2024-2026 to 21.417/22.923/25.991 billion yuan (previously forecasted as 14.988/17.351/21.812 billion yuan). As of October 8th, the corresponding PEV (24E) was 0.57x, maintaining a “buy” rating.