Swhy research points out that New China Life Insurance (601336.SH) announced an increase in performance for the first three quarters. According to calculations, the net income attributable to the parent company for Q3 was between 7.524-9.432 billion yuan, an increase of 7.96-9.868 billion yuan compared to the same period last year (the company had a loss of 0.436 billion yuan in 3Q23, the year-on-year performance comparison is not applicable). Benefitting from the recent significant recovery in the capital markets, the company's investment income has significantly increased, driving performance growth beyond expectations. New China Life Insurance is the choice of elasticity within the high elasticity sector of the insurance sector, with high elasticity on the asset side, great growth potential on the liability side, and a relatively strong beta attribute. The third-quarter profit performance exceeds expectations, with an upward revision of the net income attributable to the parent company for the years 2024-2026 to 21.417/22.923/25.991 billion yuan (originally forecasted at 14.988/17.351/21.812 billion yuan). As of October 8, the corresponding PEV (24E) is 0.57x, maintaining a 'buy' rating.