November 5th, Gelonghui | Swhy research reports pointed out that China Life Insurance (601628.SH) achieved a net income attributable to the mother of 104.523/66.245 billion yuan in the first three quarters/Q3, with a year-on-year increase of +173.9%/+1767.1%, significantly exceeding expectations. Benefiting from the warming up of the stock market, the company's total investment income in the first three quarters increased by 152.4% year-on-year to 261.419 billion yuan; among them, the fair value change profit and loss in the first three quarters yoy+8008.5% to 147.655 billion yuan, is the core driving force for the high growth of total investment income. As the "leader" in life insurance, the company is expected to be the first to benefit from the accelerated optimization trend of the industry competition pattern in the next stage and the landing of regulatory support policies. The company continues to promote life insurance reform, and the effects are expected to continue to show. As of November 4th, the stock price corresponding to PEV (24E) is 0.87x, maintaining a "buy" rating.