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 growth of +173.9%/+1767.1%, significantly exceeding expectations. Benefiting from the recovery of the stocks market, the company's total investment income for the first three quarters increased significantly by 152.4% year-on-year to 261.419 billion yuan; among them, the fair value change profit and loss for the first three quarters increased by +8008.5% to 147.655 billion yuan, being the core driving force behind the high increase in total investment income. As a leader in life insurance, the company is expected to be the first to benefit from the accelerated optimization trend of the next stage industry competition and the implementation of regulatory support policies. The company continues to advance life insurance reform, and the effects are expected to continue to show. As of November 4, the stock price corresponds to PEV(24E) at 0.87x, maintaining a 'buy' rating.