机构：招银国际 研究员：Nika MA Downside risks: 1) significant interest rate shock; 2) heightened equity marketvolatilities; 3) slower-than- expected new business sales or transition to par products;4) weaker-than-expected jumpstart sales in 4Q25, etc. China Life reported a strong set of 3Q earnings, with 3Q25 net profit almost doubledon top of a high base in 3Q24 to RMB 126.9bn, marking a rise of 92% YoY andlifting the 9M25 result up by 61% YoY to RMB 167.8bn, close to the mid-point ofprofit alert. The surge outpaced ...