1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A-share market is currently experiencing a valuation recovery. Measures such as large-scale equipment upgrades and consumer goods trade-ins are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and capital flows is expected to gradually emerge [30]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. As the stock market recovers, the inflow of incremental funds into convertible bonds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. In terms of terms and conditions, it is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. - Industries worthy of attention include popular themes such as AI computing power, humanoid robots, intelligent driving, low-altitude economy, data elements, and satellite Internet of Things; repair opportunities in low-position science and technology growth sectors such as semiconductors and innovative drugs; pro-cyclical and domestic demand sectors such as real estate, chemicals, and consumer electronics whose prosperity is gradually recovering; industries with both export advantages and domestic demand growth potential such as automobiles, home appliances, and engineering machinery; central state-owned enterprises represented by "China-headquartered" companies, the "Belt and Road" theme, and high-dividend sectors such as public utilities, petrochemicals, and precious metals under the Chinese characteristic valuation system; and the military industry driven by the resonance of hedging demand and industrial demand cycles [31]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. The "Diverse States" of Near-Maturity Convertible Bonds - As of August 22, 2025, 82 convertible bonds have been delisted this year, including 20 that have reached maturity. Among the matured and delisted convertible bonds, 6 have an actual maturity payment ratio of less than 1%, 3 have a payment ratio of over 90% (Nuclear Construction Convertible Bond, Haoke Convertible Bond, and Intelligent Convertible Bond), and the rest have a maturity payment ratio concentrated between 20% - 60% [10]. - The paths of promoting conversion and maturity payment of convertible bonds that have reached maturity this year vary. For example, the issuance amount of CITIC Convertible Bond is 40 billion yuan, but the final payment ratio is less than 1%. Its methods of promoting conversion are diverse, including the controlling shareholder's premium conversion and conversion during periods of negative premium rate due to the positive stock's "abnormal movement." Since December 2024, with the continuous rise of bank stocks, the conversion value of CITIC Convertible Bond has been significantly higher than the maturity value, accelerating the conversion process [13][14]. - In contrast, the Nuclear Construction Convertible Bond, a large central enterprise convertible bond, has a maturity payment ratio as high as 99.27%. The company's main business has a stable profit margin, and it has a relatively weak willingness to promote conversion, resulting in a smooth maturity payment [19]. - Most private enterprise convertible bonds (11 out of 18) have proposed to lower the conversion price during their tenure. However, due to factors such as weak performance and poor stock price performance of the underlying stocks, large-scale conversion has not been achieved. For example, Dafeng Convertible Bond achieved a large-scale conversion through a high negative premium rate before maturity, alleviating the payment pressure to some extent [21]. - As of August 22, there are still 14 convertible bonds approaching maturity this year. Some companies have a strong willingness to promote conversion, such as Jinneng Convertible Bond, which recently lowered its conversion price. It is recommended to analyze the company's willingness to promote conversion based on factors such as company attributes, debt repayment pressure, and research and communication, and pay attention to negative premium rate conversion and lower revision games during the conversion promotion process [28]. 3.1.2. Weekly Review and Market Outlook - This week, the A-share market showed an overall upward trend with active trading, and technology sectors led the market. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose to varying degrees, with the ChiNext Index performing particularly well. Sectors such as communication, comprehensive, and computer led the gains, while real estate and petrochemical sectors declined slightly [29]. - In the convertible bond market, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the inflow of incremental funds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. It is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Rose, with Communication, Electronics, and Comprehensive Sectors Leading - This week, major equity market indices rose. The Wind All A Index rose 3.87%, the Shanghai Composite Index rose 3.49%, the Shenzhen Component Index rose 4.57%, and the ChiNext Index rose 5.85%. The market style was more inclined towards large-cap growth stocks. Among small-cap indices, the CSI 1000 Index rose 3.45%, and the STAR 50 Index rose 13.31% [35]. - All 31 Shenwan industry indices rose this week, with communication, electronics, and comprehensive sectors leading the market with increases of 10.84%, 8.95%, and 8.25% respectively [38]. 3.2.2. The Convertible Bond Market Rose Significantly, and the Median of the 100-yuan Premium Rate Increased - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.83%, the Shanghai Convertible Bond Index rose 2.77%, the Shenzhen Convertible Bond Index rose 2.96%, the Wind Convertible Bond Equal-Weighted Index rose 3.20%, and the Wind Convertible Bond Weighted Index rose 2.86%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 94.06 billion yuan, an increase of 0.975 billion yuan compared to last week, and a total weekly trading volume of 470.3 billion yuan [40]. - At the industry level of convertible bonds, 29 industries rose, with the social services, beauty care, and computer industries ranking among the top three in terms of gains, with increases of 9.16%, 7.01%, and 5.28% respectively. At the corresponding underlying stock level, 26 industries rose, and 3 industries fell. The computer, electronics, and food and beverage industries led the gains, with increases of 10.14%, 8.92%, and 7.29% respectively [43]. - Most individual convertible bonds rose this week (414 out of 450). After excluding the closing data of newly listed convertible bonds, the top five convertible bonds in terms of weekly gains were Dongshi Convertible Bond (social services, 90.12%), Jintong Convertible Bond (non-ferrous metals, 22.92%), Huayi Convertible Bond (pharmaceutical biology, 19.84%), Weice Convertible Bond (electronics, 18.48%), and Dongjie Convertible Bond (machinery and equipment, 17.05%). The top five in terms of weekly trading volume were Outong Convertible Bond (power equipment, 23.791 billion yuan), Dayuan Convertible Bond (machinery and equipment, 23.686 billion yuan), Saili Convertible Bond (pharmaceutical biology, 12.55 billion yuan), Dongjie Convertible Bond (machinery and equipment, 12.492 billion yuan), and Huahong Convertible Bond (environmental protection, 11.35 billion yuan) [45]. - In terms of price, the number of absolute low-price convertible bonds decreased, and the median price of convertible bonds increased significantly. The number of convertible bonds with an absolute price of less than 110 yuan decreased by 3 compared to last week, the number in the 110 - 130 yuan range decreased by 40, the number in the 130 - 150 yuan range increased by 17, the number in the 150 - 200 yuan range increased by 14, and the number of those with a price greater than 200 yuan increased by 6. As of this Friday, the median price of the entire market's convertible bonds closed at 135.19 yuan, an increase of 3.03 yuan compared to last weekend [47]. - This week, the weighted conversion value of the entire market increased, and the premium rate decreased. The weighted average conversion value of the entire market based on the remaining bond balance was 102.18 yuan, an increase of 3.03 yuan compared to last weekend. The weighted conversion premium rate of the entire market was 40.64%, a decrease of 1.05 percentage points compared to last weekend. The 100-yuan parity premium rate (weighted average) was 29.42%, an increase of 4.92 percentage points compared to last weekend, and the median was 33.05%, an increase of 2.50 percentage points compared to last weekend. Currently, the 100-yuan parity premium rate is above the 50th percentile since 2017. The median implied volatility of the entire market was 41.78%, an increase of 3.91 percentage points compared to last weekend, and the pure bond premium rate of debt-biased convertible bonds was 14.50%, an increase of 3.55 percentage points compared to last weekend [51]. 3.2.3. High-Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of balanced convertible bonds slightly declined, while that of equity-biased convertible bonds increased significantly. The valuation of convertible bonds with a parity of 110 - 120 yuan decreased, while the valuation of other parity convertible bonds increased, with those in the 0 - 80 yuan and 100 - 110 yuan ranges increasing more significantly. The valuation of AAA, A+, and A and below convertible bonds increased, while that of AA+, AA, and AA- convertible bonds decreased. The valuation of small-cap and small - medium-cap convertible bonds increased, while that of medium-cap and large-cap convertible bonds decreased [59]. - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have both rebounded from their lows. As of this Friday, the conversion premium rate of equity-biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [59]. 3.2.3.2. Market Index Performance - This week, all convertible bonds of different ratings rose. AAA convertible bonds rose 1.77%, AA+ convertible bonds rose 3.57%, AA convertible bonds rose 3.67%, AA- convertible bonds rose 2.69%, A+ convertible bonds rose 3.67%, and A and below convertible bonds rose 2.55%. Since 2023, AAA convertible bonds have recorded a 22.35% return, AA+ convertible bonds 15.24%, AA convertible bonds 21.33%, AA- convertible bonds 29.60%, A+ convertible bonds 32.92%, and A and below convertible bonds 34.83%. Historically, high-rated AAA convertible bonds have shown stable performance, while low-rated convertible bonds have shown weaker downside resistance and greater rebound strength [74]. - This week, all convertible bonds of different scales rose. Small-cap convertible bonds rose 2.84%, small - medium-cap convertible bonds rose 2.66%, medium-cap convertible bonds rose 3.86%, and large-cap convertible bonds rose 2.29%. Since 2023, small-cap convertible bonds have recorded a 34.82% return, small - medium-cap convertible bonds 29.29%, medium-cap convertible bonds 26.30%, and large-cap convertible bonds 19.79% [74]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds that had been issued but not yet listed. Among the convertible bonds to be listed, Weidao Convertible Bond and Jinwei Convertible Bond both have a scale of over 1 billion yuan. This week, there were 12 primary approvals (from August 18 to August 23, 2025), with no convertible bonds approved for registration by the CSRC. Three convertible bonds, including Dingjie Shuzhi (828 million yuan), Lianrui Xincai (720 million yuan), and Jinpan Technology (1.672 billion yuan), were accepted by the exchange [80]. - From the beginning of 2023 to August 22, 2025, the total number of planned convertible bonds was 93, with a total scale of 150.36 billion yuan. Among them, the number of convertible bonds approved by the board of directors was 19, with a total scale of 28.493 billion yuan; the number approved by the general meeting of shareholders was 36, with a total scale of 64.672 billion yuan; the number accepted by the exchange was 30, with a total scale of 41.847 billion yuan; the number approved by the listing committee was 4, with a total scale of 8.979 billion yuan; and the number approved for registration by the CSRC was 4, with a total scale of 6.37 billion yuan [81]. 3.3.2. Lower Revision and Redemption Clauses - This week, 8 convertible bonds announced that they were expected to trigger a lower revision, 4 convertible bonds announced that they would not be revised downward, and Qifan Convertible Bond proposed a lower revision, with no convertible bonds announcing the result of the lower revision [84][87]. - This week, 12 convertible bonds announced that they were expected to trigger early redemption, 7 convertible bonds announced that they would not be redeemed early, and 6 convertible bonds, including Chongda Zhuan 2, Dayuan Convertible Bond, Haitai Convertible Bond, Sheyan Convertible Bond, Dongjie Convertible Bond, and Rongtai Convertible Bond, announced early redemption [86][88][89]. - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 9 convertible bonds still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's tendency for lower revision [91].

业 及 产 业 2025 年 08 月 23 日 冯思远 (8621)23297818× fengsy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 研究支持 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 上市银行有望开启新一轮稳 ROE 周期 看好 ——银行新周期、新格局系列之再看盈利驱动 前言：我们曾在今年 5 月发布的专题报告《再论银行业投资框架与配置价值》中提出一个核 心判断：上市银行或已重新进入 ROE 趋稳阶段。基于此，当我们讨论银行股估值时，在传统 PB 视角的基础上参考 PE 会更能凸显银行的配置价值。本篇报告从维护金 ...

Core Viewpoint - The company, Hao Tai Tai, announced the purchase of a financial product from CITIC Bank using idle funds, with a total investment of 100 million yuan, and the product has matured with a reported yield of 498,100 yuan [2] Summary by Relevant Sections - **Investment Details** - The company invested 100 million yuan in a structured deposit product named "Co-win Hui Xin Exchange Rate Linked RMB Structured Deposit A04838" [2] - The investment period was from May 24, 2025, to August 22, 2025 [2] - **Financial Outcome** - The actual yield from the investment upon maturity was 498,100 yuan [2]

Core Viewpoint - The China Securities Index for Hong Kong-listed tradable mainland banks has shown a mixed performance, with a recent decline over the past month but an overall increase year-to-date [1]. Group 1: Index Performance - The HKT Mainland Bank Index is reported at 1183.60 points, having decreased by 4.99% over the past month, increased by 4.64% over the past three months, and risen by 17.74% year-to-date [1]. - The index is part of a series that includes HKT Hong Kong Real Estate, HKT Mainland Consumption, and HKT Mainland Banks, reflecting the overall performance of related securities in the Hong Kong market [1]. Group 2: Index Composition - The top ten holdings in the HKT Mainland Bank Index are as follows: China Construction Bank (31.15%), Industrial and Commercial Bank of China (24.07%), Bank of China (17.23%), China Merchants Bank (10.32%), Agricultural Bank of China (7.87%), CITIC Bank (3.5%), Postal Savings Bank of China (2.56%), Minsheng Bank (1.4%), Chongqing Rural Commercial Bank (0.71%), and China Everbright Bank (0.64%) [1]. - The index is exclusively composed of financial sector stocks, with a 100% representation from this industry [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Core Viewpoint - The A-share market is experiencing a significant rally, surpassing 3800 points, driven by substantial inflows of long-term capital, particularly from insurance funds and foreign investments [2][3][4]. Group 1: Market Performance - On August 22, the semiconductor sector surged, leading the Shanghai Composite Index to reach a 10-year high of over 3800 points, with trading volumes exceeding 2 trillion yuan for eight consecutive days [2][3]. - The A-share market has seen a 14.69% increase over nearly 100 trading days, rebounding over 25% from its lowest point [8]. - The total market capitalization of A-shares has surpassed 100 trillion yuan [2]. Group 2: Capital Inflows - Insurance funds have injected over 640 billion yuan into the market in the first half of the year, significantly exceeding the total for the previous year and marking a historical high [3][10]. - In the first half of 2025, foreign capital net purchases of domestic stocks and funds reached 10.1 billion USD, reversing a two-year trend of net selling [12]. - The shift of household deposits to non-bank sectors indicates a trend of retail investors moving funds into the stock market [13]. Group 3: Sector Analysis - The banking sector has seen a remarkable recovery, with Agricultural Bank of China's stock price reaching a historical high, supported by institutional investments [15][16]. - Insurance funds have made significant investments in the banking sector, with 12 out of 30 notable stakes being in banks, highlighting their preference for high dividend yields in a low-interest-rate environment [16][18]. Group 4: Economic Factors - The A-share market's rise is supported by improving economic fundamentals, including a recovery in corporate earnings and consumer price index (CPI) trends [21][23]. - Recent government policies aimed at curbing excessive competition and optimizing supply structures are seen as key drivers for the current market rally [21][22]. Group 5: Investment Trends - Financial institutions are actively researching A-share companies, with a notable increase in foreign institutional interest [26]. - Fund managers are shifting focus towards undervalued stocks with clear recovery trajectories, indicating a strategic repositioning in response to market dynamics [29].

21世纪经济报道特约记者庞华玮备受关注的科创债ETF迎来首次扩容。 近日，华泰柏瑞、永赢、国泰、大成、汇添富、泰康、兴业、摩根、中银、天弘、银华、工银瑞信、华 安、万家等14家基金公司集体上报第二批科创债ETF。 首批10只科创债ETF在发行时均是"一日售罄"，目前整体规模已经突破1100亿元大关，较上市前增长逾 3倍。在首批科创债上市后首月，交易所科创债换手率从月换手率10%以内提升到18%。 业内普遍看好科创债ETF的投资价值。 第二批科创债ETF正式上报 证监会网站显示，8月20日，14家基金公司集体上报第二批科创债ETF，其中，8只将在上交所上市，6 只将在深交所上市。 其中，10只科创债ETF将跟踪中证AAA科技创新公司债指数，分别为华泰柏瑞、汇添富、国泰、泰康、 兴业、天弘、华安、工银瑞信、大成等基金公司上报的产品。3只跟踪上证AAA科技创新公司债指数， 分别由摩根、永赢、中银等基金公司上报的产品。1只跟踪深证AAA科技创新公司债指数，为万家基金 上报的产品。 加上首批10只科创债ETF，目前已有24家基金公司布局科创债ETF产品。未来仍有机构有意布局。 这意味着，各家机构都看好这一领域，希望抢占 ...

转自：新华财经 近日，中信银行南昌分行为江西省丰城市科技型中小企业江西某食品有限公司提供了一笔低息中长期贷 款支持，通过透明化、标准化服务，明示综合融资成本，减轻企业融资负担，以"真金白银"的让利举措 护航企业高质量发展。 "以往申请贷款时，除了利息，还要考虑评估费、手续费等隐性成本，现在中信银行不仅主动下调利 率，还承担了全部评估费用，综合成本一目了然！"江西某食品有限公司负责人说。 据悉，该企业因订单激增面临短期资金压力，中信银行南昌分行在调研中精准识别需求，为其量身定制 了457天的抵押贷款方案：一方面将贷款利率下调至低于LPR的市场优惠水平，另一方面全额承担评估 费用8724元，并通过《企业综合融资成本清单》明确列示各项费用，确保企业清晰掌握实际负担。 "江西某食品有限公司通过利率优惠和费用减免，预计节约融资成本超10%，缓解科技型中小企业'融资 贵'难题。"中信银行南昌分行相关负责人说，中信银行南昌分行聚焦解决中小企业融资中的"隐性成 本"痛点，通过"一降一免一透明"组合拳（降低利率、减免费用、明示成本），推动企业综合融资成本 持续下降。目前，中信银行南昌分行累计为省内400余家企业提供明示化贷款服 ...

新京报贝壳财经讯（记者黄鑫宇）8月21日，记者从北京"专精特新"专板运营主体——北京股权交易中 心（简称"北股交"）获悉，近日，北股交完成了首笔认股权线上转让业务。转让认股权的标的企业是北 京"专精特新"专板中一家聚焦于空间激光通信技术的高新技术企业，同时也是北京市商业航天和低空经 济产业投资基金的被投企业。 北股交表示，该笔认股权的转让不仅盘活了中信北分的科创金融资产，也体现了北股交认股权平台在赋 能科创企业融资、提升金融服务效率方面的创新价值。 这标志着北股交自获得认股权综合服务试点平台（简称"认股权平台"）资质并建成业务系统后，首次实 现了认股权从登记确权、资产估值到转让交易的线上化闭环操作。 据悉，下一步，北股交将继续发挥北京区域性股权市场制度和业务创新试点引领作用，持续深化与合作 伙伴的合作，依托北京"专精特新"专板和认股权平台构建科技金融联动机制，拓宽科创企业融资渠道， 提升资本效率，打造首都特色科技金融服务生态，助力科创企业高质量发展。 该笔认股权从登记确权、转让申请、合格投资者开户，到交易结算审核，所有环节均在认股权线上业务 系统内一站式完成，真正实现了数字化业务闭环。 准确而言，该笔业务是中 ...

此次宣传不仅提升了商户对相关政策的知晓度，也进一步增强了现金服务的便利化水平。下一步，中信 银行南昌分行营业部将持续深耕现金服务工作，常态化推进整治拒收现金宣传，为畅通现金支付渠道贡 献金融力量。（肖芸） 编辑：赵鼎 活动中，南昌分行以营业网点为核心宣传阵地，在网点专区整齐摆放整治拒收现金的宣传折页与手册， 墙面张贴主题宣传海报，并通过大厅显示屏循环播放政策解读视频，营造浓厚宣传氛围。工作人员在办 理业务时，结合客户需求主动讲解现金支付权益，重点推广零钱包服务，为有零钱需求的客户发放标准 版及印有中信标识的定制版零钱包，切实提升现金服务的针对性。 此外，该行还组织员工深入周边商户开展走访，向周边便利店、餐饮店等发放《整治拒收人民币现金倡 议书》及宣传资料，现场讲解拒收现金的违规性；同时提供"上门兑换零钱包"服务，为商户送去零钱专 用袋，精准满足日常找零需求，引导商户深刻认识到"爱护人民币、维护流通秩序是公民应尽义务"。 转自：新华财经 为维护人民币流通秩序与消费者现金权益，中信银行南昌分行营业部多渠道、多措施开展整治拒收人民 币现金相关宣传活动。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2] Core Views - The insurance sector is undergoing a value reassessment during its transformation phase, highlighted by China Ping An's stake acquisition in China Pacific Insurance and China Life Insurance [3][52] - The report emphasizes the potential for high dividend yields in insurance stocks, which are increasingly being viewed similarly to bank stocks in terms of asset allocation [3][52] - The securities sector is experiencing explosive growth in mid-year performance forecasts, with notable profit increases from several listed brokerages [3][51] Summary by Sections Market Review - As of August 21, 2025, the banking, securities, and insurance indices have shown respective changes of -2.00%, +6.94%, and +2.13%, with the CSI 300 index up by +4.21% [15] - Agricultural Bank (+7.75%), Changcheng Securities (+33.37%), and China Pacific Insurance (+7.20%) were the best performers in their respective sectors [15] Valuation Situation - As of August 21, 2025, the banking sector's price-to-book (PB) ratio is 0.76, with state-owned banks at 0.80, joint-stock banks at 0.66, city commercial banks at 0.74, and rural commercial banks at 0.65 [25] - The report indicates that the securities sector has a PB ratio of 1.63, suggesting room for valuation recovery [30] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate is 2.0%, and the Loan Prime Rates (LPR) for one year and five years are 3.0% and 3.5%, respectively [35] - The average daily trading volume in A-shares reached 25,475.45 billion yuan, reflecting a 22.60% increase [37] Industry News - China Ping An's recent acquisitions in H-shares of China Pacific Insurance and China Life Insurance signal a strong belief in the long-term value of the insurance sector [42] - The report highlights a significant increase in insurance funds allocated to equities, with a rise from 7.3% to 8.47% in the proportion of insurance funds invested in stocks [42] Company Announcements - China Pacific Insurance reported a 9% year-on-year increase in original insurance premium income for the first seven months of 2025, totaling 185.96 billion yuan [46] - Jiangyin Bank's half-year report showed a 10.45% increase in operating income, reaching 2.40 billion yuan, with a net profit increase of 16.63% [46] Weekly Views - The report suggests focusing on banks that benefit from high economic growth areas and have strong performance certainty, such as Ningbo Bank, Hangzhou Bank, and Chengdu Bank [49] - In the insurance sector, the report recommends focusing on companies with strong growth in new business value and premium income, such as China Pacific Insurance and China Life Insurance [53]