Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating that the sector has outperformed the CSI 300 index, with a 0.2% increase in the home appliance index compared to a 0.3% decrease in the CSI 300 index [4][5]. Core Insights - The home appliance sector is experiencing a mixed performance, with leading companies like Zhejiang Meida, Aojiahua, and Biyi Co. showing significant gains, while companies like Lek Electric and Huaxiang Co. are facing declines [4][7]. - The acquisition of Jiamei Packaging by the actual controller of Chasing Technology for 2.282 billion yuan is a notable industry development, with commitments for stable profit growth [10]. - iRobot, a leading global brand in robotic vacuum cleaners, has filed for bankruptcy protection and is expected to be acquired by Shenzhen Shanjun Company, highlighting competitive pressures from Chinese firms [11]. - November sales data for major appliances show significant declines in both volume and revenue, with air conditioners, refrigerators, and washing machines all experiencing substantial drops [35][37][40]. Summary by Sections Industry Performance - The home appliance sector has outperformed the broader market, with a 0.2% increase in the sector index against a 0.3% decline in the CSI 300 index [4][5]. - Key companies leading the gains include Zhejiang Meida (up 12.2%), Aojiahua (up 8.1%), and Biyi Co. (up 4.1%), while Lek Electric (-10.9%), Huaxiang Co. (-4.7%), and Sanhua Intelligent Control (-3.5%) faced declines [4][7]. Industry Dynamics - Jiamei Packaging was acquired for 2.282 billion yuan, with commitments for a minimum net profit of 1.2 billion yuan from 2026 to 2030 [10]. - iRobot's bankruptcy highlights the competitive landscape, with its revenue of $146 million in Q3 2025 and a loss of $22 million, alongside a cash reserve of only $25 million [11]. Sales Data Observations - November data shows a significant decline in sales for major appliances: air conditioners down 47.4% in volume and 55.7% in revenue, refrigerators down 44.6% in volume and 51.7% in revenue, and washing machines down 42.0% in volume and 50.0% in revenue [35][37][40]. - The average prices for air conditioners, refrigerators, and washing machines have also decreased, indicating a challenging market environment [35][37][40].

Group 1: Report Investment Rating - No industry investment rating is provided in the report. Group 2: Core Views - Based on fund holdings, innovation - driven technology industry funds can be classified into five categories: "Technology + Satellite", "Sub - sector Track", "Technology Rotation", "Technology Balance", and "Sector Rotation". Most fund managers adopt "Sub - sector Track" and "Technology + Satellite" strategies, while few use the "Sector Rotation" strategy [3]. - The overall investment capabilities of innovation - driven technology industry funds are as follows: Their performance is slightly weaker than the sector index, which is related to insufficient technology positions in the samples. They are relatively good at stock - picking in the electronics, communication, and media industries but not in the computer industry. Fund managers of these funds have stronger stock - picking abilities for technology stocks compared to those of all - industry funds [3]. - When comparing pharmaceutical industry funds with different style characteristics from seven dimensions: High turnover does not necessarily lead to high returns. There is a significant positive correlation between the growth and quality of the stocks held by innovation - driven technology industry funds. The market - value style of the stocks held by technology funds is generally balanced. The left - right side investment of technology funds is generally to the right of the market median. By analyzing the skewness and kurtosis coefficients of the stock - picking return distribution, fund managers with stronger stock - picking ability confidence can be found. By looking for similar funds and analyzing their performance in favorable and unfavorable environments, the environmental adaptability of fund managers can be characterized. The performance distribution of sub - sector rotation is scattered. In the past year, top - performing products have mainly invested in AI - themed track stocks [3]. - To screen the observation list of innovation - driven technology industry funds, the following quantitative indicators can be referred to: excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, left - right side investment ability. For rotation - type products and "Technology + Satellite" style products, the sub - sector rotation effect should be additionally considered. Other factors to consider include a relatively long tenure of the fund manager and an appropriate fund size [3]. Group 3: Summary by Directory 1. Classification of Innovation - Driven Technology Industry Funds - **Classification Method**: Based on the holdings of innovation - driven technology funds, two major sub - sectors are identified: AI - related (including AI computing power, other AI devices, and AI applications) and other Shenwan industry - corresponding classifications. Funds are further divided into five types according to their allocation ratios and rotation characteristics: "Technology + Satellite" (60% - 70% average allocation to innovation - driven technology), "Sector Rotation" (less than 60% average allocation), "Sub - sector Track" (average sub - sector allocation > 40% and latest allocation > 50%), "Technology Rotation" (average one - way annualized turnover rate of internal primary industries in technology > 60%), and "Technology Balance" [12]. - **Scale and Quantity Distribution**: "Sub - sector Track" funds are dominant in terms of scale and quantity, mainly investing in AI - related sub - sectors. "Technology + Satellite" and "Technology Balance" products also have relatively prominent scale and quantity [13]. - **Overall Situation of Technology ETFs**: In 2025, the scale of innovation - driven technology funds and technology ETFs was generally similar, but the scale of technology ETFs increased more significantly starting from Q2. Most of the top - scale technology ETFs track the Hong Kong Stock Connect Internet/Hang Seng Technology Index. High - scale technology ETFs focusing on A - shares include those related to the Shanghai Science and Technology Innovation Board and the China Securities Index of Semiconductor Chips [21]. - **Overview of All Tracked Indexes of Technology ETFs**: A list of indexes with a tracking scale of over 2 billion yuan by technology ETFs is provided, including details such as the index code, name, tracking ETF scale, number of tracking ETFs, and management and custody fees [22]. - **Weighted Stocks and Concentration Characteristics of Tracked Indexes of Technology ETFs**: The concentration and top - ten component stocks of representative tracked indexes of technology ETFs are presented, showing the distribution of component stocks in different indexes [23]. 2. Shareholding Characteristics: Can Innovation - Driven Technology Industry Funds Generate Positive Excess Returns? - **Overall Excess Returns**: As a whole, innovation - driven technology industry funds do not perform outstandingly compared to passive indexes, which is related to the technology concentration. The samples include many funds with low technology positions or rotation characteristics, making it difficult to outperform comparable indexes during some periods of excellent performance in the innovation - driven technology sector [29]. - **Excess Returns by Industry**: These funds are relatively good at generating excess returns in the electronics, communication, and media industries but not in the computer industry [30]. - **Stock - Picking Ability for Technology Stocks**: Fund managers of innovation - driven technology industry funds have stronger stock - picking abilities for technology stocks compared to those of all - industry funds. The weaker performance of the funds compared to the index is mainly due to insufficient technology positions [33]. - **Shareholding Characteristics Compared with Balanced Funds**: Innovation - driven technology industry funds and balanced funds have a high degree of consistency in their preference for sub - sectors, only differing in the absolute values of holding ratios. Innovation - driven technology industry funds pay more attention to AI computing power - related stocks, while balanced funds also focus on chips, AI applications, etc. [38]. - **Cluster Analysis**: Through cluster analysis, technology industry funds can be divided into five types. Types 1 - 3 mainly focus on AI - related stock investments, Type 4 includes "Technology + Satellite" or "Technology Balance" funds with low technology positions, and Type 5 includes "Technology Balance" + some AI device - type funds with relatively poor performance [41]. 3. Comparison of Innovation - Driven Technology Funds with Different Style Characteristics - **Turnover and Trading Dimension**: In the past year, technology theme funds with moderate turnover have an overall advantage. In the past two years, there are top - performing products among both medium - high turnover and low - turnover funds. However, extremely high - turnover funds generally do not have excellent performance [44][47]. - **Shareholding Style Dimension**: - **Growth and Quality**: There is a significant positive correlation between the growth and quality of the stocks held by technology theme funds. Top - performing technology products generally balance growth and quality [51]. - **Market - Value Style**: The market - value style of the stocks held by technology funds is generally balanced. The AI computing power and AI device sectors are more inclined to large - and medium - cap stocks, while the computer, software development, and media sectors are more inclined to small - and medium - cap stocks. There are top - performing products in both large - and medium - cap and market - value rotation styles [56]. - **Popularity of Shareholding Dimension**: The proportion of technology sectors in market - preferred stocks has increased significantly in recent periods, and the structure has changed significantly. There are top - performing products in all types of products in terms of shareholding popularity, with those mainly holding market - preferred stocks performing slightly better in the past two years [59]. - **Left - Right Side Dimension**: Overall, the left - side buying coefficient of technology theme funds is to the right of the median of active equities. There are top - performing products in both left - side and right - side investment styles in the past two years, mostly from AI - related sectors [63]. - **Stock - Picking Ability Dimension**: By calculating the skewness, kurtosis, and mean/standard deviation of the stock - picking return distribution of technology funds, products with moderately right - skewed, moderately peaked distributions and high mean/standard deviation values are selected. Most of these products are in the AI device and AI computing power sectors and can achieve over 130% returns in the past two years [66]. - **Favorable and Unfavorable Environment Dimension**: By using the performance of similar funds as the beta environment, the favorable and unfavorable environments of fund products can be effectively divided. Different types of products show different adaptability to market environments. For example, products with strong performance in unfavorable environments and relatively balanced performance in both environments are mostly AI device and technology - balanced products, while products with strong performance in favorable environments are relatively more concentrated in the AI computing power sector [70]. - **Sub - sector Rotation Dimension**: The sub - sector rotation performance of technology theme funds is scattered, indicating a large difference in the industry rotation effect among different products. There are actively rotating, rotation - downplaying, and timely rotating products among technology theme products [76]. - **Top - Performing Products in the Past Year**: The top - performing technology products in the past year are mostly AI computing power and AI device - themed products, significantly outperforming the overall technology funds. Most of these products had similar holdings in 25Q2, with many heavily investing in Xinyisheng and Zhongjixuchuang. Most top - performing products showed significant performance elasticity in Q3 [81]. - **QDII Active Technology Funds**: There are currently a small number of QDII active equity funds focusing on global technology investment opportunities. Their investment methods vary significantly, including those considering opportunities in the Greater China region and US - listed technology companies or Chinese concept stocks with regional rotation, those focusing on US stocks, those with distinct regional allocation characteristics, and those mainly investing in overseas index funds [82][85]. 4. Observation List of Technology Funds - **Selection Criteria**: Quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, left - right side investment ability, and sub - sector rotation effect (for rotation - type and "Technology + Satellite" style products) are considered. Other factors include a relatively long tenure of the fund manager and an appropriate fund size. For new fund managers, the time - length and scale requirements can be moderately relaxed. Only one product per fund manager per category is selected, excluding fixed - term and holding - period products [89]. - **Observation List**: A list of technology funds is provided, including details such as the primary and secondary classifications, fund code, abbreviation, fund manager, tenure, fund size, and performance indicators in the past two years [91].

Investment Rating - The report maintains a positive outlook on the retail industry, indicating a favorable investment environment supported by multiple policies aimed at expanding domestic demand [2][5]. Core Insights - The retail index increased by 6.66% from December 15 to December 19, 2025, outperforming the CSI 300 index by 6.94 percentage points, ranking first among Shenwan's primary industries [2][22]. - A series of policies have been implemented to promote domestic circulation and the construction of a domestic demand system, positioning the retail sector as a key focus for nurturing domestic demand [5][6]. - The retail sector is expected to benefit from systematic support for quality and service transformation during the 14th Five-Year Plan period, with core companies likely to see earnings inflection points ahead of expectations [2][5]. - Offline retail formats are experiencing stable growth, with significant improvements in same-store sales due to the adoption of the "Fat Transformation" model [9][11]. - In November 2025, the total retail sales of consumer goods grew by 1.3% year-on-year, below market expectations, influenced by high base effects from previous policies [12][19]. Summary by Sections 1. Core Views of the Week - Multiple policies are being coordinated to advance the construction of a domestic demand system, with offline retail formats continuing to recover [5][6]. - The retail sector is identified as a critical area for fostering domestic demand through innovative development [5][6]. 2. Market Performance - The retail index's performance of +6.66% positions it as the top performer among industries, while the social service index increased by 2.66% [22][23]. - Key stocks in the retail sector saw significant gains, with Baida Group up by 51.60%, Lihua Shares by 31.33%, and Shanghai Jiubai by 30.47% [25][34]. 3. Policy Developments - Recent policies focus on enhancing domestic demand and consumer spending, with specific measures to support the retail sector [6][19]. - The "Fat Transformation" model is being adopted by major retail companies to improve operational efficiency and profitability [9][10]. 4. Consumer Trends - The online retail growth rate has slowed due to the pre-emptive nature of the Double Eleven shopping festival, while offline retail is accelerating its transformation [14][19]. - The service retail sector continues to show robust growth, with a year-on-year increase of 4.2% in the service production index [15][19].

Investment Rating - The report maintains a "Buy" rating for high-end liquor companies and recommends several key stocks in the food and beverage sector [6][8]. Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative for economic stability and security, with government agencies prioritizing this in 2026 [6][8]. - Despite recent price fluctuations in high-end liquor, the report anticipates a recovery in the sector, projecting a potential turning point in fundamentals by Q3 2026 [6][8]. - The report identifies systemic opportunities in consumer goods, particularly in the food sector, with a focus on CPI as a core observation indicator [6][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 1.05% increase last week, with the liquor segment declining by 0.58% [5]. - The report ranks the food and beverage sector 13th among 31 sub-industries in terms of performance [5]. 2. Market Performance of Food and Beverage Segments - The report highlights the recent price movements of key liquor brands, including Moutai and Wuliangye, with Moutai's bottle price increasing by 45 RMB to 1545 RMB [7][30]. - Wuliangye is focusing on optimizing its product matrix and channel strategies to enhance long-term growth [7]. 3. Industry Matters - The report discusses the expected improvement in the supply-demand dynamics of the dairy industry in 2026, recommending stocks like Yili and New Hope Dairy [8][9]. - It also notes the high dividend yield of Hai Tian Wei Ye, projecting a dividend payout of 17.54 billion RMB [9][26]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 20.10x, with a premium rate of 24% [30]. - The liquor segment's dynamic PE stands at 18.49x, with a premium rate of 14% [30].

新 三 板 研 究 2025 年 12 月 21 日 主题活跃成交回升，关注蘅东光申 购 ——北交所策略周报（20251215-20251221） 本周策略观点： 北交所新股： 本周市场行情： ⚫ 本周新挂牌 2 家，摘牌 3 家，周新增计划融资 0.52 亿元，完成融资 3.14 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 新三板动态： 吕靖华 A0230124070002 lvjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 专 题 研 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The chemical industry is expected to experience a restructuring in the spandex sector, with a potential upward trend in market conditions. The EU has decided not to impose anti-dumping measures on Chinese tires, which does not alter the competitive advantages for companies expanding overseas [3][4]. - The report highlights the macroeconomic conditions affecting the chemical sector, including stable oil prices, easing pressures in the coal market, and potential reductions in natural gas import costs due to increased export facility construction in the U.S. [3][4]. - The report suggests focusing on specific companies within the spandex, tire, and agricultural chemical sectors, indicating a positive outlook for companies like Huafeng Chemical, Xinxiang Chemical Fiber, and SaiLun Tire [3][4]. Summary by Sections Chemical Macro Judgment - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with global economic improvements. Brent oil prices are expected to remain in the range of $55-70 per barrel [3][4]. - Coal prices are anticipated to stabilize at a low level, and natural gas costs may decrease as the U.S. accelerates its export infrastructure [3][4]. Spandex Industry Outlook - The spandex industry is currently operating at an 84% utilization rate, with a significant price gap remaining at historical lows. The report anticipates a recovery in market conditions as outdated capacities are phased out [3][4]. - Companies to watch include Huafeng Chemical, Xinxiang Chemical Fiber, and Taihe New Materials [3][4]. Tire Industry Insights - The EU's decision to delay anti-dumping measures on Chinese tires is seen as a positive for companies like Sailun Tire and Zhongce Rubber, as it allows for safer procurement from Southeast Asia or overseas bases [3][4]. - The report emphasizes the importance of global supply chain strategies in light of changing trade barriers [3][4]. Investment Recommendations - The report recommends a diversified investment approach across various chemical sectors, including textiles, agricultural chemicals, and export-oriented products, highlighting specific companies for potential investment [3][4]. - Key materials for growth are identified, including semiconductor materials and OLED panel materials, with specific companies suggested for each category [3][4].

Valuation Summary - The overall valuation of A-shares as of December 19, 2025, shows the CSI All Share Index (excluding ST stocks) with a PE of 21.1 times and a PB of 1.8 times, positioned at the 77th and 39th historical percentiles respectively [2][5] - The Shanghai Composite Index has a PE of 11.7 times and a PB of 1.3 times, at the 61st and 40th historical percentiles [2][5] - The CSI 300 Index has a PE of 14 times and a PB of 1.5 times, at the 62nd and 34th historical percentiles [2][5] - The ChiNext Index has a PE of 39.9 times and a PB of 5.4 times, at the 32nd and 61st historical percentiles [2][5] Industry Valuation Comparison - Industries with PE valuations above the 85th historical percentile include Real Estate, Retail, and IT Services (Software Development) [2] - Industries with PB valuations above the 85th historical percentile include Electronics (Semiconductors) and Communications [2] - The Medical Services industry has both PE and PB valuations below the 15th historical percentile [2] Industry Economic Tracking New Energy - The photovoltaic industry chain prices remained stable, with battery cell spot prices rebounding by 8.1% [2] - The price of polysilicon futures increased by 6.4%, while the price of lithium carbonate rose by 7.4% [2] - Concerns about tightening lithium supply emerged due to local mining permit cancellations [2] Real Estate Chain - The average sales area of commercial housing in China from January to November 2025 decreased by 7.8% year-on-year, with a notable decline in real estate investment by 15.9% [3] - The price of rebar increased by 1.2%, while iron ore prices rose by 1.6% [3] Consumer Sector - The average price of live pigs increased by 0.9%, while the wholesale price of pork rose by 0.2% [3] - Retail sales from January to November 2025 grew by 4.0% year-on-year, showing a slight decline in growth rate compared to the previous ten months [3] Midstream Manufacturing - Manufacturing investment from January to November 2025 increased by 1.9% year-on-year, while infrastructure investment (excluding electricity) decreased by 1.1% [3] - Heavy truck sales in November 2025 surged by 65.4% year-on-year, with new energy heavy trucks seeing a significant increase in sales [3] Technology TMT - The production of integrated circuits and optoelectronic devices in China increased by 10.6% and 9.7% year-on-year respectively [3] Commodities - The price of Brent crude oil futures fell by 1.1% to $60.55 per barrel, amid rising supply pressures [3] - The price of thermal coal decreased by 5.6%, while coking coal prices rose by 0.5% [3]

证 券 研 究 报 告 美国弱通胀+日央行鸽派加息，流动性担忧缓解 全球资产配置每周聚焦 (20251213-20251219) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 涂锦文 A0230525070006 王胜 A0230511060001 2025.12.21 报告摘要 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周 (20251212-20251219) 美国市场核心矛盾聚焦美联储政策走向的博弈，美联储此前的降息与扩表操作引发通胀反弹的担忧，而 11 月核心 CPI 同比上 涨 2.6% 创 2021 年以来新低，又推动市场升温 2026 年更早降息的押注，加上本周五日本央行鸽派加息，全球流动性担忧缓解，市场风险偏好先下后上。1）固收方面，10Y美 债收益率录得4.16%，本周下降3BPs，美元指数上涨0.32%，当前点位为98.7；2）权益方面，本周阿根廷、越南、欧洲股市上涨较多，而科创板、恒生指数则出现下跌，韩国、 日本股市跌幅较大；3）商品方面，本周黄金上涨1.25%，在俄乌 ...

Investment Rating - The report does not explicitly provide an overall investment rating for the industry but highlights specific sectors with high and low valuation percentiles [2][8]. Core Insights - The report indicates that the overall valuation of the A-share market is at historical high percentiles, with the CSI All Share Index (excluding ST stocks) PE at 21.1x and PB at 1.8x, placing it at the 77th and 39th percentiles historically [2][6]. - The report identifies sectors with PE valuations above the 85th percentile, including Real Estate, Retail, and IT Services, while sectors like Medical Services are noted for being below the 15th percentile in both PE and PB valuations [2][8]. Industry Valuation Comparison - The report provides a detailed comparison of various indices and sectors, highlighting their PE and PB ratios along with their historical percentiles: - CSI 500 PE at 32.6x (61st percentile) and PB at 2.2x (46th percentile) [2][6]. - The ChiNext Index PE at 39.9x (32nd percentile) and PB at 5.4x (61st percentile) [2][6]. - Real Estate sector PE at 58.9x (94th percentile) and PB at 6.8x (9th percentile) [8]. - Semiconductor sector PE at 95.5x (73rd percentile) and PB at 6.3x (90th percentile) [8]. Industry Midstream Sentiment Tracking - In the New Energy sector, the report notes stable prices in the photovoltaic industry chain, with battery prices increasing by 8.1% due to rising silver prices [2][4]. - The Real Estate sector shows a decline in sales area by 7.8% year-on-year, with a significant drop in investment and new construction areas [2][4]. - The Consumer sector reports a 4.0% year-on-year growth in retail sales, although the growth rate has slowed compared to previous months [2][4]. - Manufacturing investment has increased by 1.9% year-on-year, while infrastructure investment has decreased by 1.1% [2][4]. Sector-Specific Insights - The report highlights that the steel prices have increased by 1.2% for rebar, while cement prices have risen by 0.4% [2][4]. - In the Technology sector, integrated circuit production has grown by 10.6% year-on-year, indicating a robust demand for electronic components [2][4]. - The report also notes fluctuations in commodity prices, with copper and aluminum prices rising by 2.8% [2][4].

Investment Rating - The report maintains a positive outlook on the insurance and brokerage sectors, suggesting an "Overweight" rating for both industries, indicating expected outperformance compared to the overall market [2][66]. Core Insights - The brokerage sector is experiencing a fundamental and valuation mismatch, with a recommendation to focus on leading firms benefiting from improved competitive dynamics [2][5]. - The insurance sector is poised for a systematic value reassessment, with significant regulatory changes expected to enhance asset-liability management practices [2][17]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,568.18 with a slight decline of -0.28% over the week, while the non-bank index rose by 2.90% [5]. - The brokerage, insurance, and diversified financial sectors reported gains of 1.01%, 7.03%, and 1.39% respectively [5]. Key Data in Non-Banking Sector - As of December 19, 2025, the average daily trading volume in the stock market was 18,033.77 billion yuan, reflecting a decrease of 15.23% compared to the previous month [41]. - The margin trading balance reached 24,993.66 billion yuan, an increase of 34.0% from the end of 2024 [15]. Brokerage Sector Insights - The report highlights the merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, marking a significant consolidation trend in the brokerage industry [2][29]. - The brokerage index's price-to-book ratio (PB) is currently at 1.38, indicating a low valuation compared to historical levels [2]. Insurance Sector Insights - The new asset-liability management regulations are expected to significantly impact the insurance industry, emphasizing the need for effective risk management and alignment of assets and liabilities [2][17]. - The insurance sector index increased by 7.03%, outperforming the Shanghai Composite Index by 7.30 percentage points [2]. Investment Recommendations - For the brokerage sector, the report recommends focusing on top-tier firms such as Guotai Junan, GF Securities, and CITIC Securities, which are expected to benefit from improved competitive conditions [2]. - In the insurance sector, companies like China Life, Ping An, and China Pacific Insurance are highlighted for their potential in the ongoing value reassessment [2].