Core Viewpoint - The insurance sector is experiencing a significant adjustment, with the insurance theme index declining by 2.35% as of the report's deadline, despite having increased over 22% since the low point on April 7, 2025. The recent decline is attributed to market sentiment shifting towards risk-free assets following the release of July's manufacturing PMI data and profit-taking behavior after previous gains [1][2]. Summary by Sections Market Performance - On July 31, A-share indices collectively adjusted, with the Shanghai Composite Index leading the decline. Cyclical stocks such as metals and coal were the hardest hit, while insurance stocks, which had previously led the bull market, faced a notable drop [1]. Regulatory and Economic Factors - A key positive factor for the insurance sector is the recent regulatory change, which has lowered the standard interest rate for ordinary life insurance from 2.34% at the beginning of the year to 1.99%. This reduction in rates for traditional, universal, and participating insurance products directly decreases the liability costs for insurance companies, particularly mitigating long-term interest rate risk [1][2]. - The China Banking and Insurance Regulatory Commission reported strong growth in the life insurance sector, with a 5.4% year-on-year increase in original premium income for the first half of 2025, and a 15.2% increase in Q2 alone. Property insurance premiums reached 964.5 billion yuan, also reflecting a 5.1% year-on-year growth [2]. Investment Opportunities - The insurance sector's valuation remains low, with the insurance theme index's price-to-earnings ratio at 7.88, which is at a historical 30.53% percentile level. This suggests a safety cushion for trading, and the sector is expected to benefit from market recovery and a favorable policy environment, potentially improving both ends of the investment spectrum [3].
方正富邦基金吴昊：保险指数回调 低估值板块藏有大机会
Zhong Guo Jing Ji Wang·2025-07-31 08:53