国信证券：分红险资金有望成为高股息资产价值重估的长期催化

Group 1 - The core value of participating insurance lies in reconstructing the liability cost structure and mitigating long-term interest spread loss risks [2] - Participating insurance has become a key product for the insurance industry to respond to the downward interest rate cycle, characterized by "low guaranteed returns + high floating returns" [1][2] - The current regulatory requirement for the guaranteed interest rate cap for participating insurance is 2.0%, with some insurers lowering it to 1.5% to better address asset-liability matching pressures [2] Group 2 - The prosperity of participating insurance in markets like the US and Hong Kong is a result of the resonance between low interest rates, regulatory innovation, and the upgrading of wealth management needs among residents [3] - The insurance industry in China is transitioning from a "guaranteed savings" model to a "risk-sharing protection" model, driven by rapid declines in long-term interest rates and pressure on equity market returns [3] - To build sustainable competitiveness in the new cycle of participating insurance, breakthroughs in product design flexibility, investment capability professionalism, and sales personnel expertise are essential [3] Group 3 - From the perspective of incremental funds, the dividend mechanism of participating insurance aligns well with dividend-paying assets in the capital market [4] - The unique structure of dividend-paying assets, which combines price volatility and dividends, matches the fixed and floating income structure of participating insurance [4] - As the scale of participating insurance continues to expand, it is expected to benefit insurers' allocation demands in sectors such as banking, transportation, and public utilities [4]