中泰证券：保险股具备双面红利股属性

Core Viewpoint - The report from Zhongtai Securities indicates that while the life insurance industry typically has a negative duration gap due to the characteristic of "assets maturing before liabilities," large life insurance companies have a more balanced asset-liability matching, with a trend of narrowing duration gaps. In contrast, small and medium-sized companies have a higher proportion of long-duration insurance products but lack long-duration assets, leading to a larger and continuously expanding duration gap [1]. Group 1 - The life insurance industry exhibits a negative duration gap due to the nature of asset and liability maturity [1]. - Large life insurance companies show a trend of narrowing duration gaps, indicating better asset-liability matching [1]. - Small and medium-sized companies face challenges with a high proportion of long-duration insurance products and insufficient long-duration assets, resulting in an expanding duration gap [1]. Group 2 - Insurance stocks possess dual dividend attributes, benefiting from both the inherent dividend advantages of listed insurance companies and the strategic investments in high-dividend assets by leading firms like Ping An [1]. - The stock prices of dividend assets are expected to have a significant indirect impact on the performance of these companies [1].