中信证券：术业专精的头部财险公司有望强者恒强

Core Viewpoint - The insurance industry is transitioning from the "Property and Casualty Insurance 1.0" era to "Property and Casualty Insurance 2.0," characterized by diversification in non-auto insurance products, differentiated pricing, innovation encouragement in policies, and a focus on efficiency over aggressive growth [1] Industry Summary - The product side of the industry is evolving from a focus solely on auto insurance to a broader range of non-auto insurance offerings [1] - Pricing strategies are shifting from homogenization to differentiation, indicating a more competitive landscape [1] - Policy frameworks are moving from standardized regulations to a model that encourages innovation within the industry [1] - The operational approach is changing from reckless growth to prioritizing efficiency and profitability [1] Competitive Landscape - The previous model of low-price competition is deemed unsustainable, suggesting a need for a more sophisticated approach to competition [1] - Future competition will center on the integration of risk pricing, risk assessment, and risk reduction capabilities [1] - Leading property and casualty insurance companies that specialize in their respective fields are expected to maintain their competitive edge and strengthen their market position [1]