Ge Long Hui·2025-09-03 03:12Core Viewpoint - Morgan Stanley's research report indicates that the recent performance of domestic insurance stocks reflects positive signals such as a shift in reserve liabilities, improved asset-liability management, increased mid-term dividends, enhanced capital repayment, and strong operational conditions in both life and non-life insurance sectors [1] Group 1: Financial Performance - Domestic insurance stocks have shown a rebound this year, with current price levels corresponding to a projected price-to-earnings ratio of approximately 7 times for 2026 [1] - The expected dividend yield for these stocks is around 4%, indicating an improved risk-return profile [1] Group 2: Company Outlook - Morgan Stanley is optimistic about China Life and Ping An, anticipating continued strong performance in the third quarter [1] - The firm maintains an "overweight" rating for both companies, with target prices set at HKD 31 for China Life and HKD 80 for Ping An [1]