智通财经网·2025-09-10 06:14Core Viewpoint - The insurance sector in China is experiencing a significant increase in stock prices, driven by strong performance in participating insurance products during the first half of the year [1] Group 1: Stock Performance - As of the report, China Pacific Insurance (02601) rose by 4.85% to HKD 32.84, China Life Insurance (02628) increased by 3% to HKD 23.38, China Property & Casualty Insurance (02328) gained 3.27% to HKD 18.93, and China Reinsurance (01339) saw a rise of 3.28% to HKD 6.93 [1] Group 2: Participating Insurance Performance - In the first half of the year, participating insurance products showed remarkable performance among listed insurance companies, with Taiping Life Insurance's participating insurance accounting for 87.1% of the first-year premium income from long-term insurance [1] - China Life's participating insurance made up over 50% of the first-year premium income from individual insurance channels, with new single premium accounting for over 19.87% [1] - China Pacific Life's participating insurance represented 42.5% of new premium income, with new single premium accounting for 16.1% [1] - Xinhua Insurance began focusing on promoting participating insurance transformation from the second quarter, with new single premium accounting for 10.9% in the first half of the year [1] Group 3: Market Analysis - According to Shenwan Hongyuan's research report, participating insurance has a higher risk appetite compared to general accounts due to independent investment in separate accounts, and the relative attractiveness of participating insurance is expected to increase after asymmetric adjustments to the preset interest rate [1] - Industrial Securities noted that the valuation recovery trend for insurance stocks, starting in April 2024, is fundamentally a correction of the overly pessimistic expectations regarding interest rate declines, which previously led to significant undervaluation of the sector due to concerns over interest margin losses [1] - As investors deepen their understanding of the "expectation gap," the momentum for valuation recovery in insurance stocks, particularly Hong Kong-listed insurance stocks, is expected to continue strengthening [1]