智通财经网·2025-09-16 03:21Group 1 - The insurance stocks collectively declined, with notable drops including New China Life Insurance down 5.81% to HKD 43.8, China Pacific Insurance down 4.7% to HKD 31.26, China Life Insurance down 3.23% to HKD 22.18, and China People's Insurance down 3.67% to HKD 6.83 [1] - China Pacific Insurance announced plans to issue zero-coupon convertible bonds maturing in 2030, aiming to raise approximately HKD 15.556 billion. If fully converted at an initial conversion price of HKD 39.04 per share, the bonds could convert into 398 million shares, representing 14.36% of the existing H-shares and 4.14% of the total issued share capital [1] - Recent performance of the insurance sector has been relatively weak, attributed to the significant increase in the investment base, leading to pressure on the third-quarter earnings reports [1] Group 2 - The long-term value reassessment logic in the insurance sector is still in progress, driven by a combination of bottoming long-term interest rates and increased allocation to OCI equities enhancing investment efficiency, alongside a reduction in liability costs due to lower preset interest rates [1] - The ongoing repair of interest spreads is viewed as a process that is still underway rather than completed, indicating potential for recovery in the insurance sector, particularly for undervalued Hong Kong insurance stocks [1]