Core Viewpoint - The insurance sector continues to experience a decline, with major companies like China Life Insurance, China Property & Casualty Insurance, China Pacific Insurance, and New China Life Insurance reporting significant drops in stock prices due to pressure on third-quarter earnings amid high investment base [1] Group 1: Market Performance - China Life Insurance (01339) fell by 4.57% to HKD 6.47 [1] - China Property & Casualty Insurance (02328) decreased by 3.82% to HKD 17.35 [1] - China Pacific Insurance (02601) dropped by 3.4% to HKD 30.64 [1] - New China Life Insurance (01336) declined by 2.81% to HKD 43.6 [1] Group 2: Industry Analysis - Recent weak performance in the insurance sector is attributed to high investment base pressures affecting third-quarter earnings [1] - The long-term value reassessment logic is still in play, driven by a combination of bottoming long-term interest rates and increased equity allocation enhancing investment efficiency [1] - The dual impact of lowering preset interest rates and cost reduction from integrated operations is expected to lead to ongoing interest margin recovery [1] Group 3: Future Outlook - If the equity market maintains its current momentum in September, some insurance companies may manage to achieve positive growth despite high base pressures [1] - Long-term trends indicate that the transformation of dividend insurance will enhance risk appetite on the liability side, supported by regulatory benefits such as solvency relaxation [1] - The insurance industry's equity allocation center is expected to rise, improving long-term investment returns and alleviating pressure from interest margin losses [1] - Liability costs are anticipated to continue declining due to dynamic adjustments in preset interest rates and structural optimization efforts [1]
内险股继续走低 保险股三季报业绩面临一定压力 机构仍看好板块配置价值