SCS(SH:601555) 智通财经网·2025-10-13 03:04Core Viewpoint - The insurance sector is expected to see a gradual decrease in liability costs due to strong market savings demand and regulatory guidance, which will alleviate pressure from interest rate spreads [1] Group 1: Regulatory Changes - The China Banking and Insurance Regulatory Commission (CBIRC) issued a notice to strengthen regulation on non-auto insurance business, effective from November 1 [1] - The new regulations shift the assessment mechanism from focusing on scale and speed to prioritizing quality, efficiency, and consumer rights protection [1] - Insurance companies are required to manage rates effectively and ensure that product filings clearly state additional rates and fee limits, with strict adherence to approved insurance terms and rates [1][2] Group 2: Non-Auto Insurance Business - The implementation of "reporting and operation unity" for non-auto insurance is expected to improve industry profitability, as seen in the performance of property insurance companies [2] - In the first eight months of 2025, total premium income for property insurance companies reached 1.22 trillion yuan, with non-auto insurance accounting for 50.8% of this figure [2] - The profitability of non-auto insurance is currently weaker than that of auto insurance, with a comprehensive cost ratio of 97.0% for non-auto insurance compared to 94.2% for auto insurance [2] Group 3: Market Outlook - The current valuation of the insurance sector is at historical lows, with expected PEV of 0.57-0.87 and PB of 1.02-2.25 by October 10, 2025, indicating potential investment opportunities [1] - The long-term interest rates are anticipated to recover, which may ease the pressure on the investment income of insurance companies [1]