市场波动起，何处可避风？丨每日研选

Core Viewpoint - The current market is characterized by strong short-term risk aversion, highlighting the value of certain dividend assets as safe havens and stabilizers [1] Group 1: Insurance Sector Insights - The insurance sector is seen as having significant allocation value due to dual logic of policy dividends and asset improvement [3] - The "reporting and underwriting integration" regulation is expected to reshape the competitive landscape of the property insurance sector, with major insurers likely to see profit improvements [4] - Non-auto insurance is rapidly growing in the property insurance industry, and the integration is anticipated to enhance overall underwriting performance [4] - Major insurers are expected to benefit more from the integration, with China Life and China Property & Casualty Insurance following [5] Group 2: Banking Sector Insights - The banking sector's dividend value is becoming more prominent, attracting risk-averse capital due to stable dividends and improved yield after recent corrections [6] - Recommendations for banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, Jiangsu Bank, Hangzhou Bank, and China Merchants Bank [6] Group 3: Investment Recommendations - Various institutions recommend focusing on specific stocks within the insurance sector, including China Ping An, China Property & Casualty, and China Life [9] - The recommendation order for major insurers is China Property & Casualty, China Life H, and China Re H, with additional suggestions based on market conditions [5][9]