湘财证券：保险资负两端基本面改善趋势明确 维持行业“增持”评级

Core Insights - The insurance industry is experiencing a continuous improvement in fundamentals, driven by enhanced asset allocation and regulatory policies that support cost reduction and product transformation [1][5]. Group 1: Product Transformation and Growth Opportunities - The introduction of new regulations for health insurance is creating growth opportunities for participating health insurance products, particularly dividend-type health insurance [2]. - The shift towards dividend-type health insurance is expected to optimize the product and cost structure of insurance companies, providing a more stable revenue stream compared to traditional pure protection products [2]. - The sales capabilities of agents are crucial for the success of dividend-type health insurance, with leading companies like Taiping, Ping An, and China Life showing strong performance in individual insurance channels [2]. Group 2: Asset Allocation and Investment Strategy - The rising potential for interest spread losses emphasizes the importance of equity investment, with dividend-type products driving the development of equity investments by insurance companies [3]. - Regulatory policies are being optimized to support long-term equity investments by insurance companies, including adjustments to investment limits and expanding pilot programs for long-term stock investments [3][4]. - Insurance funds are increasingly allocating to stocks and long-term equity investments, with a significant increase of over 900 billion yuan in the first half of the year, indicating a proactive investment strategy [4]. Group 3: Overall Market Performance and Valuation - Since the second half of 2024, insurance stocks have performed well, primarily due to improving asset-side expectations that are driving valuation recovery [5]. - The dynamic adjustment mechanism for pricing and ongoing cost reduction initiatives are laying a solid foundation for optimizing product costs and enhancing the overall performance of insurance companies [5]. - The continuous improvement in the fundamentals of the insurance sector is expected to steadily enhance investment value, supported by favorable policies and ongoing product transformation [5].