2 1 Shi Ji Jing Ji Bao Dao·2025-12-15 14:57Core Viewpoint - The insurance sector has shown strong performance against the market trend, driven by favorable policies, improved industry fundamentals, and positive institutional outlooks, leading to a valuation recovery [5]. Group 1: Market Performance - The insurance industry index rose approximately 5%, closing up 4.31%, making it the top-performing sector [1]. - The total market capitalization of the five major insurance companies reached approximately 3.50 trillion yuan, an increase of about 106.43 billion yuan from the previous trading day [2]. - China Ping An led the gains with a rise of 4.96%, closing at 67.08 yuan per share, marking a four-year high for both A-shares and H-shares [2][3]. Group 2: Policy Impact - On December 5, the National Financial Regulatory Administration announced adjustments to risk factors for certain insurance company businesses, which is expected to guide long-term investments and stabilize the capital market [5]. - The adjustments are projected to release a minimum capital of approximately 19.8 billion yuan, potentially bringing about an additional 72.6 billion yuan in funds if fully allocated to stock investments [5]. Group 3: Industry Fundamentals - As of November 30, China Life reported total premiums exceeding 700 billion yuan, raising market expectations for the insurance industry's annual performance [6]. - The reduction in preset interest rates and the transformation of dividend insurance are expected to optimize the liability costs for the insurance industry [6]. Group 4: Analyst Outlook - Several international investment banks and domestic brokerages have recently issued reports favoring insurance stocks, raising target prices and providing positive ratings [7]. - Morgan Stanley included China Ping An in its key focus list, raising its target price for A-shares to 85 yuan and H-shares to 89 Hong Kong dollars [7]. - Analysts predict that the life insurance industry will enter a golden development period by 2026, with a shift in investment logic towards growth potential [7].