保险股价值重估！资产负债两端持续优化

Group 1 - The insurance sector is experiencing a valuation recovery, with stocks like China Pacific Insurance, New China Life Insurance, and China Life Insurance seeing significant increases, while China Ping An's stock price has reached a four-year high [1] - The release of substantial new capital and the growing consumer demand for health and wealth protection are expected to optimize the assets and liabilities of leading insurance companies, indicating a shift into a value reassessment cycle for insurance stocks [1] Group 2 - The strong rebound in the insurance sector is driven by policy support, including a recent adjustment by the Financial Regulatory Administration that lowers the risk factors for insurance companies investing in stocks, thereby enhancing their solvency ratios and expanding investment limits [3] - The policy encourages insurance funds to adopt a long-term investment strategy, with a potential influx of 550 billion to 600 billion yuan in long-term capital into the market by 2026 if insurance capital is fully allocated to equity assets [3][4] Group 3 - A recent report by Accenture indicates a structural shift in consumer focus towards health and wealth, with health concern levels rising from 78% in 2021 to 87% in 2025, and wealth concern levels increasing from 47% to 61%, driving demand for insurance products [6] - The preference for protection-oriented products has surged, with significant growth in dividend insurance, health insurance, and million medical insurance, contributing to a robust increase in new business value for companies like China Ping An [6] Group 4 - The investment logic for insurance stocks is shifting from "valuation repair of existing business" to "growth capability valuation premium," with leading companies expected to see their valuation advantages further highlighted [8] - By 2026, the total assets of the insurance industry are projected to exceed 45 trillion yuan, with equity investment scale reaching 6 trillion yuan, positioning the insurance sector as a significant source of long-term capital in the A-share market [8]