Group 1 - The life insurance industry is expected to experience a historic opportunity for wealth reallocation by 2026, as retail investors seek higher reinvestment returns for maturing bank deposits [1][2] - Profit margins are projected to remain stable, as the pricing rate cut in September 2025 will offset the margin erosion caused by changes in product mix [1][2] - The preference for leading companies such as China Life (02628) and Ping An (02318) is highlighted, as a K-shaped growth differentiation is anticipated between large and small insurance companies amid tightening regulations [1] Group 2 - The property insurance sector is expected to see a premium growth of 4%, with further improvement in the combined cost ratio (CoR) due to regulatory tailwinds [1] - The non-auto insurance business is expected to rationalize expense ratios, while auto insurance expense management is being strengthened, and pricing for new energy vehicle insurance is gradually being relaxed [1] - Despite the property insurance sector being less favored in a bull market, leading companies like China Pacific Insurance (02328) are expected to benefit the most and achieve the best industry performance [1]