保险行业事件点评：保险新“国十条”发布，营造高质量发展环境

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The recent release of the "New National Ten Articles" by the State Council emphasizes high-quality development in the insurance industry, focusing on strong regulation, risk prevention, and enhancing the industry's role as an economic stabilizer and social stabilizer [2][4] - The framework aims for a high-quality development of the insurance industry by 2029, with a comprehensive market system and diverse products and services by 2035 [2] - The new guidelines stress the importance of regulatory measures and risk prevention, enhancing the internal motivation for high-quality development within the industry [2] Summary by Sections Regulatory Focus - The new guidelines highlight strict regulation and risk prevention, addressing market access, institutional supervision, and the rectification of illegal activities [2] - Emphasis on asset-liability linkage regulation and improving interest rate transmission mechanisms to prevent asset-liability mismatches and interest margin losses [2] Development Goals - By 2029, the insurance industry aims to have a stable coverage expansion, comprehensive protection, and robust governance [2] - By 2035, the goal is to establish a complete market system with strong international competitiveness [2] Market Opportunities - The guidelines support the development of third-pillar pension insurance and commercial pension products to address aging trends and social security gaps [2] - There is a focus on aligning insurance services with national priorities such as the "Belt and Road" initiative and supporting technological innovation [2] Performance Outlook - The insurance sector has maintained a growth trend in premium income, with savings-type life insurance products gaining relative advantages following recent bank deposit rate cuts [4] - The expectation for improved asset-side returns is supported by favorable capital market policies [4]