保险行业周报：9月单月寿险增速小幅下降，产险景气度持续回升

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [17]. Core Insights - The insurance index rose by 6.65% this week, outperforming the broader market by 1.14 percentage points. Individual stock performance varied, with notable increases from Xinhua (+16.62%) and GuoShou (+15.04%) [1]. - Total insurance premiums for January to September 2024 reached 4.79 trillion yuan, a year-on-year increase of 12.7%. Life insurance premiums accounted for 3.48 trillion yuan, up 15.4% year-on-year [2]. - The report highlights a decline in the growth rate of life insurance premiums in September, attributed to adjustments in traditional insurance sales and a decrease in preset interest rates [2]. Summary by Sections Market Performance - The insurance index outperformed the market, with significant gains in individual stocks such as Xinhua and GuoShou. The 10-year government bond yield was reported at 2.11%, down 3 basis points from the previous week [1]. Premium Growth - Life insurance premiums showed a year-on-year increase of 18.4%, while health insurance and accident insurance premiums rose by 6.7% and fell by 10.0%, respectively. The total premium income for life insurance in September was 266.3 billion yuan, reflecting a year-on-year growth of 7.9% [2]. Investment Recommendations - The report suggests focusing on elastic stocks in the insurance sector, particularly if equity markets recover. Current PEV valuations for major companies are as follows: AIA at 1.23x, GuoShou at 0.99x, Ping An at 0.73x, and Xinhua at 0.65x [2]. The recommended order for investment is: Taibao, Ping An, Xinhua, and GuoShou, with a focus on China Property & Casualty [2].