保险行业周报：险资举牌热情不断，持续青睐高分红资产

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 [1][21]. Core Insights - The insurance index experienced a decline of 6.44% this week, underperforming the broader market by 3.14 percentage points. Major insurance stocks also saw significant drops, with China Pacific Insurance down 7.95% and AIA down 8.31% [1]. - The report highlights a growing enthusiasm among insurance capital for high-dividend assets, with recent notable investments including New China Life's increased holdings in Shanghai Pharmaceuticals and China National Pharmaceutical [1]. - The report notes that the commercial vehicle insurance premiums in the new energy sector reached 90.7 billion yuan, reflecting a year-on-year growth of 52.74%, significantly surpassing the overall growth rate of 4.06% for the industry [1]. Summary by Sections Market Performance - The insurance index fell by 6.44% this week, with individual stocks like China Life and Ping An also experiencing declines of 8.32% and 5.62% respectively. The 10-year government bond yield decreased to 2.09%, down by 1 percentage point from the previous week [1]. Investment Activities - New China Life increased its stake in Shanghai Pharmaceuticals by acquiring approximately 9.9998 million A-shares and 1.5 million H-shares. This brings its total holdings to about 149 million A-shares and 3.7959 million H-shares, representing 5.05% of the company's total equity [1]. - Zhong Postal Insurance plans to invest 4 billion yuan in Huaneng New Energy, while Ruizhong Life increased its holdings in Longyuan Power to 13.06% [1]. Valuation and Recommendations - The report provides a valuation overview for key companies, with China Pacific Insurance at a PE ratio of 7.95x for 2024E and a PB ratio of 1.23. Other companies like China Life and New China Life also received "Recommended" ratings with respective PE ratios of 11.56x and 6.39x for 2024E [4]. - The recommended order of investment is China Pacific Insurance, Ping An, New China Life, and China Life, with a focus on China Property & Casualty Insurance [1].