保险Ⅱ行业：个金全面扩大+产品供给扩容，为市场注入长期资金

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The comprehensive promotion of the personal pension system is expected to drive rapid growth in the third pillar of pension insurance, optimizing the structure of the pension insurance system. As of the end of 2023, the proportion of the population aged 65 and above has reached 15.4%, while the first and second pillars accounted for 66.4% and 33.5% respectively in 2022, with the third pillar only at 0.1%. The acceleration of population aging increases the financial pressure on the first pillar [1][2] - The promotion of the third pillar and the continuous development of age-friendly insurance products are expected to further open up premium growth space. Personal pensions allow investments in various financial products, and insurance products are likely to become a major investment direction due to their advantages [1][2] - The regulatory proposal to explore default investment services is expected to promote medium- to long-term capital inflow into the market, similar to the U.S. experience with 401(k) plans, which could lead to a prosperous capital market and higher income for account holders [1][2] Summary by Sections Personal Pension System - The personal pension system will expand nationwide from December 15, 2024, with specific regulations aimed at optimizing product supply and improving management services [1] Market Growth Potential - The third pillar's growth potential is significant, with the personal pension system expected to alleviate the financial pressure on the basic pension insurance and enhance residents' retirement income levels [1][2] Investment Recommendations - The report recommends focusing on the insurance sector, specifically suggesting stocks such as China Pacific Insurance, China Life Insurance, China Taiping Insurance, Ping An Insurance, China Property & Casualty Insurance, New China Life Insurance, and AIA Group [1][2]