保险行业观点更新：看好资产端边际改善态势下保险板块的估值表现

Investment Rating - The report maintains a "Positive" outlook on the insurance sector, indicating an expectation for the sector to outperform the overall market [1]. Core Insights - The primary factors influencing the insurance sector's valuation are the performance of the asset side, concerns over embedded value discounts, asset risk discounts, and the sustainability of new business value (NBV) growth. The report notes that the impact of NBV growth concerns has diminished since the industry turned positive in Q1 2023 [1][2]. - The report suggests that the market has already anticipated a differentiated performance for the "opening red" (a term referring to the start of the new insurance year) due to factors such as the reduction of preset interest rates and adjustments in product structures by insurance companies [3]. - The report emphasizes the importance of monitoring the performance of dividends and subsequent market value management initiatives as the companies enter their annual report disclosure period [3]. Summary by Sections Asset Side - The report highlights three major changes that could positively catalyze the valuation of the insurance sector [2]. Liability Side - The report indicates that the market has already anticipated a differentiated performance for the "opening red" due to the expected adjustments in interest rates and product structures [3]. Investment Recommendations - The report continues to recommend specific companies, including New China Life Insurance, China Pacific Insurance, AIA Group, China Ping An, and China Life Insurance, as key players to watch in the insurance sector [3]. Valuation Table - A valuation table is provided, detailing key companies in the insurance sector, including their stock prices, total market capitalization, and various valuation metrics such as PEV, PE, and PB ratios [4].