险资未上市股权投资迎新规，业务协同可投范围拓宽

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 [20]. Core Insights - The new regulations on unlisted equity investments by insurance funds have broadened the investment scope, allowing investments in technology, big data, modern agriculture, and shared services, which can enhance business synergy [3][4]. - The insurance index decreased by 0.66% this week, outperforming the broader market by 0.71 percentage points, with mixed performances among individual insurance stocks [1]. - The total balance of insurance funds reached 33.26 trillion yuan by the end of 2024, with long-term equity investments in life and property insurance companies amounting to 2.47 trillion yuan, representing 7.7% of the total balance [3]. Summary by Sections Market Performance - The insurance index fell by 0.66%, while property insurance stocks rose by 4.86%, and life insurance stocks showed varied performance, with China Life down by 1.16% [1]. - The 10-year government bond yield is at 1.72%, down 9.5 basis points from last week [1]. Regulatory Updates - On April 2, the China Banking and Insurance Regulatory Commission issued a notice regarding major equity investments in unlisted enterprises by insurance funds, expanding the investment scope [2]. - The new regulations allow insurance companies to invest in a wider range of sectors, including technology and agriculture, which aligns with the industry's growth strategies [3]. Investment Recommendations - The report suggests a focus on companies such as Ping An, China Pacific Insurance, China Life, and New China Life, with Ping An being rated as "Strong Buy" [5]. - Current price-to-earnings (PE) and price-to-book (PB) ratios for key companies are provided, indicating potential investment opportunities [5]. Financial Projections - The report includes earnings per share (EPS) forecasts for 2025-2027 for major insurance companies, with expected growth in EPS for companies like China Life and New China Life [5]. - The current price-to-earnings (PE) and price-to-book (PB) ratios for various companies are detailed, suggesting a favorable valuation environment for investments [5].