保险资金权益投资比例上调，进一步拓宽权益投资空间

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [1] Core Insights - The adjustment in the regulatory framework allows for an increase in the equity investment ratio for insurance funds, which is expected to further expand investment opportunities in equities [8] - The overall solvency ratio of the insurance industry was 199% at the end of 2024, with life insurance and property insurance at 191% and 239% respectively [8] - The new regulations simplify the solvency ratio categories from eight to five, increasing the upper limits for equity investments by 5 percentage points for certain solvency levels [8] - The report anticipates that the increase in equity investment limits will alleviate asset scarcity pressures in a low-interest-rate environment and bring additional funds to the equity market [8] - The insurance sector is currently undervalued, with P/EV ratios ranging from 0.47 to 0.73, indicating a historical low [8] Summary by Sections Regulatory Changes - The China Banking and Insurance Regulatory Commission has announced an increase in the upper limits for equity investments for insurance companies, with specific adjustments based on solvency ratios [8][9] - The new limits allow for a maximum equity investment ratio of 30% for companies with a solvency ratio between 150% and 200%, and up to 50% for those above 350% [8][9] Market Conditions - The report highlights a persistent demand for savings in the market, with expectations of a gradual decrease in liability costs due to ongoing regulatory guidance and proactive transformation by insurance companies [8] - The ten-year government bond yield has dropped to approximately 1.63%, and a recovery in the domestic economy may ease pressure on fixed-income investment returns for insurance companies [8] Valuation and Performance - The report provides a detailed valuation analysis of listed insurance companies, indicating that the sector is currently trading at low valuations compared to historical averages [10] - The estimated P/E ratios for major insurance companies are projected to decline, reflecting the challenging market conditions [10]