Tai Ping Yang Zheng Quan·2025-04-14 07:45Investment Rating - The industry investment rating is "Positive" indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [39]. Core Views - The report highlights that the insurance capital's equity investment space has been expanded, allowing for greater support to the capital market and the real economy [33]. - The report notes a decline in major indices, with the Shanghai Composite Index, CSI 300, and ChiNext Index showing declines of -3.11%, -2.87%, and -6.73% respectively [9]. - The non-bank financial sector index experienced a decline of -5.19%, underperforming the CSI 300 Index by 2.31 percentage points [9]. Summary by Sections Market Review - The report provides a review of the market performance, indicating that the non-bank financial sector has underperformed compared to the broader market indices [9]. - Specific stock performances are noted, with leading declines in the insurance sector including China Life (-4.23%) and Ping An (-4.14%) [11]. Data Tracking - The report includes valuation metrics for the brokerage sector, with a PE-TTM of 22.34x and a PB-LF of 1.44x as of April 11, 2025 [5]. - The insurance sector's PEV valuations are reported as 0.60x for China Life and 0.57x for Ping An, with PB valuations of 1.98x and 0.97x respectively [6]. Industry Dynamics - Recent regulatory changes by the National Financial Regulatory Administration have increased the upper limit for equity asset allocation for insurance funds, aiming to enhance support for the capital market [33]. - The report discusses the revision of the "Insurance Group Consolidated Supervision Management Measures" to strengthen supervision and risk management within insurance groups [35].