保险行业点评：寿险累计增速转正，财险多险种共振支撑增长

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a potential increase of over 15% relative to the benchmark index [6]. Core Insights - The insurance industry has shown signs of recovery, with total premium income for the first four months of 2025 reaching CNY 25,955 billion, a year-on-year increase of 2.3%. The premium income for April alone was CNY 4,210 billion, up 9.6% year-on-year [3]. - Life insurance has transitioned to positive growth, driven by the launch of dividend and annuity products in April, alongside a shift in distribution channels towards long-term savings products. Health insurance, while experiencing short-term fluctuations, is expected to maintain long-term growth [4]. - The property insurance sector has benefited from increased auto sales, with premiums from auto insurance and non-auto insurance reaching CNY 2,967 billion and CNY 3,519 billion respectively in the first four months of 2025, reflecting year-on-year growth of 4.3% and 5.9% [5]. Summary by Sections Life Insurance - Life insurance premiums for January to April 2025 totaled CNY 16,061 billion, a year-on-year increase of 1.2%. In April, the premium income was CNY 2,229 billion, up 16.8% year-on-year [4]. - The health insurance segment reported premiums of CNY 3,255 billion for the first four months, with a slight year-on-year increase of 2.4%. However, April saw a decline of 2.9% year-on-year [4]. Investment Products - New contributions to policyholder investment funds showed signs of recovery, with total contributions of CNY 3,076 billion from January to April, down 4.8% year-on-year, but April alone saw a 16.3% increase [5]. - The independent accounts of investment-linked insurance products reported stable contributions of CNY 49 billion, indicating a need for improved market conditions to enhance customer risk appetite [5]. Property Insurance - The property insurance sector's performance was bolstered by strong auto sales, with total premiums reaching CNY 2,967 billion for auto insurance and CNY 3,519 billion for non-auto insurance in the first four months of 2025 [5]. - The report highlights that the growth in non-auto insurance was primarily driven by liability, health, and accident insurance, with April premiums increasing by 8.9%, 14.7%, and 27.8% respectively [5]. Future Outlook - The report anticipates that life insurance will gradually emerge from its adjustment phase, focusing on high-quality development in a low-interest-rate environment. Property insurance will aim for a balance between scale and value [7]. - Investment suggestions include focusing on companies like China Pacific Insurance, New China Life, China Life, Ping An Insurance, Sunshine Insurance, and China Property Insurance, which are expected to benefit from improving product structures and market conditions [7].