从天茂集团无法披露定期报告看当前中小险企经营挑战：竞争环境改善，缓解行业“内卷”压力

Investment Rating - The industry investment rating is "Increase Holding" [2][7] Core Viewpoints - The inability of Tianmao Group to disclose regular reports reflects the operational challenges faced by small and medium-sized insurance companies, indicating a competitive environment improvement that alleviates industry "involution" pressure [5][6] - The report highlights that the continuous decline in long-term interest rates poses challenges for insurance companies in reallocating yields, with smaller firms facing greater pressure compared to larger ones [5] - Regulatory tightening is expected to clear up competitive chaos in the industry, raising shareholder thresholds and optimizing the operating environment [5] Summary by Relevant Sections Industry Overview - The total market value of the industry is approximately 31,413.48 billion [2] - The circulating market value is about 31,402.84 billion [2] Company Performance - Guohua Life Insurance is projected to report a net loss of 5 billion to 7.5 billion for 2024, with investment yield rates declining from 4.13% in 2022 to 2.00% in the first three quarters of 2024 [5][6] - The insurance business income for Guohua Life Insurance was 378.20 billion in 2022, increasing to 403.78 billion in 2023, but only 306.14 billion in the first three quarters of 2024 [6] Competitive Landscape - The report indicates that around 14 life insurance companies have delayed the disclosure of solvency reports, primarily due to operational difficulties and regulatory transitions [6] - The competitive pressure on large insurance companies is expected to decrease as smaller firms face significant operational challenges, thus alleviating overall industry "involution" pressure [5]