业绩平稳增长，戴维斯双击渐行渐近

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [6]. Core Insights - The insurance industry has confirmed a recovery in performance, with a slight increase in net profit attributable to shareholders, driven by differences in investment income among companies [12][13]. - New business value (NBV) has shown strong growth, with increases ranging from 20% to 65%, primarily due to accelerated new policy premiums from bancassurance channels [12][18]. - The asset side has seen a significant increase in high-dividend stock investments, reflecting a proactive allocation strategy in a narrowing interest margin environment [12][13]. Summary by Sections 1. Mid-Year Report Summary - The insurance industry has focused on both asset and liability sides, with a notable performance recovery confirmed in the first half of 2025. The total net profit of six major listed insurance companies reached 184.4 billion yuan, a year-on-year increase of 4.0%, with growth rates varying from -8.8% to 33.5% [12][13]. - The net assets of these companies remained stable, totaling 2.19 trillion yuan, with growth rates between -13.3% and 6.1% [12][13]. - The strong growth momentum in new business value is attributed to the rapid increase in new policy premiums and improvements in value rates [12][18]. 2. Profitability and Value Analysis - Investment performance has become a dominant factor in profitability, with companies like Xinhua and PICC showing significant increases in the proportion of investment income to pre-tax profit [16][18]. - The NBV growth has been a key driver for maintaining the growth of embedded value (EV), with major companies experiencing stable growth in their life insurance EV [18][19]. 3. Liability Side Summary - The focus on quality improvement in the liability side has led to enhanced agent productivity and improved bancassurance profit margins, while the growth rate of property insurance has slowed [27][28]. - The overall cost ratio has shown significant optimization, contributing to improved operational efficiency [27][28]. 4. Asset Side Review - Investment income has improved, with a notable increase in trading profits from capital markets, and the allocation towards high-dividend assets has become a key trend [12][13]. - The proportion of equity investments in total assets has been increasing, with some companies exceeding 20% in high-dividend stock allocations [12][13]. 5. Outlook - The investment value of insurance stocks is viewed positively, with expectations of a recovery in PEV (price to embedded value) ratios above 1x, supported by a low interest rate environment and improved market share for leading companies [3][12]. - The economic recovery pace is crucial, as further policy support could lead to a stronger valuation recovery cycle for the insurance sector [3][12].