证券时报·2025-07-05 00:02Core Viewpoint - The insurance sector in A-shares has shown significant growth since April, with companies like New China Life Insurance nearing historical highs and China People's Insurance Group reaching a six-year peak, indicating a bullish market trend for insurance stocks [1] Group 1: Market Dynamics - The recent rise in insurance stocks is attributed to both funding and fundamental factors. Institutional investors have increased their allocation to insurance stocks due to their potential to outperform indices and higher elasticity in a low-interest-rate environment [2] - Insurance companies are expected to enhance their equity allocation, positioning themselves as a "second flag bearer" in the bull market due to the expansion of equity risk appetite among various institutions [2] Group 2: Fundamental Factors - The insurance sector is benefiting from macroeconomic improvements and a favorable capital market environment, with expectations of enhanced performance for insurance companies as the economy recovers [3] - The cost of liabilities for life insurance is expected to improve, with a projected decrease in the preset interest rate for insurance products, which could lower the rigid liability costs [3] - The growing emphasis on commercial health insurance is creating new growth opportunities, supported by national policies that promote a multi-tiered medical security system [3] Group 3: Future Outlook - Analysts emphasize the importance of asset-liability matching for insurance stocks, which is crucial for determining their "real value" in a low-interest-rate environment [4] - The ongoing policy guidance aimed at reducing liability costs and expense ratios is expected to enhance profit levels in the life insurance sector, with projections indicating a potential turning point in effective business value returns by 2025 [4]