2026年，加仓寿险股票，还是财险股票？

Core Viewpoint - The article discusses the investment strategies between life insurance and property insurance, particularly in the context of market conditions and potential returns [3]. Timing Strategy - Life insurance has greater elasticity compared to property insurance, which means it can yield higher returns in favorable market conditions, but it may also experience negative returns in downturns due to smaller bases [4]. - Currently, life insurance companies like Xinhua Insurance have already seen significant rebounds, raising questions about future investment choices [4]. - The investment assets of life insurance typically double every six to seven years, but low interest rates and rising liability costs may hinder net investment returns from doubling in the future [4][5]. - Property insurance, while not doubling its investment assets, benefits from stable zero-cost liabilities, potentially leading to better net investment returns compared to life insurance [5]. Investment Return Analysis - In various hypothetical scenarios, property insurance may show higher growth than life insurance [6]. - Life insurance stocks with historically high investment returns may struggle to outperform property insurance in the coming years [7]. - Conversely, life insurance stocks with lower investment returns have a higher probability of outperforming property insurance [8]. Company-Specific Insights - China Taiping is highlighted as a preferred investment choice due to its low investment return of 2.68%, indicating significant potential for growth in the near future [8]. - If China Taiping's investment return reaches historical highs of 6%, the attractiveness of property insurance may increase [9]. Net Asset Stability - The net asset situation of various insurance companies shows that even in a year of increased investment returns, life insurance companies face pressure on net assets, while property insurance companies maintain stable growth [12][13]. - Net asset growth is crucial for insurance companies as it directly impacts their solvency and investment decisions [14][15]. - Property insurance companies exhibit more stable net asset growth, which supports their investment performance and valuation [16]. Overall Assessment - Property insurance is characterized by strong certainty in returns, with the only uncertainty stemming from the comprehensive cost ratio of auto insurance [17].