Core Viewpoint - The current interest rate environment in China is undergoing significant changes, leading to a shift in consumer wealth management preferences from high short-term returns to long-term stability and certainty [2][3]. Group 1: Interest Rate Changes and Insurance Product Adjustments - The preset interest rate for ordinary life insurance products has been adjusted to 1.99%, marking the countdown to a formal reduction in preset rates [3]. - Major insurance companies have announced adjustments to the maximum preset rates for new insurance products, with ordinary life insurance rates capped at 2.0%, and dividend-type insurance at 1.75% [3]. - This marks the fourth reduction in preset rates since 2019, with expectations that low rates will persist due to long-term factors such as aging population and economic restructuring [3]. Group 2: Consumer Behavior and Wealth Management Trends - According to a report, 57% of consumers are using insurance for family wealth management, making it the second-largest wealth management method after bank wealth management [4]. - A survey indicated that 63.8% of residents prefer to save more, while only 12.9% are inclined to invest more, highlighting a shift towards savings and insurance products [4]. - Non-consumption insurance ranks among the top five preferred wealth management methods, accounting for nearly 10% [4]. Group 3: Regulatory Environment and Industry Transformation - Regulatory bodies have emphasized the need for stable operations and long-term strategies, discouraging "involution" in product yield competition [4]. - The "New National Ten Articles" issued by the State Council aims to enhance the insurance industry's risk prevention and high-quality development [4]. Group 4: Focus on Commercial Annuities - The Financial Regulatory Authority has encouraged the development of commercial annuities, highlighting their role in long-term wealth accumulation and stable pension income [5]. - The insurance industry is transitioning from focusing solely on product yields to enhancing service ecosystems, which is seen as a necessary evolution [5]. Group 5: Annuity Insurance as a Key Product - Annuity insurance is gaining popularity due to its stable returns and cash flow management capabilities, making it a vital tool for wealth management and addressing aging-related risks [6]. - Different types of annuity products are designed to meet various lifecycle needs and cash flow management goals, providing liquidity while ensuring capital safety [6]. Group 6: Shift to Ecological Services - The insurance industry is moving from a focus on yield competition to enhancing service functions, with a consensus on the need for ecological service models [7]. - Companies are integrating resources across industries to create comprehensive financial service solutions that cover the entire lifecycle of clients [8]. - For instance, Taiping Life is developing a "health + pension" ecosystem to meet diverse customer needs, with a nationwide service network established [8].