Core Viewpoint - The financial industry is entering a cyclical turning point, with significant improvements in the overall operating environment expected by 2026 due to economic recovery and changes in interest rates [1] Group 1: Industry Outlook - Since 2025, interest rates are expected to stop their downward trend, alleviating concerns over insurance industry interest margin losses [1] - The securities industry is stabilizing fee rates under the "anti-involution" policy, while the banking sector is seeing a stabilization in interest margins [1] - Economic recovery is anticipated to drive a rebound in financial demand, with savings shifting towards insurance, boosting new business growth [1] Group 2: Investment Strategy - Insurance sector is recommended as a primary focus due to its performance elasticity and long-term logic [1] - The securities sector is expected to benefit from increased market activity, with leading companies and potential mid-sized brokers being highlighted for attention [1] - The banking sector is noted for its solid dividend returns and the value of gradual fundamental recovery [1] Group 3: Market Dynamics - Insurance funds are expected to act as a stabilizing force in the market, continuing to allocate towards high-dividend financial stocks and leading value discovery [1] - Overall, the financial sector is entering a new upward cycle, with sector rotation strategies suggested to capitalize on the recovery phase [1]