长城证券指出，地缘政治风险或加剧、美联储降息幅度预期波动、汇率波动、房地产从政策预期松绑走向了聚焦销售变化，保险板块受市值管理新政等有所走强，叠加新华等三季度业绩超预期， 互换便利新政落地，板块估值有望持续回升。后续走势需密切关注寿险改革、基本面修复及房地产销售情况。市场对于保险板块的担忧聚焦在长端利率走势。Domestic insurance stocks declined in early trading. As of press release, China Life Insurance (02628) fell 4.25% to HK$16.66; Xinhua Insurance (01336) fell 3.35% to HK$27.4; China Taibao (02601) fell 3.15% to HK$26.1; and China Insurance (01339) fell 3.08% to HK$4.09.
The Zhitong Finance App learned that domestic insurance stocks declined in early trading. As of press release, China Life Insurance (02628) fell 4.25% to HK$16.66; Xinhua Insurance (01336) fell 3.35% to HK$27.4; China Taibao (02601) fell 3.15% to HK$26.1; and China People's Insurance (01339) fell 3.08% to HK$4.09.
Guoxin Securities pointed out that on the debt side, it was affected by factors such as “speculation and suspension of sales,” which raised market concerns about short-term overdraft insurance requirements for the fourth quarter. We expect incremental opportunities during the “good start” period or focus on the exploration of incremental insurance demand brought about by combined product strategies, thereby contributing to stable demand for insurers' asset allocation. On the asset side, looking ahead to the first quarter of 2025, with the expansion of premiums for renewals and new policies and the expiration of the stock of non-standard assets, the demand for insurance asset allocation is expected to remain high; we continue to be optimistic about the continuation of insurance capital allocation requirements for the first quarter.
Great Wall Securities pointed out that geopolitical risks may increase, expectations of the Fed's interest rate cuts fluctuate, exchange rate fluctuations, real estate has moved from loosening policy expectations to changes focusing on sales. The insurance sector has strengthened due to new market value management policies, etc., and the third quarter results of Xinhua and others have exceeded expectations, and the implementation of new policies to facilitate exchanges and the implementation of new policies is expected to continue to rise. Future trends require close attention to life insurance reform, fundamental restoration, and real estate sales. Market concerns about the insurance sector focus on long-term interest rate trends.
