东海证券指出，上周板块回调主要源于市场对投资端股债双重承压的担忧，一方面长端利率走低导致再配置收益承压，但分阶段下调的预定利率结合险企开门红主推的分红型产品，已大幅降低负债成本，利差损风险整体可控；另一方面新年伊始的交易日表现低迷，但该行对创新货币政策工具的落地和积极的监管政策引导较为乐观，坚信监管提升市场长期活力的方向不改，板块回调已充分释放资本市场的调整预期，向上弹性有望加速显现，应重视估值低位下的配置机遇。Domestic insurance stocks declined in the morning. As of press release, Xinhua Insurance (01336) fell 4.95% to HK$21.1; China Life (02628) fell 3.94% to HK$13.16; China Taibao (02601) fell 3.74% to HK$21.9; and China Insurance (01339) fell 1.63% to HK$3.61.
The Zhitong Finance App learned that domestic insurance stocks declined in the morning. As of press release, Xinhua Insurance (01336) fell 4.95% to HK$21.1; China Life (02628) fell 3.94% to HK$13.16; China Taibao (02601) fell 3.74% to HK$21.9; and China Insurance (01339) fell 1.63% to HK$3.61.
According to the news, there are recent rumors in the market that insurers are studying to adjust the scheduled interest rate again at the end of March. According to reports, after the upper limit of the predetermined interest rate for personal insurance products was lowered from 3.5% to 3.0% in 2023, it was lowered again in '24. Since October '24, the maximum interest rate limit for personal insurance has officially entered the “2.0 era.”
Donghai Securities pointed out that last week's sector correction was mainly due to market concerns about double pressure on investment-side shares and bonds. On the one hand, lower long-term interest rates led to pressure on reallocation earnings, but the phased reduction in scheduled interest rates combined with dividend products promoted by insurers has drastically reduced debt costs, and the overall risk of interest spread loss is manageable; on the other hand, the trading day performance at the beginning of the new year was sluggish, but the bank is optimistic about the implementation of innovative monetary policy tools and active regulatory policy guidance. It is convinced that the direction of regulation to enhance long-term market vitality has not changed. The capital market is expected to adjust, and upward elasticity is expected As it becomes apparent at an accelerated pace, attention should be paid to allocation opportunities under low valuations.
