CITIC Securities: The insurance sector is currently experiencing an improvement in both asset and liability sides, with significant long-term value for investment.

CITIC Securities Research Report indicates that, against the background of a large number of deposits maturing recently, savings insurance represented by dividend insurance is expected to continue to meet the long-term stable appreciation needs of residents due to its high returns and long term advantages. In addition, leading insurance companies are increasing their layout to seize the opportunity of improving the value rate of bancassurance, which is expected to drive rapid growth in new business and NBV. On the asset side, it is optimistic about the spring volatility in the equity market to increase profits, and the stable rise in interest rates will support the long-term returns of insurance assets. Combined with the high expectation of NBV growth, it is expected to drive continuous increase in valuations.