CITIC Securities: It is expected that the adjustment of the insurance sector will end, and it is recommended to actively seize the major opportunities.

CITIC Securities research report stated that the insurance sector has fallen 15% since the beginning of the year, mainly affected by external factors, and a PB ratio of 1x is a reliable layout indicator. The fundamental cycle has been established upward to 2025, with a strengthening trend since the first quarter of 2026, including the continued reduction of debt costs on the liability side, more asset choices on the asset side, and strict regulatory measures to promote concentration of market share. At the same time, expectations are high for the implementation of policies related to the "Fourteenth Five-Year Plan," which will promote the coordinated development of medical insurance and commercial insurance, leading to a win-win situation for patients, hospitals, doctors, innovative drugs, and insurance companies. It is expected that the adjustment period for the insurance sector will end, so it is advisable to actively seize the major opportunities.