CITIC Securities: The insurance industry's long-term cycle is improving and is currently in the best positioning time window of the year.

The research report of CITIC Securities believes that the insurance industry is in a good phase of the macro cycle and is currently at the best time to position oneself. Under strict regulation to combat "inward competition", channels are speeding up their concentration towards leading companies. The core competitiveness of large insurance companies lies in their long-term investment capabilities and continuous upgrading of their integrated services both domestically and internationally. CITIC Securities predicts that the industry's competitive landscape may further consolidate. The judgment is maintained that the industry as a whole is in a period of significant opportunity, with short-term profit fluctuations bringing opportunities for positioning. It is recommended to actively seize the beta opportunities brought by the stock market in the second quarter of 2026.