CITIC Securities: Intensive implementation of insurance policies; the industry's operational quality and efficiency are expected to continue improving.

CITIC Securities research report states: On September 10, 2026, a State Council Information Office press conference announced the official release of the "15th Five-Year Plan for Building a Financial Power," with officials from four departments presenting interpretations on the same stage. Financial regulation is advancing along three lines: "clearing out existing risks + capital replenishment + anti-involution." The insurance industry's positioning has been elevated, its tasks refined, and its policy system improved, forming a four-in-one framework of "stabilizing functions, strengthening governance, expanding services, and attracting long-term capital." In the short term, industry premiums face pressure, but operational quality and efficiency are expected to continue improving, and leading institutions' competitive advantages will become more prominent. The development logic is shifting from "scale-driven" to "return-on-capital-driven," and the sector is expected to further highlight its dividend attributes beyond its market beta characteristics.