CITIC Securities: Maintains a "buy" rating on China Pacific Insurance Group (02328.HK) with the implementation of the "integration of banking and insurance" policy to open up the second profit curve of underwriting.

According to the Zhitong Finance and Economics APP, China Taiping Insurance (02328.HK) is expected to increase its full-year ROE to over 15%, with sustained valuation release prospects. The brokerage firm has adjusted its investment and underwriting assumptions based on the third quarter report, forecasting a net profit attributable to owners of 427.38 billion, 424.15 billion, and 443.12 billion yuan for the years 2025-2027 (originally predicted as 401.07 billion, 396.55 billion, and 414.16 billion yuan), with year-on-year growth rates of 32.8%, -0.8%, and 4.5% respectively. The company has both high dividend yields and an upward business cycle, making it likely for its valuation to further release. The "buy" rating is maintained.