CITIC Securities: Focus on Opportunities in the Insurance Sector Allocation.

The research report of CITIC Securities Investment expressed optimism about the continuous acceptance of residents' stable investment demand by dividend insurance on the debt side and drove rapid growth in new business. On the asset side, the improvement in the equity market is expected to bring performance elasticity, and it is recommended to pay attention to the insurance sector for investment opportunities. CITIC Securities Investment believes that the current sales of savings insurance and the transformation of dividend insurance are resonating with various favorable factors, namely: firstly, in the environment of shrinking supply of long-term deposits and volatile interest rates, the relative advantages of savings insurance products are more significant. Secondly, the market acceptance of dividend insurance on the demand side and the sales capabilities of sales teams on the supply side are expected to increase. Thirdly, the integration of banking and insurance channels drives the improvement of the value rate of the channel, and top insurance companies actively increase their layout in the banking and insurance channels. Fourth, as one of the few financial products that can provide long-term guaranteed income in the era of new regulations on asset management, savings insurance products are expected to continue to meet the massive and stable investment demand of residents during the process of wealth restructuring driven by the transformation to net asset value and non-standard to standard products.